Geithner, Summers: "Volcker little more than a crank who should be ignored"

[blazespinnaker]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

One possibility is that Volcker was a shot over the bow. He was basically telling Wall Street that it had to start supporting his agenda (Health Care?) or he'd sick Volcker on him.

[sunskyfan]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

That is brutal but funny! LMAO

This one may be more accurate ... isn't that Greenspan front and left?

http://www.youtube.com/watch?v=SeZzm3uYuoA

Summers is an academic hack. I have seen a thousand of them and can smell them a mile away ... even on TV ;). Timothy is a choir boy who knows one song. He is soooo out of his league it is pitiful.

[cindykimlisa]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

It's not a matter of glorifying Volcker. I think he was a good Fed chairman, but that's not the point here. The point is that (1) he is attempting to bring actual, albeit mild, reform to the table, and (2) Obama puts him on stage when it's politically expedient while at the same time getting down on his knees with Geithner and Summers backstage to suck Dimon and Blankfein's balls.

You must be kidding about the "point"

Volker obviously has no power or authority to do anything except blowhard!

He is in cahoots will all of them - don't be naive.

Cindy

[Munger]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

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You must be kidding about the "point"

Volker obviously has no power or authority to do anything except blowhard!

He is in cahoots will all of them - don't be naive.

Cindy

I disagree. He is old and will soon be cold. He has little to gain other than being correct and solidifying his reputation.

And while it may be fun to fantasize that he is but a pawn in a global Machiavellian game chess, I see little for Wall Street to gain by having a respected and high-profile former Fed chairmen repeatedly call out big-banks as shameless rent-seekers who have brought no gains to the economic table other than the ATM.

[blazespinnaker]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

Well said Munger ..

[Starving Steve]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

The Putz from Princeton had a few remarks about Goldman-Sachs Bank last week in his testimony before Congress. He said that he was dismayed that GS showed Greece how to hide its debts and shore-up its balance sheet by using derivatives, and then GS passed word onto its speculators on how to make investments contrary to these derivatives and make a fortune.

All this would not be so outrageous except that the Putz from Princeton in late 2008 urged Congress to bail-out Goldman-Sachs Bank. So TARP money ( public money approved by Congress for the TARP ) is still being used to make speculators rich at GS by having access to hidden information about derivatives which are being used, right now, to hide the mess in Greece and dress-up its balance sheet.

This de-regulated system of capitalism--- this stinking cesspool of profiteering and kick-backs and hidden information passed between the Federal Reserve and the big banks and Wall Street and Congress---deserves to fail... Let it go under. And this Bernanke and Geithner and Summers deserve to be investigated for their very cozy relationship with Wall Street, especially their very cozy relationship with Goldman-Sachs and the top bank executives in NYC. (Witness the year-end bonuses paid with TARP funds to the very same bank executives who created this mess and ran their banks into insolvency.)

[FRED]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

The Putz from Princeton had a few remarks about Goldman-Sachs Bank last week in his testimony before Congress. He said that he was dismayed that GS showed Greece how to hide its debts and shore-up its balance sheet by using derivatives, and then GS passed word onto its speculators on how to make investments contrary to these derivatives and make a fortune.

All this would not be so outrageous except that the Putz from Princeton in late 2008 urged Congress to bail-out Goldman-Sachs Bank. So TARP money ( public money approved by Congress for the TARP ) is still being used to make speculators rich at GS by having access to hidden information about derivatives which are being used, right now, to hide the mess in Greece and dress-up its balance sheet.

This de-regulated system of capitalism--- this stinking cesspool of profiteering and kick-backs and hidden information passed between the Federal Reserve and the big banks and Wall Street and Congress---deserves to fail... Let it go under. And this Bernanke and Geithner and Summers deserve to be investigated for their very cozy relationship with Wall Street, especially their very cozy relationship with Goldman-Sachs and the top bank executives in NYC. (Witness the year-end bonuses paid with TARP funds to the very same bank executives who created this mess and ran their banks into insolvency.)

[cindykimlisa]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

I disagree. He is old and will soon be cold. He has little to gain other than being correct and solidifying his reputation.

And while it may be fun to fantasize that he is but a pawn in a global Machiavellian game chess, I see little for Wall Street to gain by having a respected and high-profile former Fed chairmen repeatedly call out big-banks as shameless rent-seekers who have brought no gains to the economic table other than the ATM.

Respected?

Lets see, I believe the USA was issuing treasury debt when Volker was Fed Chairman. Care to hazzard a guess what some of the rates were. And care to guess who bought those thirty year notes and are holding them to maturity or made a killing off them a few years later. Hmmmmmmmmm. That high interest might be great for the dollar but it sucked for housing and commercial realestate and consumer loans.

You really are naive about this subject. Take a step back and think about it for a moment and read his bio. You might think it is dumb to be at zero interest but 18% is outrageous.

Cindy

Cindy

[jiimbergin]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

Respected?

Lets see, I believe the USA was issuing treasury debt when Volker was Fed Chairman. Care to hazzard a guess what some of the rates were. And care to guess who bought those thirty year notes and are holding them to maturity or made a killing off them a few years later. Hmmmmmmmmm. That high interest might be great for the dollar but it sucked for housing and commercial realestate and consumer loans.

You really are naive about this subject. Take a step back and think about it for a moment and read his bio. You might think it is dumb to be at zero interest but 18% is outrageous.

Cindy

Cindy

Cindy were you an adult at that time. If he had not done what he did, there is a good chance hyperinflation would have been the result. He fixed a financial situation that probably could not have been fixed in any other way.

jim

[Munger]

Re: Geithner, Summers: "Volcker little more than a crank who should be ignored"

Respected?

Lets see, I believe the USA was issuing treasury debt when Volker was Fed Chairman. Care to hazzard a guess what some of the rates were. And care to guess who bought those thirty year notes and are holding them to maturity or made a killing off them a few years later. Hmmmmmmmmm. That high interest might be great for the dollar but it sucked for housing and commercial realestate and consumer loans.

You really are naive about this subject. Take a step back and think about it for a moment and read his bio. You might think it is dumb to be at zero interest but 18% is outrageous.

Cindy

Cindy

Nevermind the point. Or maybe you are incapable of discerning it through your obvious dislike of that pre-eminent former Fed Chairmen.