It's not called the temple for nothing

[oddlots]

Nauseating revelations from the minutes of Fed meetings:

Apparently the Maestro didn't want to worry anyone by drawing attention to the massive canyon about to swallow up the wagon train (i.e., the real estate debacle):

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand." (emphasis added.)

Let that sink in.

Well we should take him at his word. He understood that the bubble was what it has been revealed to be: an elaborate con to swindle the middle class out of both it's only major investment and it's most important source of security (read shelter.)

This guy and his ilk are so despicable I could spit nails. (Remember, this is the man who was willing to "run the risk" of promoting adjustable rate mortgages at what, the bottom of a 30 year decline in interest rates!)

Preaching to the converted here I know, but I think that quote offers a one sentence education in the ways of the world that should not be missed.

Full story here:

http://www.nakedcapitalism.com/2010/...p-control.html

[jiimbergin]

Re: It's not called the temple for nothing

Nauseating revelations from the minutes of Fed meetings:

Apparently the Maestro didn't want to worry anyone by drawing attention to the massive canyon about to swallow up the wagon train (i.e., the real estate debacle):

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand." (emphasis added.)

Let that sink in.

Well we should take him at his word. He understood that the bubble was what it has been revealed to be: an elaborate con to swindle the middle class out of both it's only major investment and it's most important source of security (read shelter.)

This guy and his ilk are so despicable I could spit nails. (Remember, this is the man who was willing to "run the risk" of promoting adjustable rate mortgages at what, the bottom of a 30 year decline in interest rates!)

Preaching to the converted here I know, but I think that quote offers a one sentence education in the ways of the world that should not be missed.

Full story here:

http://www.nakedcapitalism.com/2010/...p-control.html

Obviously they did not fully understand!

[oddlots]

Re: It's not called the temple for nothing

There are only two doors: they were either 1) incredibly stupid, despite their exalted educations and experience or 2) incredibly corrupt. Maybe three, as the quote suggests: so deluded by their self-importance and arrogance that it rendered them incapable of recognizing their corruption.

There was once a Fed Chairman who defined the job as taking the punchbowl away just as the party got started. Contrast the predator's and parasite's ball that the markets have become care of our generation of central bankers.

Old news I know but that quote just floored me in its arrogance.