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Re: Volcker!
"It's broken down in the face of almost all expectation and prediction," he noted.
Well, not all.
"I don't believe it will be forgotten ... and we will revert to the kind of financial system we had before the crisis," he said.
That's good news.
"It is evident in the United States, and not just in the United States, the central bank is taking on a role that is way beyond what a central bank should be taking," he said.
No kidding. This is a good piece. I hope it gets wide circulation.
He scoffed at the notion that those entities must be free to innovate -- stating that financial "innovations" like asset backed securities and credit default swaps have brought few benefits. The most important "innovation" in banking for most people in the last 20 or 30 years, he maintained, is the automatic teller machine.
That's funny. -
Re: Volcker!
Does anybody see a younger version of Volcker rising to replace this one once he heads for greener pastures? The capitalist purists deruglator dunces flooding the media waves haven't seemed to recede after this last financial tsunami whomped on em. They just seem to bob up to the surface unphased by the fruadulent frenzed feeding fiasco these foolish fanatics fostered upon the world.
It looks like they're launching their media and political party counterattack now that somebody wants to chastise them and their slavishly adoring grovelling to their creed of unregulated greed. Their cries of desolation will reach a peak making even those at the wailing wall blush in shame and envy when some of these fraudulent bankers are sent to prison...followed I hope to debtor prison ships or service on sewage barrages.
Are these people devoid of any sense of shame? I'd think they'd be a bit humbled by their miserable failure to recognize their responsibility for this mess. They don't seem to be willing to accept that responsibility. Pontius Pilates bowl never seen this much sin in grit and grime. Poor thing been worn out by this crony crowd of corrupt capitalists. Not sure ya can honor em with that name anyway...perhaps criminals or crooks would be more apropos.Comment
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Re: Volcker!
Yes...............His name is Schiff!
MikeComment
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Re: Volcker!
There's a great post on this at Jesse's Cafe;
http://jessescrossroadscafe.blogspot...return-to.html
You have to see the picture of Volker and Obama, it is priceless (I couldn't get the picture as a separate item in my post)>"The issue ... which will have to be fought sooner or later is the People versus the Banks." ActonComment
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Re: Volcker!
"I get a little annoyed, this is an exceptional crisis as many people have pointed out. It's not like the typical recession in the U.S. or elsewhere during the post-War period or most of earlier history. Let me just make a footnote to my comments to express a little annoyance. But, I keep reading...It's not like earlier crises, earlier crises were all invented by the Federal Reserve. The Federal Reserve tighten money and the economy went down, they ease money and the economy goes up. The implication is that the Federal Reserve is, I don't know, the Federal reserve is some kind of a serial killer (crowd laughs), it's a psychopath out there, and you would have thought that business cycles never existed before there was a Federal Reserve or a Central Bank."
talks about how his "heart sank" when his grandson became a financial engineer after graduation.Comment
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Re: Volcker!
I would like to see Karl Denninger as an advisor. He really seems to know what he's talking about. re. http://market-ticker.denninger.net/Comment
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Re: Volcker!
Originally posted by cmalbatros View Post
yet another smart guy with zero accountability for his opinions. no one in a position of authority who has accountability is asking for his opinions. doesn't matter how 'smart' he is. what matter is how he expresses himself so that anyone will listing. his 'hey stupid, listen to me!' approach is childish.Comment
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Re: Volcker!
Metalman, I've just finished watching some Ron Paul videos where he gets to speak and sometimes question Bernanke. I am struck by the facial expressions of Bernanke, something akin to dealing with a pesty fly. So, although screaming and excessive antics from Denninger are normally an excuse to ignore him, I don't see Ron Paul making any progress either. Hopefully this will change or we will have screaming and a whole lot more if the powers that be continue to show their severe ineptitude. Maybe this is one reason EJ's posts lately seem so gloomy. I think he had hoped someone was listening and we were going to see positive action. The lights are on but no one is home (they've gone on a cruise to Fantasy Island with your money)."The issue ... which will have to be fought sooner or later is the People versus the Banks." ActonComment
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Re: Volcker!
A similar response was given by Greenspan to another congressional gadfly at that time...Bernie Sanders. These Fed, politician, and wall street folks can be annoyed at this type of questioning but as the public becomes aware how they were sold down the river there will be more than annoyance. http://jessescrossroadscafe.blogspot.com/ has an article today that summarize the path taken to arrive at this mess. "How the Economy was Lost". As such succinct and short summaries become more current and available to the public, more annoyance will occur. The shame is that it takes so long to elevate public awareness of the fraud perpetuated on them by those that run the country.Originally posted by orion View PostComment
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Re: Volcker!
Well the Fed is like a serial killer, (or actually a serial robber). The boom bust cycle is a result of the inflation-deflation cycles perpetrated by a bank trust. They happen even before the FED, but after the Fed was created it got much better and the profits are better and safer to harvest for the banksters.Originally posted by babbittd View PostComment
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Re: Volcker!
i liked the 'how the economy was lost' article. a good summary of a lot of the facts involved I thought.
Jonathan Pain is an economist with HFA asset management here in Australia and his role at an absolute fund manager allows him to take significant swipes at the establishment. I find it very impressive that this man can separate his role as a free market identifier of asset value from the free market to steal from those with access too less information and power than the corporate and political elite. He seems to really hate free market idealogues
Here's a quote from his latest 'Pain Report'.
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We face an unprecedented rebalancing of the world in both economic and political terms. We look forward to a world where the Chief Executives of major American companies do not earn 270 times what their employees do. We look forward to a world where there is greater fusion between East and West. Curiously enough the ultimate socio-economic model might look and feel a bit French. Don’t tell the American’s that. We also, no doubt, face a future of greater personal responsibility."
I bloody hope he's right and wish him godspeed in his prediction.Comment
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