Archive for the Federal Reserve Category

Don’t Fight The Fed; Fight The Fed (August 4, 2014)

Posted in Federal Reserve, Society, Stock Market on August 4, 2014 by e-ssay.org

. . .

K          “As an investor, ‘Don’t Fight the Fed.’  The Fed is creating and flooding the market with digital dollars and spawning an otherwise unfounded rise in the price of stocks.  Surf the collective delusion, but gauge when the Fed has played its hand and then beat the flood of funds out of the market.”

J          “Ya gotta know when to fold ‘em.”

. . .

K          “As a citizen, ‘Fight the Fed.’  The Fed is the banker’s private club that profoundly and often negatively impacts the economy and lives of every ordinary American with desperately little public input.”

J          “Ya gotta know when to hold ‘em.  Accountable.”

. . .

J          “So just when do I fold ‘em?”

. . .

Bumper stickers of the week:

Don’t End The Fed, Do Mend The Fed

The Fed:  Lifting the yachts but not the tugboats and rowboats.  Since 1913.

Unemployment Insurance = Welfare 2.0 (June 23, 2014)

Posted in Federal Reserve, Insurance, Journalism, Military, Newspapers, Pensions, Personal Story, Press/Media, Unemployment, War, Welfare, Work on June 23, 2014 by e-ssay.org

. . .

E          “They are not coming back.”

U          “And they keep coming.”

. . .

E          “After the War, he moved the family westward from the homestead bequeathed to his older brother to a community with no friends and no connections and moved upward from one manufacturing job to another and then retired as a floor manager.  He put food on the table and kids through college.  He said that all the companies he worked for have gone out of business or moved overseas.  Most of the pension funds were dissipated or disappeared.”

U          “Those returning from the current wars are not finding opportunities.  Those who stayed have not found opportunities.”

E          “Years ago, some guys worked at a service station checking the tires and washing the windows and graduated to a mechanics job for life.  Now there is no service and far fewer mechanics positions.”

U          “Yesterday’s grease monkey with a G.E.D. is today’s barista with a B.A.”

. . .

E          “Many of the jobs are undertaken by a robot that may never craft an inspiring poem or participate in a parent-teacher conference, yet it produces a consistently high quality product very efficiently.”

U          “A company can use the robots to fine-tune the built-in obsolescence.  The product can be designed and manufactured to fail ten minutes after the limited warranty expires.  And robots are not the most efficient consumers of their own products.”

. . .

E          “The Federal Reserve is untethered by the Constitution, Congress or common sense except for a mandate in the Humphrey-Hawkins Full Employment Act to address unemployment in its decision-making.  The Fed has knowingly pursued decisions that do nothing to promote employment and do much to transfer wealth to the wealthy.”

U          “The Republicans respond with the obscene lie that a reduction in the capital gains rate will reduce unemployment.  The Press almost always gives them a pass.”

. . .

E          “Unemployment insurance originally covered thirteen weeks and then twenty-six weeks and then up to seventy-three weeks in many jurisdictions.  Some are calling for further extensions of unemployment insurance.”

U          “The insurance is becoming a tenuous version of ‘Welfare 2.0.’”

. . .

E          “What happens when thoughtful people realize that the jobs are never coming back.”

U          “The unemployed are categorized under the ‘U6 Unemployment’ category and forgotten.”

. . .

Bumper stickers of the week:

Get a job

Where?

Debasing The Dialogue (April 14, 2014)

Posted in Federal Reserve, Foreign Policy, Greenspan, Journalism, Newspapers, Press/Media, Yellen on April 14, 2014 by e-ssay.org

. . .

C          “Too much commentary today is an ‘elbow-jerk’ cut and paste operation.  The citizen who questions whether the government should subsidize and encourage the crimes of the bankers and financial brigands is branded a ‘populist’ and a promoter of ‘populism’.”

D          “Populist notions should be more popular.  The dismissive missives also include a subtext that the person does not really understand economics, business and finance.  Just trust that the emperor is sporting natty attire and doing good and go on your way.”

C          “The blue serge suit hides the red devil.  Time magazine published a fawning piece in February, 1999 about three brigands – Summers, Greenspan and Rubin – and failed to warn the reader let alone even acknowledge the fraud these characters were fomenting on the public.”

D          “At least Yellen is a gal.  God and others know that the boys just do not get economics, business and finance.  They know how to exploit and plunder, but not how to contribute and develop.”

C          “She is doing things the same old way without acknowledging the fundamental problems.”

D          “The same old, same old is getting old.”

. . .

C          “The citizen who questions whether the United States should be aggressively engaged in a variety of wars with no real goal or strategy is dismissed as an ‘isolationist’ and a promoter of ‘isolationism’.”

D          “And of course not a realist or a highly coveted Realpolitiker.  And not someone whose contentions should be considered by reasonable folks.”

C          “Some people want to drop bucks and some people want to drop bombs.”

D          “We dump bucks and bombs.  Some folks are troubled that we finance dictators and then in time attack them.”

. . .

D          “Kill ‘em all and let God sort ‘em out seems to be the policy.”

C          “For some characters, blind ideology controls.  The issue turns on whether God is in the public sector or in the private sector.”

D          “Now there is one for you. God qua contractor.  Miller Act bonds and Davis-Bacon wage scales would drive God batty.  I can see the headline now: ‘God Overbills For Sorting Them Out: Congressional Inquiry Scheduled.’”

. . .

Bumper stickers of the week:

Kill ‘em all and let God sort ‘em out

Keep calm and panic

The Fed at 100 (December 23, 2013)

Posted in Bailout/Bribe, Banks and Banking System, Bernanke, Federal Reserve, Kleptocracy, Stock Market on December 23, 2013 by e-ssay.org

. . .

A          “We celebrate the birthday of our financial savior today and of our spiritual savior on Wednesday.”

B          “Birthday cards and candles are flying off the shelf.” 

A          “Congress passed the Federal Reserve Act on December 23, 1913 a few seconds before heading home for the holidays and a few minutes before President Wilson signed the legislation.  You wonder if they had a clue.”

B          “Most folks don’t have a clue, but what do you do.  Most folks look uncomfortably bewildered if you even allude to the Fed.  Someone who is uncomfortable with a topic does not readily come around.”

A          “They are more comfortable talking about the Football League than about the Federal Reserve.”

B          “The great debate on a national bank was lost a hundred years ago.  We need a great debate today.”

A          “The Fed is really out of control, but the wealthy are getting wealthier, so no one cares.”

B          “Congress provided some policy direction when it required to Fed to consider the level of employment in its calculus.  The Fed’s policies and decisions over the last decade have done nothing to improve employment, yet there is no sanction or penalty in the Congressional legislation.”

A          “The Fed has done more to promote the greatest transfer of wealth to the already wealthy than at any other time or in any other place in history.”

B          “The money is collecting in the Swiss bank accounts of the wealthy.  When and as the money slips from the virtual into the real economy, measured inflation will go up.”

A          “Seems to me that inflation will be exacerbated by a reduction in the supply of goods brought about by a breakdown in production and distribution.”

. . .

A          “The Fed is not the fourth branch of government, it is the first branch.”

B          “The To-Big-To-Fail-Or-Jail Banks are the first branch of government and they own the Fed and the government.”

. . .

A/B       “What will blow out the candles?”

. . .

[See the “e-ssays” collected in the Category “Federal Reserve” at http://e-commentary.org/category/federal-reserve/.]

Bumper stickers of the week:

Now that the banks have privatized the government, the government will never nationalize the banks.

If one person amassed 99.999999999999999999999999 percent of the income and wealth in America, would anyone notice?

Capitalize the gains; socialize the losses.

Kleptocracy, Inc.: Rebranding America (November 18, 2013)

Posted in Awards / Incentives, Bailout/Bribe, Banks and Banking System, Bernanke, Economics, Economics Nobel, Federal Reserve, Kleptocracy, Stock Market on November 18, 2013 by e-ssay.org

. . .

A          “‘Go Kleptocracy, Inc. Go’ doesn’t have the same ring as ‘Go U.S.A. Go.’”

B          “You could replace the stars with dollar signs and the stripes with universal product codes to reflect the monetization of America.  Rally ‘round the ‘Dollar Signs and Bar Codes’ does not alliterate the way rally ‘round the ‘Stars and Stripes’ does.”

A          “And doesn’t sound right, does it.”

B          “To say that everything is a lie and a fraud is an understatement.”

A          “Almost everything is a lie.”

B          “That may be closer to the truth.”

. . .

B          “A kleptocracy is an oligarchy that no longer is even vaguely concerned about even the pretense of evenhandedness or equality.”

A          “That’s it; that’s us.”

. . .

B          “And yet so many commentators point to the Dow that topped 16 Grand for a time today.”

A          “It’s over the top.  The rise is so tightly correlated with the monthly eighty-five billion dollar ($85,000,000,000.00) bribe paid by the Federal Reserve to the Big Banks.”

B          “What if they doubled the bribe to one hundred and seventy billion dollars ($170,000,000,000.00) each month paid to the Big Banks.  Why not.  Everything is a fraud and a lie and a fraud.”

A          “The crash will be even more epic.”

. . .

A          “One of the former Federal Reserve officials confessed and apologized for the program known as ‘quantitative easing’ as the ‘greatest backdoor Wall Street bailout of all time’ with little real economic expansion.  Bernanke* is a nice guy who has really done little more than dispense bribes to Big Banks.”

B          “Like Bernanke*, Jellen may be the best this talent-starved kleptocracy can produce.  She will continue the official Federal Reserve policy of dispensing bribes to Big Banks.”

A          “In her testimony, she assured Wall Street and the Big Banks that she will maintain their primacy and hegemony.”

B          “Congress charged the Federal Reserve with considering employment.”

A          “The Fed is mindful of the impact of its bribes on employment on Wall Street.”

. . .

A          “What if he went out like former President Eisenhower and delivered a warning about the perniciousness of the financial industrial complex?”

. . .

A          “The answer is so obvious and so easy.  Preclude any bank from holding more than one hundred billion dollars ($100,000,000,000.00) in assets.”

B          “The Big Banks will never approve that action by the Federal Reserve.”

. . .

A          “The Norwegians do not help when they dispense their trophy to the cheer leaders who put a cheery façade on the fraud.”

B          “And the e-con-omics departments oblige by providing a steady pipeline of obedient sycophants.”

. . .

[See the article titled “Andrew Huszar: Confessions of a Quantitative Easer” at http://online.wsj.com/news/articles/SB10001424052702303763804579183680751473884.].

[See the “e-ssays” titled Greenspan’s Legacy – Apres moi, Le Meltdown (January 30, 2006), The Dow Jones (the Murdoch ?) Hits 14 K In A Hollow Economy (July 23, 2007), A Bleak Day: The Trillion Dollar Tragedy (October 6, 2008), The TARP Is A Trap (January 19, 2009), The Bush Grand Slam (February 14, 2011) and (M)End The Fed (July 11, 2011) concluding with a draft Federal Reserve Enforcement Order that Janet Jellen could issue in her first few weeks on the job.]

Bumper sticker of the week:

In Greed We Trust

September 15, 2008 – The Date That Should Live In Infamy (September 16, 2013)

Posted in Bailout/Bribe, Banks and Banking System, Economics, Federal Reserve, Kleptocracy, Occupy Movement on September 16, 2013 by e-ssay.org

. . .

C          “Five years ago in the morn, Senator McCain, the pundits and the powerful proclaimed that the fundamentals of the economy were sound.”

D          “Didn’t seem that way to me then.  Doesn’t seem that way to me now.”

C          “Didn’t seem that way even to them in the afternoon.  Those running the game realized that the hollow economy could not be propped up with lies and smoke and mirrors.  September 15 is the date that should live in infamy.”

D          “If market forces had been allowed to continue without the TARP and other interventions, the current generation would have endured its excesses rather than heaping them on the younger generations.”

. . .

C          “And two years since the emergence of the Occupy movement.  The folks shared a concern that something is wrong with the economic and political game even if they could not explain the problems or advance the solutions.”

. . .

D          “No one has ever audited the Federal Reserve.”

C          “Some companies claim to have paid back some of the government loans, but who really knows.”

D          “No one has ever been prosecuted except a few unconnected fools and Madoff who made the mistake of purloining from the powerful.”

. . .

C          “The Dow’s new highs are a sign of peril not of promise.  As long as the Federal Reserve keeps fabricating phony funds, the Dow will keep providing phony figures.”

. . .

C          “All the counterparty agreements are essentially insurance policies.  An insurance company is required by law to provide adequate reserves to satisfy possible claims.  Every concerned citizen should have reservations about an insurance scheme with no regulation or even reserves.”

D          “Insurance companies have historically been regulated by states.  The most likely state to regulate the financial industry – New York – has no incentive to regulate and every incentive to allow unregulated criminality.  New York is profiting handsomely from the criminality,”

C          “Laissez faire, they say.  Those in power are too lazy to create a fair economic system.”

D          “The same old same old.”

C          “The same old same old.”

D          “The same old same old is getting old.”

. . .

[See the “e-ssays” under the Category “TARP” at http://e-commentary.org/category/tarp/ and any of a few dozen “e-ssays” presented in the last nine years on the economy.  See the “e-ssays” under the Category “Occupy Movement” at http://e-commentary.org/category/occupy-movement/.]

Bumper stickers of the week:

A system that cannot go on forever will not go on forever.

“Twenty-five years ago, I worked there during the summers for $7 an hour and now my son works there part-time for $7.75 an hour.”

The Dow At 14 K. Again. (February 4, 2013)

Posted in Banks and Banking System, Economics, Federal Reserve, Housing, Inflation, Stock Market on February 4, 2013 by e-ssay.org

. . .

C          “Back above 14,000 again.”

D          “Happy daze are here again.  I guess.  14,000 is better than 7,000, but how much better and for how long and for whom and for what reasons are anyone’s guess.”

C          “Beaucoup dollar electrons are given to those who already have beaucoup dollar electrons.  There are no other places to plug in the dollar electrons, so the stock markets are the default investment.”

D          “And money market funds and certificates of deposit are paying .0000001 percent which is crippling current retirees.”

C          “And those who know that the stock market is rigged and instead seek a safe refuge have no remunerative alternative.”

. . .

C          “Real estate continues to fool everyone.  The value of commercial properties is likely to slide as brick and mortar businesses board up their doors and windows.”

D          “The banks cannot mark to the actual market value their vast portfolios of repossessed and returned houses and underperforming loans.  Their collective insolvency would be manifest.  A collective lie undergirds the system.”

C          “Housing starts may be up but only at the upper end of the housing market.”

D          “With these low interest rates, a 30 year note is very appealing and may be prudent and prescient for the right person.  The homeowners who can manage to hold jobs and fund and feed a mortgage with a low interest rate may find that they have a bird’s nest on the ground.”

C          “When inflation takes off.”

D          “Yup.”

. . .

C          “One arm of the government – the Federal Reserve – is funding and fueling the other arms of the government with bogus electronic chits.”

D          “The way I see it, one arm of the bankers – the Federal Reserve – is funding and fueling the bankers and fooling and defrauding the body politic.”

C          “Anything that cannot go on forever.”

. . .

[See the “e-ssays” titled The Dow Jones (the Murdoch ?) Hits 14 K In A Hollow Economy (July 23, 2007) and “Fiat Stock”: Taking Stock Of The Stock Market (May 16, 2011).]

Bumper stickers of the week:

Shouldn’t it be Obsessive-Compulsive Order?

Anything that cannot go on forever will not go on forever.

Sports Writers: 1 – 0 (January 14, 2013)

Posted in Awards / Incentives, Courts, Economics Nobel, Federal Reserve, Guns, Journalism, Law, Newspapers, Perjury, Perjury/Dishonesty, Sports, Taxation on January 14, 2013 by e-ssay.org

. . .

A          “A mixed group of informed individuals acting individually issued a profound collective indictment.”

1          “In court, the government only determines whether a person is guilty or not guilty, a court does not determine whether a person is innocent.  Yet when you look carefully, far too many courts have found far too many innocent individuals to be guilty.”

A          “Still not a great idea to be Black or Brown and get mixed up in the American judicial system.”

1          “It is to be eschewed.  The government is not and should not be allowed to deprive someone of his or her liberty without proof beyond a reasonable doubt.  The court of public opinion does not need to meet that high threshold when considering those who play on the court or field or pitch.”

A          “The sports writers are akin to an informed group of jurors from all ages, albeit a little older, and backgrounds, albeit a shade White, and world views from different parts of the country.”

1          “On the uniforms, they sport the initials MLB not MDL – the Major Dopers League.”

A          “They can get their own hall of fame, the Hall of Shame.”

1          “I might waive the character requirement and support a scoundrel if he played clean against others who played clean.”

A          “They may also be atoning for the great oversight in the late 1990s when any honest person realized that the guys were juiced and few said anything.  Finding the individual who was not juiced or was not juiced much will be a challenge.  The brush could be too broadly brushed.”           

1          “This is a promising start.  Now if we can get the Norwegian suits to follow suit and not award the Nobel in e-con-omics unless they award it to someone who understands eco-nomics.”

A          “Everyone from Roberts on the Supreme Court to players on the courts succeeds by lyin’ and cheatin’.”

1          “He’s a lawyer-type.  He said that he would call balls and strikes, but keep this in mind.  He never ever said that he would call a ‘ball’ a ‘ball’ only that he would call balls and strikes.”

A          “He and Alito and Thomas and Scalia are having a ball.”

1          “Dishonesty and hypocrisy are so American.”

A          “So human really.  We don’t have a monopoly on it.”

. . .

[See http://www.nytimes.com/2013/01/17/opinion/australia-banned-assault-weapons-america-can-too.html?hp for some international perspective on gun restrictions.]

[See the “e-ssay” titled “Why Johnny And Roger? (April 30, 2012)” and the recent article on the deliberations of the Federal Reserve at http://www.nytimes.com/2013/01/03/opinion/the-new-tell-all-fed.html?hp&_r=1& and the “e-ssay” at The Kids (At The Fed) Are Not Alright (January 30, 2012).]

Bumper sticker of the week:

Play ball!

December 24 (December 24, 2012)

Posted in Bankruptcy, Banks and Banking System, Bernanke, Consumerism, Federal Reserve, Pogo Plight, Spending, Taxation on December 24, 2012 by e-ssay.org

. . .

TV        “You need a new car, you really smell bad and need to do something about it, you really, really need to sport an expensive watch and you really, really, really need to acquire expensive jewelry for the woman in your life or you are a total loser.”

. . .

LTR

Dear Billy,

I would like a regular 9 to 5 gig, a change of threads, a new straight razor and a short vacation.

Your friend,

Santa

P.S. – I’ve been nice.

P.P.S. – I don’t need a new ride, any cologne or a chronometer.  Ms. C. does not need any jewelry.  She says ‘hello.’  

. . .

[See the FBI documents that reveal secret nationwide monitoring of the Occupy Wall Street effort at http://www.justiceonline.org/commentary/fbi-files-ows.html.]

[See the research paper by the Congressional Research Service titled “Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945” at http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf.]

[See the “e-ssays” titled “Consume, Don’t Invest? (Nov. 9, 2009)” and Boxing Day (December 26, 2011).]

Bumper stickers of the week:

Can I pay my Visa bill with my MasterCard?

Today is the 99 year anniversary of the creation of the Federal Reserve – a semi-quasi-proto-government-like being – not understood by 99.999999999 % of Americans.  To his (and our) credit, Bernanke is sharing the assumptions and strategy more transparently and considering the unemployment level because Congress directed the Federal Reserve to consider the unemployment level in its decision making.  To his (and our) detriment, he is subsidizing Wall Street with vast amounts of free money and saddling ‘Main Street’ with debt and creating unhealthy conditions for the economy in the intermediate term.

The Kids (At The Fed) Are Not Alright (January 30, 2012)

Posted in Banks and Banking System, Bernanke, Federal Reserve, Greenspan, Kleptocracy, Prison/Criminology, Society on January 30, 2012 by e-ssay.org

. . .

K          “They sound like a bunch of seventh graders snapping their towels in the locker room and squealing at each other.”

J          “Seems that the model of adult life as ‘high school writ large’ has degenerated into ‘junior high school writ large.’”

K          “Civilization may be on the retrograde as our society slides into collapse.  Our national destiny may be heading toward a state of ‘kindergarten writ large.’  Too many of our politicians have problems ‘playing well with others.’  At least at the Fed, the clowns were all playing ‘Ring Around The Rosie’ with each other while disregarding the decline outside.”

J          “The Fed should be required to release transcripts every year rather than after five years.  What is transpiring and conspiring is too important to wait.”

K          “Years ago, the notion of ‘Groupthink’ was trendy.  The idea is that a group may be more concerned about maintaining harmony that developing a realistic perception of the situation they confront.  You wonder if even one of the Fed economists was writing internal e-mails warning of what was obvious to anyone who looked outside.”

J          “And got together after work with a friend over a beer and despaired about the situation.”

. . .

K          “Grab a sheet of paper and jot down the names of three individuals, trained as economists or not, who have a clue about what is going on in the economy.”

J          “. . .  How about two?”

K          “Two will do.”

J          “. . .  I am working on it.  . . .  How about one?”

K          “One is a start.”

J          “. . .  Can I have until tomorrow?”

K          “Take your time.  Larry Summers’ statement about women in scientific disciplines may be 180 degrees from the truth.”

J          “Summers is reliable because he is reliably wrong especially about the ‘dismal science.’”

K          “The only individuals who have a clue in our society about our economic circumstances are women – Brooksley Born, Sheila Bair, Elizabeth Warren, Yves Smith, Nicole Foss, Gretchen Morgenson, Terry Gross, Christine Lagarde, etc.”

J          “That is because women care.  When you think about it, the forte of our fellow males is starting wars and filling prisons.  When you get right down to it, the males who start the wars should fill our prisons.”

K          “Talent is a mix of a tutored and sage intellect, personal and intellectual integrity, and good old-fashioned courage.  America simply does not have talent at the top.  The élite is not élite.  And the current feeder system of universities, foundations and fellowships is designed to ferret out the same charlatans and promote them into positions of power in America.”

. . .

[See the article and comments in “The Washington Post” discussing the delusions at the Federal Reserve Bank six years ago at http://www.washingtonpost.com/business/economy/greenspan-image-tarnished-by-newly-released-documents/2012/01/12/gIQAvh0mtP_story.html.]

[See the “Frontline” program titled “The Warning” discussing the shenanigans of Greenspan, Summers, Rubin and their ilk and the courage of Brooksley Born at http://www.pbs.org/wgbh/pages/frontline/warning/.]

[See the “e-ssay” uploaded exactly six years ago to the minute titled "Greenspan’s Legacy – Apres moi, Le Meltdown (January 30, 2006)."]

Bumper stickers of the week:

The nerds won, but not the smart or courageous ones.

What clothes is the Emperor not wearing today?

Plus ca change . . .

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