Archive for the Bernanke Category

Economics And Finance:  Girls v. Boys (June 4, 2018)

Posted in Banks and Banking System, Bernanke, Federal Reserve, Gender, Greenspan on June 4, 2018 by e-commentary.org

. . .

K          “What do Nomi Prins, Terry Gross, Yves Smith, Lynette Zang, Catherine Austin Fitts, Nicole Foss, Ellen Brown, Danielle DiMartino Booth, Brooksley Born, Sheila Bair, Janet Tavakoli, Gail Tverberg, Gretchen Morgenson, Michelle Singletary and Lionel Shriver have in common?”

J          “ . . .  How many guesses?”

K          “Who’s counting?  Take your time.  The face-off does not fall for an hour.”

J          “ . . .  They all have vowels in their names.”

K          “To a person.  Nothing gets by you.”

J          “Nothing.  Not.  a.  chance.”

. . .

J          “And consonants, too.  Two consonants, too.”

. . .

K         “No ‘Québec’ in any of the names.”

. . .

K          “What do Allan Greenspan, Philip Gramm, Larry Summers, Tim Geithner, Ben Bernanke, Hank Paulsen, and Robert Rubin have in common?”

J          “They too have vowels in their names, but they never should have been allowed to get near the bowels of the body politic.”

K          “They never should have been allowed to have any proximity to the bourse, the boardroom or the blackboard.”

. . .

[See the e-commentary at “The Kids (At The Fed) Are Not Alright (January 30, 2012)”.]

Bumper stickers of the week:

Girls are alright

From available sources, Ben Bernanke made the following statements and prognostications:

July 2005:  “We’ve never had a decline in house prices on a nationwide basis.”

November 2005:  “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”

March 2007:  “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

October 2007:  “It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions.”

January 2008:  “The U.S. economy has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”

And last but definitely not least when it comes to misleading and dangerous drivel:

January 2008:  “The Federal Reserve is not currently forecasting a recession.”

One Book Wonders: Scan Another Book (September 29, 2014)

Posted in Awards / Incentives, Banks and Banking System, Bernanke, Book Reference, Economics, Economics Nobel, Education, Greenspan, Minimum Wage, Monopoly on September 29, 2014 by e-commentary.org

. . .

1          “Two books do offer more insight.  But that is just me.”

2          “Three if you have a spare three-day weekend.”

. . .

1          “Former Chief Justice William Rehnquist often said that his world view was strongly influenced by a book he read as a young man, The Road to Serfdom, by Friedrich von Hayek.  The best-seller was published in 1944 during the last days of World War II.”

2          “I can see why Fred’s missive captivated the young private from Milwaukee.  He was conscripted by Big Government to fight other privates conscripted by other Big Governments.  Fred warned of the dangers of what he called collectivism and big government and predicted that the path to socialism, the ‘road to serfdom’ of his title, would eventually collapse.  The world sure looked like it was collapsing.”

1          “My original edition notes that the printing has been redesigned by the publisher to conform to the government’s request to conserve paper during that War.  Government making reasonable requests?”

2          “The government was right, we tattoo far too many fallen trees.  My copy warns the reader right on the cover that Fred may not have any idea what he is talking about.  The publisher warns the prospective purchaser that Hayek got the Nobel Prize in E-con-omics.”

1         “What if Rehnquist had stumbled on a book that warned of the dangers of raw selfishness and big corporations and predicted that the path to corporatism and kleptocracy, the ‘road to serfdom’ of the new publication, would eventually collapse.”

2          “Fred lived during a period of time when the governments of many world powers, at the direction of their military and financial elites, marketed much evil and inflicted great pain, grief, and violence on the world.  His distrust is not unfounded but myopic.”

1          “He intuits that big is often bad, but he only got half the story right.  We do not have a market economy.  Today, Big Government is Big Business; Big Business is Big Government.  Sit down and analyze the major industries in America.  Each one of them is monopolized.  The business is the industry; the industry is the business.  In this Internet era, when someone concocts a new application or gizmo, that person has a monopoly on the application or gizmo.”

2          “We are racing down the road to serfdom.  Yet the guvmit, not the private sector, has always enforced speed limits.”

1          “The government is a wholly-owned subsidiary of the monopoly corporations.  There are now no limits and no governors.”

. . .

1          “Let’s say that someone is deeply and genuinely concerned about the road to serfdom.  Would the concerned citizen support a higher minimum wage or not?  The folks who have minimum wage jobs today are serfs.  They are at the end of the road to serfdom in a hopeless cul-de-sac.  If the rate is raised, some folks will lose some of their serf status and yet a few may lose their job.”

2          “What I have noticed is that the opponents of a minimum wage increase do not give a hoot about the workers and only seek to do everything to cut the costs for the Owners.”

1          “Now that you mention it, Fred surely would support an increase in the minimum wage to avoid the nefarious road to serfdom.”

2          “What happened to Bill along his journey?”

. . .

1          “In The Age of Turbulence, Alan ‘Easy Al’ Greenspan describes the influence that Ayn Rand had on his intellectual development.  So many young men are distracted by shiny objects.”

2          “So many things in life just are not a surprise.”

1          “Raw self-interest is not genius, but it sure does appeal to our baser instincts.”

2          “And it advanced her and his financial interests.”

1          “But not ours.  I do not hold her exclusively responsible for the economic violence that he unleashed on the world, yet she is at the top of the list.”

. . .

1          “Think about the folks who look to the Good Book and only the Good Book for insight and inspiration.  At one time, a person could only carry one gun, one knife, one bed roll and one book.  That book was dubbed the Good Book.  The struggle to exist limited one’s time to contemplate one’s existence.  Space only allowed for one book and time only allowed for reading one book that had to provide all the answers.”

. . .

1          “Those who have access to more resources need to get a life.  And scan a second book.”

2          “Asking someone to read two books is a lot to ask.  Life is short.”

. . .

1           “When the smarter gender takes over, Nancy Drew will reign supreme.”

. . .

[Banned Book Week – September 21 – 27]

[Search the name “Carmen Segarra” on the Internet.  She should receive the Profile in Courage Award for 2014, but it will likely go to someone like Greenspan or Bernanke.  See the previous e-ssay at Profile In Cowardice Award (May 12, 2014).]

Bumper stickers of the week:

Scan a book, don’t ban books.

Read a second book; get a second opinion.

What we really need is a moment of science in the public schools.

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-commentary.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 https://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-commentary.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

Bailouts: Out; Bail Ins: In; Slowly Boilin’ The Frog (April 15, 2013)

Posted in Bankruptcy, Banks and Banking System, Bernanke, Kleptocracy, Law on April 15, 2013 by e-commentary.org

. . .

CD1      “Makes you wonder what we get for today’s tax payment.  The Dodd-Frank legislation states that we the taxpayers will not bail out banks and other connected businesses again for failed derivatives and the like.  So the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve (Fed) admit they cannot do their jobs and force the individual depositor to bail out the banks and other connected businesses.”

CD2      “At least now they claim that they will not take our tax dollars directly but will take our money indirectly.  Banks in America still exist to provide taxpayers with regular opportunities to bail them out.  And to pay huge and undeserved bonuses.  And on occasion to finance an upstart organic neighborhood grocery stand.”

CD1      “While individual states serve as laboratories for social and economic experiments, other countries provide insight into responses to social and economic problems.  The response in Cyprus to the banking crisis that afflicts every country today is revealing.  Instead of the taxpayers bailing out the bank, the banksters took deposits from individual depositors to cover shortfalls.  A ‘bail in’ rather than a ‘bailout’ is the way they brand it.”

CD2      “That has been the official policy in the United States and England since December 10, 2012.  The FDIC may promise to insure deposits up to $250,000, but that promise may be repudiated or supplanted or modified by the FDIC’s new formal and promulgated confiscatory policy.  They title their marching orders ‘Resolving Globally Active, Systemically Important, Financial Institutions.’  The Federal Reserve joined in the task and in effect issued a joint press release stating:  ‘Your Deposits Are No Longer Insured.  Get Your Money Out Of Banks Now.’  Taxpayers cannot say that the government did not properly warn them.”

CD1      “The only event that really threatens the banking system is a literal run on the banks.  News broadcasts will have a field day interviewing those in line if they stay in line and the outraged ‘man on the street’ demanding his deposit.  However, by privately stealing funds from the public, there is no single public event to steel public attention and ire.”

CD2      “Failing banks were always taken over by a receiver and the small depositors recompensed by the FDIC.  However, if a bank fails today, the derivatives that doomed and continue to doom the economy are afforded super-priority status.  Ordinary depositors are booted to the back of the line.”

CD1      “Or the ordinary depositor is kicked completely out of the creditor’s queue and given worthless stock in the failed bank.  Four months have passed without an uncompensated failure.  A fortnight will pass and perhaps another four years without incident, but this banking fraud cannot go on forever.” 

. . .

CD1      “The insurance on up to $250,000 in deposits ostensibly provided by the FDIC has exacerbated the ‘moral hazard’ by disconnecting the individual investor from the process.  Individuals do not even make a cursory inquiry into the viability of a financial institution.”

CD2      “Should the depositor be obligated to do so or should the banking system be regulated and monitored by the government.  The answer is that the banks are inadequately regulated and monitored by the government, so by default it is ‘depositor beware.’”

CD1      “If depositors were rational as rationality is defined by economists and in the face of near zero transactions costs, they would transfer their funds to a credit union.  The National Credit Union Association (NCUA) has not joined the ‘bail in’ scheme publicly at this time.”

CD2     “A depositor who is rational as defined by economists realizes that interest rates are near zero and thus the benefit of leaving money in a bank is near zero unless the money is safe.  The potential costs are far more than zero and thus the depositor should transfer the money to a safe location such as a safe located in the basement.”      

. . .

CD1      “They say that if a frog in a pot of water is brought to a slow boil, it will not know or respond to what is happening, but if the frog is thrown in a pot of boiling water, it will jump out.”

CD2      “MF Global is forgotten.  They are slowly turning up the heat without response.”

CD1      “At least the frog reacts.  I’m tired of ‘bailing out’ and now ‘bailing in’ banks and am bailing on banks.”

. . .

[Peruse the government scheme titled “Resolving Globally Active, Systemically Important, Financial Institutions” at http://www.fdic.gov/about/srac/2012/gsifi.pdf and the similar policy in New Zealand at http://www.rbnz.govt.nz/finstab/banking/4430900.html.]

[Reflect on the discussion in http://www.voxy.co.nz/politics/national-planning-cyprus-style-solution-greens/5/150410, http://www.publicbankinginstitute.org/ and http://webofdebt.wordpress.com/2013/04/09/winner-takes-all-the-super-priority-status-of-derivatives/.]

[See the “e-ssays” titled Money “In The Bank” Or “Under The Mattress” (October 8, 2012) and Boycott Big Banks – Vote Your Dollars (November 21, 2011).]

Bumper stickers of the week:

I am not so much concerned with the return ON my money as I am with the return OF my money.  Attributed to a number of wits.

“An efficient path for returning the sound operations of the G-SIFI [Globally Active, Systemically Important Financial Institution] to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the individual depositors who were previously assured their deposits are insured] into equity [meaning worthless stock].  In the U.S., the new equity would become capital in one or more newly formed operating entities.”  Page 3 at Paragraph 13 of the publication “Resolving Globally Active, Systemically Important, Financial Institutions.”

Your Deposits Are No Longer Insured.  Federal Deposit Insurance Corporation

Get Your Money Out Of Banks Now.  Federal Reserve

The most condign resolution is to attach the salaries and retirement payments to the employees and retirees of the Fed, the FDIC, the SEC, the OCC, the CFTC, the DoJ, the BoE, the BoA, AIG, GS, S&C, C&B and others to fund any bank shortfalls.  And Congress, the President and the Supreme Court.  Problem resolved. 

“Open Bank Resolution”  “Wikipedia does not have an article with this exact name.”

If banksters were branded terrorists, would there be prosecutions?

42

All Gave Some ; Some Gave All (April 1, 2013)

Posted in Banks and Banking System, Bernanke, Gay Politics, Iraq, Society, Vietnam, Writing on April 1, 2013 by e-commentary.org

. . .

1          “It expresses a universal and timeless truth.  It is a precisely balanced six-word memoir.  It is a pleasant and pleasing palindrome.  It is the perfect poem.  It is It.”

. . .

1          “No joke.”

2          “No, joke.”

1          “No joke.”

. . .

[See the article at http://www.oftwominds.com/blog.html dated today.  No joke.  See also http://ukiahcommunityblog.wordpress.com/2013/04/01/the-treason-of-the-intellectuals/.]

April – National Poetry Month

Bumper stickers of the week:

There are no unwounded soldiers.

Show or tell?  Show, don’t tell.

Get it right, Write it right.

Cure writer’s block – Exercise, listen, think; Exercise, listen, think – Writer’s block cured.

Character is fate; Fates shape character.

Republicans like GLBA; Democrats like LGBT.

Addiction is too consuming; Destitution is too constricting; Dissolution is too confining; Might as well live.  (With a nod to Dorothy Parker).

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-commentary.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-commentary.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 . . .

(M)End The Fed (July 11, 2011)

Posted in Antitrust, Banks and Banking System, Bernanke, Crime/Punishment, Federal Reserve, Language, Law, Monopoly, O'Bama, Politics on July 11, 2011 by e-commentary.org

. . .

K          “The vocal critics of the Fed are missing the point.  Stated simply, every nation needs a central bank, but the Big Banks own and operate the Federal Reserve.  Stated another way, the country tolerates a misunderstood institution – the Federal Reserve – that is an unrestrained cancer and at the same time lacks an institution it desperately needs – a central bank independent of excessive political and any private interference.”

L          “A transparent central bank?”

K          “Call it whatever you want.”

L          “A responsive central bank?”

K          “Responsive to something other than Big Banks.  Bernanke* should have the intellect to understand the problem and the integrity to compel change, yet even he may take his marching orders from others.”

L          “He, Geithner and the others either assisted in creating the problem or allowed it to fester and permutate.  Now O’Bama is serving the interests of the financial industry at a time when his Department of Justice should be serving members of the financial industry with sub poenas and criminal indictments.  What incentive it there for him to reform the financial industry or the Fed.  Simply look at who he is soliciting for campaign contributions.”

K          “He was caught.  He simply could not get elected and cannot get reelected without the money.  No one is able to identify one industry in America that is not completely monopolized today.  Banks are among the biggest offenders.  Without a market, there is not a market and are not market forces.  Change likely will not come until there is a complete economic collapse.  That situation may generate enough sustained interest and desperation among those who can change affairs to reform the system.”

L          “Or the catastrophe may not leave any choice.” 

. . .

Bumper stickers of the week:

Antitrust Chief Flees; Monopolies Reign Freely

Because you don’t have to do the time, do the crime

Big sticker; small font sans serifs; big bumper:

UNITED STATES OF AMERICA

BEFORE THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

WASHINGTON, D.C.

___________________________________

Written Agreement by and between

BIG BANK,

New York, New York

And

FEDERAL RESERVE BANK OF NEW YORK,

New York, New York

___________________________________

.          WHEREAS, in recognition of their common goal to maintain the financial soundness of Big Bank (the “Big Bank”), a nationally chartered bank that is a member of the Federal Reserve System, the Big Bank and the Federal Reserve Bank of New York (the “Reserve Bank”) have mutually agreed to enter into this Written Agreement (the “Agreement”).

.          NOW, THEREFORE, the Bank and the Reserve Bank agree as follows:

  1. Within ninety (90) days of this Agreement, the board of directors of the Big Bank shall submit to the Reserve Bank a written plan to divest itself of any and all deposits and assets in excess of one hundred billion dollars ($100,000,000,000.00) . . . .

The Bush Grand Slam (February 14, 2011)

Posted in Afghanistan, Bernanke, Bush, CIA, Civil Rights/Civil Liberties, FBI, Federal Reserve, Iraq, Military on February 14, 2011 by e-commentary.org

. . .

1          “Quite an inspiring legacy.  The Bush appointees.  At least the prominent ones who are still serving.  Bernanke*, Mullen, Mueller and Gates.”

2          “Sounds like a trusts and estates boutique law firm.”

1          “By law, some major political appointees remain in office through the start of a subsequent administration.  The first three appointees continued serving at the start of the O’Bama administration.  O’Bama retained Robert Gates as Secretary of Defense and re-appointed Ben Bernanke* as Chairman of the Federal Reserve.”

2          “He really blew it in his early years with the Fed, yet Bernanke* may be the best that America can produce.  We need Bernanke to channel his inner Volker.”

1          “Bernanke is the pivotal player.  Gates swore an oath that included providing for the ‘common defense.’  His performance is exemplary and an example for all.  Ike, a Republican and former general to boot, was remarkably courageous in his last days in office when he warned us in no uncertain terms about the power of the military-industrial complex.  So much money that should be used for our common defense or other purposes is squandered on projects and programs that are unnecessary.  Gates is still challenging wasteful and duplicative spending.”

2          “Perhaps Gates could take off for a week to go bass fishing and then return to duty.  He has the stroke to get it done, but he may want to get out before he has a stroke.”

1          “You’ve got to have the fire to stay in the game.  Look at the record.  When the National Security Act of 1947 transformed the Office of Strategic Services (OSS) into the Central Intelligence Agency (CIA), there was concern to avoid the secret Gestapo police that had terrorized Europe and the world a few years earlier.  After 9/11, the barriers between international intelligence gathering and domestic police activities were eliminated.  Without institutional barriers, we rely on individual restraint.  As Director of the Federal Bureau of Investigation (FBI), Robert Mueller has provided balance and prosecuted the task with integrity and an abiding concern for the Constitution.”

2          “Another former Marine making it.”

1          “And Mike Mullen as the Chairman of the Joint Chiefs of Staff has been a steady hand on the tiller.”

2          “Tough task.  The military is engaged in two wars that America cannot win and cannot lose.  America cannot afford to pursue them and cannot afford not to pursue them.”

1          “And a calm head implementing the transition from DADT (Don’t Ask, Don’t Tell) to a military culture that allows everyone a chance to serve and die without living a lie.”

2          “You know that he could have opted to go into the Marines after the Academy?”

. . .

[See the “e-ssay” titled “V Day (February 14, 2005).”]

Bumper stickers of the week:

Much is well that ends well

Fidelity, Bravery and Integrity