Sen. Warren scorches Yellen, FED for being asleep at the wheel (again)
derryb
Posts: 36,824 ✭✭✭✭✭
Too Big To Fail simply means "Too Big"
I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer.
I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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Box of 20
<< <i>In other words, after 3 years there is no real plan to break up a large bank like JP Morgan, with 3000 subsidiaries, in an orderly quick process when it fails. The Fed is stalling and just does not want to admit that JP Morgan imposes a risk on the economy if it fails. The Fed and JP Morgan are really the same. The Fed can stall for years if it wants with no consequences. Warren can complain all she wants, but does she have the power to enforce the law and how will she do it without the Feds cooperation. She's a lone wolf. Business as usual in Washington. >>
So they better make sure JPM does not fail.
Warren does have better question writers than other Senators.
Knowledge is the enemy of fear
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer. >>
Which woman? Certainly not Senator Warren who wants to forgive all of the student loans and make the country more socialist.
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<< <i>I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer. >>
Which woman? Certainly not Senator Warren who wants to forgive all of the student loans and make the country more socialist. >>
"when it comes to representing the taxpayer and the consumer" Warren is at the top of the list.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Nice try, Derry!
Edited to add...I agree with you about Warren
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
That is the popular stance these days. People will say anything to get elected.
Knowledge is the enemy of fear
<< <i>"when it comes to representing the taxpayer and the consumer" Warren is at the top of the list
That is the popular stance these days. People will say anything to get elected. >>
yes, they represent the taxpayer at the opposite of what the taxpayer thinks, they represent you, so they can help you pay more taxes...
Yellen comes off the same way she always had to me. The standard Bureaucrat that has been promoted to her level of incompetence. I don't see a free thinker in anything she says.
LMAO, JPM did exactly what they knew would stump and stall the standard Bureaucrat ..... drown her in ten thousand pages of gobbly gook as a liquidation plan. OMG ...... do we now have the worst Fed Chair ever !!! Not only is JPM TBTF, but also too big now for even the Fed's to confront. It's similiar to Obama's trepid speech today not wanting to upset Putin. Yellen and Obama are both cowards ..... to scared to confront the big fish since it will expose what Pu_ _ ies they are, lol
Evolution of the Chair of the Federal Reserve......
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
If you have some leisure time over the weekend, it's worth going to the IR section of JP's website and downloading their 344 page 2013 annual report. It is a very interesting financial and cultural document.
On Janet Yellen:
I think she deserves some time before we judge her. With respect to being "the worst", one could cynically say that she has a lot of competition. Arthur Burns comes to mind. Perhaps the evolving consensus view of her predecessor is about right -- Ben did a good job during and in the immediate aftermath of the financial crisis. But, he and Alan Greenspan clearly bear significant responsibility for helping to bring on the crisis. We may never know if Ben's "innovative" approach to QE was appropriate or not. If Janet successfully "unwinds" it, it will be very hard to say whether it was the result of a deft hand, or because the much talked about expansion of the Fed balance sheet wasn't really a big deal in the context of the overall size of the global economy.
<< <i>I think she deserves some time before we judge her. >>
I judge her as a liar, as her predecessor was. No extra time needed.
<< <i>Ben did a good job during and in the immediate aftermath of the financial crisis. >>
....such a good job that his Wall Street buddies are giving him a $250,000 golden handshake per evening to schmooze with them.
One cannot serve two masters, especially when one is a group of blood sucking Wall Street shylocks.
<< <i>Yellen comes off the same way she always had to me. The standard Bureaucrat that has been promoted to her level of incompetence. I don't see a free thinker in anything she says.
LMAO, JPM did exactly what they knew would stump and stall the standard Bureaucrat ..... drown her in ten thousand pages of gobbly gook as a liquidation plan. OMG ...... do we now have the worst Fed Chair ever !!! Not only is JPM TBTF, but also too big now for even the Fed's to confront. It's similiar to Obama's trepid speech today not wanting to upset Putin. Yellen and Obama are both cowards ..... to scared to confront the big fish since it will expose what Pu_ _ ies they are, lol >>
Hehe, I smiled.
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<< <i>
<< <i>I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer. >>
Which woman? Certainly not Senator Warren who wants to forgive all of the student loans and make the country more socialist. >>
"when it comes to representing the taxpayer and the consumer" Warren is at the top of the list. >>
Oh jeez, really db? I can't resist. That stack you're building, you didn't build that.
…can't live with 'em, can't live without 'em.
In the end, the bank has no problem making money. Politicians have no problem spending it and the people's biggest problems come from having their representatives with their hands in our pockets.
<< <i>
<< <i>
<< <i>
<< <i>I really like the fight this woman brings to the table when it comes to representing the taxpayer and the consumer. >>
Which woman? Certainly not Senator Warren who wants to forgive all of the student loans and make the country more socialist. >>
"when it comes to representing the taxpayer and the consumer" Warren is at the top of the list. >>
Oh jeez, really db? I can't resist. That stack you're building, you didn't build that.
While I detest her progressive views, I am also able to recognize that she is one of the few that blisters the FED and the whole TBTF scenario whenever they appear before her committee. The posted link of the exchange between Warren and Yellon contains a very important message for the stacker. While legislation was created that requires the TBTF banks to develop a contingency for their next crisis to protect the consumer (and the taxpayer), and even goes so far as giving the FED the power to break up a TBTF bank that cannot develop an acceptable contingency, it is business as usual with the FED not having followed through on their responsibility of ensuring there is a plan in place. The consumer, the taxpayer and the entire financial stability of US banking system remain at the same risk level these TBTF banks put them at leading up to the 2008 crisis. Those that were not stacking prior to 2008 are in a position to see a repeat of huge gains when the chickens do come home to roost once again.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
My opinion is that we won't get a repeat of 2008 but that a monetary crisis of some sort is in the cards. Government finance seems to be the well from which all goodness springs, so my bet is that tptb will attempt to protect the mechanisms of government finance to the ends of the earth. I do think it's an "either/or" situation as far as gold vs. fiat is concerned.
I knew it would happen.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Got bullion?
Got cash?
Got TP?
I knew it would happen.
Fail and you will get crushed.
Fed has been in the passing lane for 6 years.
<< <i>
On Janet Yellen:
I think she deserves some time before we judge her. With respect to being "the worst", one could cynically say that she has a lot of competition. Arthur Burns comes to mind. Perhaps the evolving consensus view of her predecessor is about right -- Ben did a good job during and in the immediate aftermath of the financial crisis. But, he and Alan Greenspan clearly bear significant responsibility for helping to bring on the crisis. We may never know if Ben's "innovative" approach to QE was appropriate or not. If Janet successfully "unwinds" it, it will be very hard to say whether it was the result of a deft hand, or because the much talked about expansion of the Fed balance sheet wasn't really a big deal in the context of the overall size of the global economy. >>
The establishment of the FED was as bad an idea as income tax back in 1913.
While the FED is a problem I can't help but think the cause of the mess is the
era of greed ushered in in the early 1980's. There was enough productivity im-
provement and growth possible to ease the massive debt burdens accumulated
since the 1940's but once the few could rake in massive amounts of money with-
out taxes there was no longer a reason to worry about debt so it was allowed and
encouraged to balloon. No one wanted to stop the derivatives markets even after
the total meltdown of 1987 because they made a few rich.
Now we are still pursuing a race to the bottom while borrowing from the future in
all possible ways. The FED is quasi-governmental but the conditions that caused
all of this came out of the White House and Capitol Hill.
<< <i>Monetary stimulus is like passing a car on a two lane. Hit the gas and if everything goes well, you get to your destination in one piece.
Fail and you will get crushed.
Fed has been in the passing lane for 6 years. >>
To expand in your poor metaphor, that's because the FED is paving the road as it travels. No worry of hitting on coming traffic if there is no road on which to carry that traffic.
Knowledge is the enemy of fear