Thursday, February 03, 2011

Not Interested in Charlie Sheen's Stomach Ache

So I've been watching Al Jazeera's streaming coverage of Egypt, and reading posts like this and scary reports like this:

Fed's Hoenig says QE3 "may get discussed"

The Federal Reserve could debate extending its bond-buying program beyond June if U.S. economic data prove weaker than policymakers expect, Kansas City Fed President Thomas Hoenig said.

Another round of bond buying "may get discussed" if the numbers look "disappointing," Hoenig told Market News International in an interview published on Tuesday.

And that's the Fed's most strident hawk.

I haven't posted much about the Fed and Bernanke recently. The current situation -- an unelected zealot conjuring up billions every day and inflating yet another asset market bubble, apparently immune from any effective checks on his conduct and with no consequences for his past incompetence and complicity -- is too disheartening. But I wonder if there is any debate or even understanding within the Fed of the global consequences of its current policy, which is contributing to unrest in the Middle East and elsewhere via rising food and commodity prices.

A few months ago I had drinks with a congressional staffer, and we talked about the symbiotic relationship between Congress and the Fed. It's a tacit understanding: politicians need the Fed to effectively finance projects in their home districts and create trickle-down tax receipts (have you heard any elected officials express concern about the current stock market bubble?). In return, the Fed expects minimal oversight and criticism.

This arrangement is nothing new, but the economic consequences have never been more obvious. Except for a small group that includes Ron and Rand Paul, DeMint, Vitter and a few others, there really is no desire in DC to rein in the Fed before it crashes the system yet again and takes a lot of the world with it. As I said: disheartening.

16 Comments:

Anonymous Anonymous said...

Brings a new meaning to the phrase "long-only bias".

By the way, I used to think these dudes at the Fed *really know* what's up, thus their statements/speeches are just a part of the job description.

As in, "Good news! Inflation is really low... wink, wink...(LOL)"

Now I have come to realize they actually believe what they're saying and doing. They're not ignoring their awful track record; they would disagree there's an awful track record.

So no, I don't think they even remotely consider food prices/Egypt to be related. That gives them way too much credit.
jw

2/04/2011 12:19 AM  
Anonymous Anonymous said...

Regarding Sheen, which one don't you like: the taste of the bread or the sight of the circuses?

2/04/2011 1:24 AM  
Anonymous Wild Goose said...

The Fed's mandate is full employment and inflation under control. Unemployment is high and inflation is low with effectively zero interest rates, so what *should* they do?

2/04/2011 8:27 AM  
Anonymous goldhorder said...

The global reserve roll of the dollar is still in place. We are exporting our inflation. Inflation is not in control in the middle east. TCR points out the FED is partly responsible for the unrest. They have been living under this dictator for 30 years...grumbling and bearing it...until they couldn't afford to eat anymore.

What should the FED do? The fed should raise interest rates to encourage saving and investing. How do you have capitalism without capital? The big banks run the economy because they are first in line at the printing press. This needs to change or this country will be rioting like the Egyptians...if the dollar goes down we all go down.

2/05/2011 12:22 PM  
Anonymous Anonymous said...

That the Feds severest critics in congress are the most reactionary rightists is a feather in the Feds hat. Making it impossible to be critical of Fed and not be painted as a loon. Now you might argue Ron Paul isn't a reactionary but most of his followers are and his base has always been filled with devoted neo confederates.

As long as stocks and financial assets do not deflate no amount of words is going to even nick them. If and when they do deflate in the face of more new Fed printing and pumping then the Fed is dead.

2/21/2011 7:57 AM  
Anonymous puertas metalicas said...

Thanks so much for your article, very helpful info.

6/13/2011 8:18 AM  
Anonymous sex shop said...

I read a lot of helpful info in this post!

6/13/2011 8:28 AM  
Anonymous posicionamiento web said...

Thank you for this article, really useful material.

6/13/2011 8:32 AM  
Blogger cuongthao said...

"A few months ago I had drinks with a congressional staffer, and we talked about the symbiotic relationship between Congress and the Fed. It's a tacit understanding: politicians need the Fed to effectively finance projects in their home districts and create trickle-down tax receipts (have you heard any elected officials express concern about the current stock market bubble?). In return, the Fed expects minimal oversight and criticism. "
really ???
sex

sexy shop

5/17/2012 4:15 AM  
Blogger uknowme said...

Regarding Sheen, which one don't you like: the taste of the bread or the sight of the circuses?Nude Eve in art

golf news

7/11/2012 4:08 AM  
Blogger kosovohp said...

Bussiness | entertainment
marketing | sport
travel | Bussiness
marketingsport
technology/travel
world newseducation
entertainmenthealth
article about bussinesssport articles
Girl XinhHot Girl
Hot Girl Asian | Girl Xinh
Hot Girl | Girl Xinh | Lexi Belle | Ngoc Trinh | Minh Hang | Midu | Hot Girl Asian | elly tran

11/14/2012 11:22 AM  
Blogger Monica Roland said...

Hello Everybody,

My name is Mrs. Monica Roland. I live in UK London and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 U.S. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs. Monica Roland that refer you to him. Contact Mr. James Bone via email: (bestloansfinance02@gmail.com)

12/07/2012 5:22 AM  
Anonymous jack said...

This article is very useful for those who are reading it, it's a shame if people skip reading. I also have articles that may be beneficial, as this article: obat benjolan di ketiak cara mengobati maag cara mengobati penyakit paru-paru I believe it would be useful. and which is also very useful to increase knowledge cara mengobati leukemia obat benjolan dibelakang telinga obat kanker darah these articles I created to share information that might be useful for everyone pengobatan alternatif penyakit jantung koroner obat penyakit campak untuk anak-anak pengobatan alternatif penyakit gula I'd love sharing goodness as with this article, hopefully it can benefit others.

10/20/2015 2:23 AM  
OpenID Louis said...

Wow, wonderful. Helped a lot and I’m looking forward for more. Thank you so much for the tips! Very helpful and I would definitely apply these tips in my writing soon! :)

Resume writer @ professional resume writing service


12/02/2015 1:17 PM  
Anonymous Anonymous said...

The film story was created by the team, through which were far more women than Guys.http://insideoutgames77.com/ They resolved, that film can be centered on a bit women. But it absolutely was not only their impression. They investigated little women, who like Inside of Out Game titles one of the most, and located out, that eleven to 17 girls are more attuned to expressions and feelings than others. This is actually the primary reason, why the most crucial character Within this cartoon film is minor, eleven years previous, Woman. When very little ladies see, that there's a girl inside the film, who's got a similar age, the like it Increasingly more. So, we think, that Inside Out Video games is going to be appreciated remarkably! The spending plan of Inside Out was $175 million, but authors commercialized far more, than they had invested! They've received $856.1 million from product sales in all around the planet. From that we will recognize, that this film attracts each and every folks, it does not matter he or she will be girl, or boy, teen or experienced. Those individuals like Inside Out Games too, of course. The movie has bought these a fascinating story, that non ofit's watchers will stay indifferent after looking at it. In it we can easily begin to see the emotions, that have bought Every person.

3/15/2016 10:22 AM  
Blogger Rokki Winchester said...

Excellent post share kibin review with us and this blog is impresses more people to reading that blog

10/11/2016 1:24 PM  

Post a Comment

<< Home