Tuesday, January 31, 2012

Today In Bubble History

From the transcript of the Federal Reserve’s policy meeting on January 31, 2006:

"Needless to say, it’s fitting for Chairman Greenspan to leave office with the economy in such solid shape. And if I might torture a simile, I would say, Mr. Chairman, that the situation you’re handing off to your successor is a lot like a tennis racquet with a gigantic sweet spot."

-Janet Yellen to Alan Greenspan. Yellen was president of the Federal Reserve Bank of San Francisco at the time. She was promoted by Obama to her current position of Vice Chair of the Board of Governors of the Federal Reserve for a four-year term ending October 4, 2014. She simultaneously began a 14-year term as a member of the Board that will expire January 31, 2024.


"In Alfalfan terms, I’m just a sprout in the crop of otherwise experienced men and women. But I’m sure they would agree with me, without getting too dramatic, about the appropriateness of Henry V’s remarks at Agincourt -- and I’ll rephrase them -- economists and bankers now asleep (remember these are bankers) shall think themselves accursed that they were not here. I consider myself privileged to have been here, Mr. Chairman. This isn’t Agincourt, but it’s important. I’ve served under two saxophone players now, and I would say without question, you’re a leader of the very best kind, and I thank you for your leadership."

-Richard Fisher to Alan Greenspan. Fisher was president of the Federal Reserve Bank of Dallas at the time, a position he still holds.


"I’d like the record to show that I think you’re pretty terrific, too. And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative."

-Tim Geithner to Alan Greenspan. Geithner was president of the Federal Reserve Bank of New York at the time, and was promoted by Obama to his current position of Treasury Secretary.

The Federal Reserve released this transcript a few weeks ago after keeping it from the public for six years. Transcripts from all subsequent years, including those containing the Fed's discussions during the Wall Street bailouts, remain secret.

29 Comments:

Anonymous Ed said...

I think the title of your last post was a little over the top, but you are right, there is something of the creepy atmosphere of the one party state politiburo in these transcripts. This goes beyond the normal office routine of saying good things about the guy who is retiring. I wonder how deep the rot goes.

1/31/2012 8:42 AM  
Anonymous KAIMU said...

ALOHA!!

The rot goes as deep as the ESF and then a little deeper! Greenspan is now "backpeddling" on almost every policy decision he made in order to salvage what will be left of his legacy. He should have stuck with Ayn Rand and his golden years, but then again the fame and fortune of the banking elite was too strong to resist! None of these "banky people" have allegiance to the USA and its People, much less the ideals and the values of the US Constitution and the Bill of Rights and the Declaration of Independence. When they take office they forget that the US Constitution is a "contract" that they pledged to uphold. No contract is safe when such violations become routine and we are seeing that now.

Go to the ESF homepage and they admit blatantly that this entity was created with the fraud that was the FDR confiscation of the People's private property-their gold. This was 1934 and the Gold Reserve Act and since then the value of a USD has plummeted precipitously.

I recently wrote on the same FOMC Meeting Transcripts about Dino Kos and his final presentation at the FOMC. I liked him and as head trader at the US FED NY he did his job well, but even with that they all totally missed the mark in 2006! In a corrupt system failure is rewarded and then promoted and then propagandized! Rewriting history is the goal ...

1/31/2012 9:15 PM  
Anonymous Anonymous said...

Has anyone in Congress tried to force the release the other transcripts? If not, why? Where has the House Financial Services Committee been?

2/01/2012 8:30 PM  
Anonymous Anonymous said...

2024???

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