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| User Info | Bernanke Gives Finger To The Law (Again) in forum [Ticker] | ||||
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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1500-B....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 08:27:28
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Pensicostreet Posts: 719 Incept: 2007-06-26 
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Kd, did you send this ticker to Grayson and Paul. We've got to get this in their hands. This crap is really getting out of control.
2009-10-09 08:58:31
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Cfo1215 Posts: 15 Incept: 2009-03-06
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Good morning, I brought up the Weimar comparison on this forum before and it was not well received. Given the untrustworthy and immoral character of those in charge it was not a great leap to expect such actions. God bless.
2009-10-09 09:00:31
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Paul doesn't want my faxes. Grayson is getting it, yes. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 09:00:37
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Froghat Posts: 213 Incept: 2009-01-28 Banned
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ROn Paul put a restraining order on Karl . lol
2009-10-09 09:01:45
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Nirvan45 Posts: 1578 Incept: 2007-10-31
florida
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What about the guy who asked that blunt question in the hearing? A clear answer of NO, with this outcome will making that guy look like a clown now. If he does not ask for impeachment and lying under oath as you implicate No one has any credibility and its all dog and pony show
2009-10-09 09:04:32
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Uppity_peasant Posts: 300 Incept: 2009-06-26 Online
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"Mr. Fullenkamp [a 22-year-old automotive technician in Columbus, Ohio] used F.H.A. insurance to buy a house this spring for $179,000. The eager seller paid the closing costs and also gave Mr. Fullenkamp $2,500 in cash. He immediately applied for the $8,000 tax rebate. Even taking his down payment into account, he came out ahead." WTF? 22 years old, and you need a $180,000 house? This is insanity. ---------- ===== Take your red pill daily @ The Market Ticker, with your host Karl "Morpheus" Denninger
2009-10-09 09:05:00
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Uppity_peasant Posts: 300 Incept: 2009-06-26 Online
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Froghat wrote: "Ron Paul put a restraining order on Karl . lol" Tell me that's true. I so want that to be true. ---------- ===== Take your red pill daily @ The Market Ticker, with your host Karl "Morpheus" Denninger
2009-10-09 09:08:28
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Uwe Posts: 1029 Incept: 2009-01-03
Philly Burbs
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Bernanke is doing what exactly what he said he would do under circumstances that would otherwise cause deflation -- essentially dropping money out of helicopters. The thing is, he never said where he would drop that money. I suspect most people though it would be dropped indiscriminately. Instead, it is being carefully targeted -- and the target isn't Main Street. But Ben isn't going to admit he's "Monetizing" because that would be perceived poorly by the markets. One small point though. The move up since March doesn't look "Parabolic" at all to me. -Uwe- ---------- “Political tags - such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth - are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire.” - Heinlein
2009-10-09 09:09:58
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Tylermckin Posts: 28 Incept: 2009-04-14 Mississippi
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Can anyone with knowledge of the constitution and tax laws tell me why we should keep paying our taxes to fund this crap? I am a self employed business owner and I'm wondering why we should keep paying our taxes. I am beginning to believe that the producers in our country should organize together and start refusing to pay our taxes. What are they going to do put us in tax jail? Then where would the looters and moochers get their money to fund their lawlessness? Anyone?
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2009-10-09 09:12:26 by tylermckin
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Uwe - it is in terms of P/E ratios.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 09:11:24
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Ck_dexter Posts: 1412 Incept: 2007-07-19 
SE PA
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Great ticker, another one for the history books.
---------- "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat
2009-10-09 09:11:48
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Tesla Posts: 8179 Incept: 2008-04-03
Delaware
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Hell, why pay taxes ? They don't need the money; they can just print it and Mr Bondzilla will slumber on.
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata Last modified:
2009-10-09 09:19:27 by tesla
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Mondocondo Posts: 3143 Incept: 2007-12-03
Miami
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"Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that the defaults were, in essence, worth it. “I don’t think it’s a bad thing that the bad loans occurred,” he said. “It was an effort to keep prices from falling too fast. That’s a policy.” WHAT???????
2009-10-09 09:24:11
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Greenrebellion Posts: 429 Incept: 2009-01-03
Los Angeles
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I know Mondo....its outrageous.
2009-10-09 09:26:55
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Lucky1 Posts: 64 Incept: 2009-08-05
Pittsburgh
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Nice work, KD. "Caught Red-Handed!"
---------- "Crime is contagious. If the government becomes a law-breaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy." -USSC Justice Louis D. Brandeis: Dissenting Opinion in "Olmstead v. United States" (1928)
2009-10-09 09:39:21
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Dashingdwl Posts: 4564 Incept: 2007-06-26
los angeles Online
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Bondzilla is on quaaludes.
---------- Think Green Tip.
2009-10-09 09:43:23
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Psquared Posts: 997 Incept: 2008-10-11 SE USA
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You gotta love the FAQs on the FRB web page - especially the part about the "authority to purchase" the avoidance of front-running by the investment managers and how these transactions are financed. Take a look: http://www.newyorkfed.org/markets/mbs_fa.... There is a HUGE distinction between a GSE (government sponsored enterprise like FNM and FRE) and an "agency" of the US Government. A GSE only carries the "implied" backing of the the US government NOT the FF&C. The government could easily let FNM or FRE fail in which case these securities would be worthless. Of course they have not let them fail (even though they are insolvent) but have held them in a special status whereby they continue to function with the help of the treasury. If that assistance were withdrawn (which it will not because of the amount of these securities that are held by the Chinese and other international agents) both of the GSEs would immediately fail. However, an agency (like GNMA, FHA, etc) are actually backed by the FFC of the government so as the statute is written those would be the only securities the Fed Res. could purchase. An agency of the US Government is not impliedly backed backed by the government but is in fact a part of the government so their debts could NOT be disowned. All you have to do is google "GSE" and you will see the number of court cases which make these distinctions very clear. My only question is whether there is recent legislation which gives the debt of FRE and FNM the FF&C of the US Government??? I know some legislation was passed when FRE and FNM almost went under but I don't know the effect of it on their debt instruments. Anyone know? ---------- I have money, therefore I exist.
2009-10-09 09:43:50
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Lordhumongous Posts: 1973 Incept: 2008-09-29
USA Online
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I sense a Nobel Prize in Economics for Bernanke.
---------- Freedom. Is there anything it can't do?
2009-10-09 09:49:49
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Angrysaver Posts: 15 Incept: 2009-10-05 usa
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"My only question is whether there is recent legislation which gives the debt of FRE and FNM the FF&C of the US Government???" Psquared, When the Treasury took FNM & FRE into special receivership, they clearly stated they would keep the the equity value positive. If equity values are positive, senior claims are hence guaranteed at face. That's a round-about way of giving the Fed the right to claim FF&C. Another legalism, another diminishment of morality. Last modified:
2009-10-09 09:54:50 by angrysaver
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Psq, no, there has been no recent legislation changing the status of Fan/Fred securities.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 09:55:05
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Chassa Posts: 896 Incept: 2008-01-09
Scotland
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'Accrued Interest' demurs with the monetization conclusion - would be interested to hear views on that, it's kinda waay over my head. http://accruedint.blogspot.com/2009/10/b.... (too long to isolate a relevant quote). ---------- Congratulations [insert your country] Idol (and everyone who watches it), you succeeded in making everything suck. (paraphrased) The Reformed Broker.
2009-10-09 10:02:53
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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I disagree that "quantitative easing" is a legitimate policy tool - it is in fact monetization that has been renamed to make it politically palatable.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 10:05:02
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Yaldor Posts: 1430 Incept: 2008-05-17
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Karl, if you think the law has been violated - why not file a complain with the FBI or who ever has the mandate to investigate it ? ---------- For every crash the probability of someone showing that he predicted it is near 1 . For every prediction of an imminent crash the probability of it being correct is almost zero
2009-10-09 10:08:10
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Yaldor: There is no "or else" in The Federal Reserve Act.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-09 10:09:36
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