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| User Info | The Fed's Hoenig: LIAR in forum [Ticker] | |||
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Genesis Posts: 71403 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/978-Th....
---------- "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
2009-04-21 10:37:06
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Equalitarian Posts: 38 Incept: 2009-01-20 
SW Ohio
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Gen, Keep giving it to these guys with both barrels. I see a lot of the weasels are seeing the writing on the wall and trying to change their role in this folly. [You are on quite a roll today. Keep up the good work.]
2009-04-21 10:46:38
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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**** him. I remember some of his speeches claiming it was all under control. That ****sucker was one of the cheerleads of Fed policy, and now that the inevitability of the math has caught up with him he's trying to slither off into the night so he doesn't get ROASTED when this all blows up in their face. PANIC is the right word for this - like the PANIC of a bank robber who just saw the SWAT van pull up in front! ---------- "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
2009-04-21 10:48:13
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Mo Posts: 5501 Incept: 2007-06-26 
Florida
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It's an interesting turn of events though. Why the sudden change of mind? Something's up and he's trying to cover his ass. ---------- "The World has been cancelled. It doesn't even look like the world. There is one island that is maintained and is said to be owned by the Sheikh and the rest looks like a pile of muck."
2009-04-21 10:51:04
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Xanares Posts: 1288 Incept: 2008-11-10
London
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Hell yea! Great ticker KD.
2009-04-21 10:51:16
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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Mo: The math is never wrong and I think someone woke up in a cold sweat. ---------- "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
2009-04-21 10:52:12
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Widgeon Posts: 6524 Incept: 2007-08-30
OK Online
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While I concur that this sort of revisioninsm needs to be highlighted and pointed out for the disgusting pile of **** that it is ... ... it is also interesting to see "them" increasingly breaking ranks ... it speaks to high levels of internal pressure.
2009-04-21 10:52:36
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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They see penises - plural, numbering about 150 million plus another 150 million strap-ons - headed for somewhere uncomfortable. ---------- "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
2009-04-21 10:53:43
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Mo Posts: 5501 Incept: 2007-06-26
Florida
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Karl, and I doubt he was unaware of that math when he was arguing for bailouts. He's seeing something now that is telling him the jig is up and he better get some statements out that distance him from the rest of the pigmen. ---------- "The World has been cancelled. It doesn't even look like the world. There is one island that is maintained and is said to be owned by the Sheikh and the rest looks like a pile of muck."
2009-04-21 10:54:07
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Guyfawkes Posts: 352 Incept: 2008-09-19 Texas
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Thanks Gen. Keep shining the light under every rock. Ticker has been faxed to my list in Congress.
---------- It's still "We, the People".....right?
2009-04-21 10:54:25
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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Yeah Mo, he's seeing the math - and that the flag is about to drop on the clock.
---------- "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
2009-04-21 10:55:21
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Eternalblue Posts: 4230 Incept: 2007-08-09
sokali Online
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The fed has tried for the last almost two years to defibrillate the debt/credit bubble one more time. It is not working, there is no end in sight, people are waking up and starting to look for blood. Ben even hinted to this in his tv interview, that he worried that "political will" would run out, which really meant people would get tired of being ripped off. ---------- my miniblog; http://economicpsychosis.blogspot.com/
2009-04-21 11:08:35
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Pika-steph Posts: 39197 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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Hee, hee. You NAILED this one. I wondered who jammed a pitchfork up his ass. If you don't realize that they ALL understand how ****ed we are, and that they are in big, big trouble, you aren't paying attention. This is all about looting as fast as they can and trying to get the hell out before someone(s) ventilate them.... unfortunately, they're being aided by our government in a big way, which puts all of us at a distinct disadvantage. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-04-21 12:18:10
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Blankfiend Posts: 1736 Incept: 2009-02-07
MA
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Hoenig gave a good presentation on 3/6/09, titled Too Big Has Failed. It's worth a read. http://www.kc.frb.org/speechbio/hoenigPD.... ---------- My Elliott Wave Blog: http://blankfiendsew.blogspot.com/ Democrats and Republicans are like M&M's - different colors on the outside and full of brown stuff on the inside.
2009-04-21 12:42:38
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Pika-steph Posts: 39197 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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And now, the rest of the story: Hoenig was testifying with Stiglitz and Simon, the latter gave it to Congress with both barrels. Hoenig is ****ting in his pants and for good reason. Simon skull****ed Congress in both eye sockets. Quote:
Testimony of Simon: http://www.jec.senate.gov/index.cfm?Fuse.... Testimony of Stiglitz: http://www.jec.senate.gov/index.cfm?Fuse.... Opening statement of Maloney: http://www.jec.senate.gov/index.cfm?Fuse.... ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-04-21 12:48:05
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Blankfiend Posts: 1736 Incept: 2009-02-07
MA
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THANK YOU PIKA!
---------- My Elliott Wave Blog: http://blankfiendsew.blogspot.com/ Democrats and Republicans are like M&M's - different colors on the outside and full of brown stuff on the inside.
2009-04-21 12:49:15
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Pika-steph Posts: 39197 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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Wait until you read Simon's testimony - he literally called them all 'oligarchs' to their faces and told them they were robbing the American People. This explains why this was not recorded on video anywhere. C-Span always covers the JEC. Not today. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-04-21 12:52:27
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Wineaux Posts: 130 Incept: 2009-03-23
pure Liquid pleasure
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Genesis – Very good ticker. I wanted to ask you as well as other ticker members to weigh in on a thought I have been having for some time now (this particular ticker pushed me to comment). 1) Apparently there is less than $110 billion left in TARP 2) Banks who have been TARP recipients have been eager as of late to repay gov’t 3) Banks are stating they are well capitalized 4) Rumors swirling around the bank stress tests state that the majority of banks are technical insolvent 5) Ranking gov’t officials (Hoenig as an example) seem to be changing their minds as to the health of the banks I am starting to come to the conclusion that there is a showdown brewing between the government and the banks. I wanted to get folks opinion on whether or not they see this forming and if so what are the likely outcomes ---------- What wine goes with unemployment?
2009-04-21 13:10:42
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Jeffrey_thomason Posts: 487 Incept: 2009-03-11
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Be sure to read Simon's article "The Quiet Coup" from the Atlantic: http://www.theatlantic.com/doc/200905/im.... Alot of shared material, but probably more "palatable" to pass on to others.
2009-04-21 13:23:57
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Immoral_hazard Posts: 622 Incept: 2008-03-14 The Center of the Motorcycling Universe..Colorado Online
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Why would a Fed president do an about face like this? Possibilities: 1) The Fed has the "stress test" results and they aren't good (we don't have enough money to even begin to cover their bad bets) 2) The political winds are blowing against further bailouts, and the administration is talking behind closed doors about cutting insolvent banks loose. 3) Hoenig is angling for the Fed chair in 2011. ---------- Bin Laden should have become an investment banker...he could have done more damage and gotten a government bailout to boot
2009-04-21 13:40:16
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Jdseese Posts: 84 Incept: 2009-02-22 Cleveland OH Online
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Regarding the testimony - aside from the "too little too late" aspect - Why do I get the feeling that during all of that exemplary and eloquent testimony that congress members were sleeping, passing notes, flirting, and whispering "Is this guy ever going to shut up?" Like it was sex education class for a bunch of middle schoolers
2009-04-21 13:56:49
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Mike57 Posts: 352 Incept: 2009-03-10 Bethlehem, PA.
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The more you look at the big picture the clearer it becomes that Obama is in way over his head. It seems obvious that the powers that be greatly over estimated the governments ability to bail out every failing institution and completely under estimated the actual size of the problem. Our leaders seem to think that the problem is a lack of credit and if we just get credit flowing it will all work out. The real problem is that we have reached the point where we can no longer reinflate the bubble, the system is over leveraged, insolvent and on life support. At some point we'll have to face facts, pull the plug and let the chips fall where they may.
2009-04-21 14:13:18
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Epicdepressive Posts: 1351 Incept: 2009-04-04
this old bunker
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KD, while I too am filled with hate and vitriol about this situation, I believe you need to put less emotion into the ticker blog entries. When I first listened to your webcast, I was very surprised at how calm and logical you sound when speaking vocally. I would say you do a very good job of being cool and collected when you do blog talk radio. Your ticker entries, however need not be so angry. Granted, I, and many others here feal exactly the same way, but when we read your ticker, you are just preaching to the choir. I think you should try to type the market ticker with less emotion and more of the sobering data. Your aim should be to enlighten all people of logical mind. Many, responsible, thrifty, savers are being swindled buy the lies and deceptions of the Fed and Banksters. As mother said, use sugar, not vinegar get people to agree with you. But since there is no sugar to be found in this situation, I recommend more emphasis on Joe Six, the victim and even the (FORMER) NPR - listening, marketplace.org listeners (myself among them) left-tards who have parents who live a moderate retirement life-style on income generated by stock and bond dividend. Many of this category know the basic laws of economics, but keep their 401K, and say they are "in it for the long run". NPR has set the koolaid on strong, along with most major media. I ask them if they know that they can just have the "stuff" in their 401K sold and the proceeds moved into the a "cash account" inside their 401K, and not suffer penalties other than some commissions. Am I right on this? I also tell them that this "investment broker cash account" is FDIC insured until the end of the year for $250K. I tell them that Ben Bernanke testified before congress that people could spread their cash around into multiple bank's FDIC incured accounts if they had more than $250K, or if that sundowns back to $100K; either way Ben even said that there were services people could use to spread their money out for safety. I also tell people about short term Treasuries and the option of taking physical delivery. Will a bank not buy a Treasury Bill that has matured? Don't these still count as "capital reserves" for the bank. Would they not be happy to buy one and credit your account with $10K (mature bond or bill)? One could then buy property or heavy machinery with a cashier's check, or a combination of cashier's check and cash, or a full $10,000 in cash provided you give your bank a few days notice? Another thing that men of reason often fail to grasp is that with $0 debt, and a deflation rate, they do not need dividends in order to live. Costs fall faster than the rate at which their real PPP is depleated. If a lifestyle of austerity and productivity is adopted, then family capital can grow with all money in cash. The guilt of "savings as vice" can be more than offset by shopping at small, local businesses and paying cash. My dad picked his local hardware store as I have picked mine. I've picked a one other local store (both businesses are assumed to have low debt or no debt and low deflation exposure). Now, if one is rich and still feels the guilt of the "savings as vice" then they can do what my great-grandparents did during the Great Depression of the 30s: sell all the old, worn out furniture in the house and buy all new stuff that is made as locally as possible. The bread-winner of this family had both job, home, and money. Some of that furniture lasted 80 years. It is also a good time for needed home improvements as the real-estate collapse has put many a Joe Six construction worker on the welfare check. As to that last point: I refer to the movie, "The Full Monty" to show what a lack of job and welfare check does to a man's libido. Jane Six wants nothing more than to have her dirty, sweaty, tired Joe come home at the end of a hard day's work. As Sigmund Freud said, "A man must be successful at work, play, and love in order to be happy." I'd like to see a show of hands from every Joe Six who would trade his welfare check for a pay check. If a man does not feel productive, or useful to his community or employer then psychological depression sets in. I know one who will take any third-shift, boring, repetitive, low-pay, manual labor job. My friend Joe Six may be a little lazy, but his lack of job is eating him from the inside. He has lost self-respect, self-confidence, and respect from some of his family. I take that back. Joe is not lazy. He is more diligent and competitive than me when it comes to completing his college assignments. Joe Six wants a job; he will take what he can get. I consider my town a "natural micro economy" and it has been hit pretty hard for a non-bubble zone. I get to see all the "collateral damage" or this. Industrial production has ground to a halt. Agricultural projects have been halted at 20% completion. Employers have 1000 applications for every 30 jobs. My classmates are graduating and there are no jobs to be had. They have student debt. One was told by his uncle that it would not be shameful to just "get a job at Starbucks" until the economy picks up. That would be fine if Starbucks did not already have a six inch stack of job applications and a questionable future. I say: index the minimum wage to the true inflation/deflation rate and index the principle of the student debt to deflation when it happens. The inflation indexing is baked into the cake, but adjustments for deflation are not. If I am to accept a system with both inflation and deflation, then I want the debt to shrink like an I-bond when we have deflation. This keeps some bonds and mortgages from needless default. It also gives lenders more assurance that they will get a return on PPP (instead of default) even under deflationary conditions. As someone who lives off of bond-interest, among other income sources, I am willing to take a smaller ROI or even an adjustment of principal. Default helps nobody and kills trust in investment. Less return is better than none and I mean after everything is adjusted for the true dollar PPP. Of course, a really stupid municipal bond-issuance (Like the one I successfully campaigned against in Oak Ridge, TN) (Crestpoint to be specific) - a bond like that one, with a AAA rating is simply insane. I consider that my proudest achievement in politics. I and a few others saved my city from a commercial real estate scam campaign. There was corruption in the city government, but a ballot-initiative vote sent that dumb idea to its grave. Score one for the people. KD: I wish I had the analysis on this from the guy who does analysis for airport expansion plans. This is but a brief view of what we were up against. http://ellensmith.org/blog/2007/05/18/vi.... I vote for stable prices so we don't need all this math to explain shrinking paychecks. That said, once homes cost 2 to 3 times the salary of the primary bread-winner, we can then say homes are priced at sustainable levels. How to get there? Liquidate, Liquidate, Liquidate or make all values relative. Yes, this does require exponents and logarithms. If prices remain constant, then, and only then could we have financial obligations fixed in nominal terms. People will not learn how to use money unless they experience scarcity of the stuff. I'm afraid we are all going to get a thorough education in this science. (long overdue) ---------- What do you want? What do you value? What do you need? What in exchange? Last modified:
2009-04-21 14:34:42 by epicdepressive
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Genesis Posts: 71403 Incept: 2007-06-26
KD^2
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Yes Steph but Hoenig is the only one who's a ****ing hypocrite. The rest of these guys have "got it right" since this started.  Epic, you need to go read some OLD Tickers. You think I get ****ed off in print NOW? I've removed (most) of the profanity in the interest of more people being willing to read them in the last year or so - this is about as far as I'm willing to go ---------- "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 Last modified:
2009-04-21 14:45:45 by genesis
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Armedmichigander Posts: 380 Incept: 2009-03-27
MI Online
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Quote:
I want anger. No, I want indignation. I want white hot incandescent rage and toxic venom that scorches your retinas when you read it and which makes your eardrums bleed. I would lighten up on the vulgarity, though.
2009-04-21 14:46:07
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