RJ - You mean a good old fashioned coupon pass?? In comparison to the sheer quantity of what's out there I cannot imagine to what effect it might undertake such operations? A bit like pissing in the ocean. All joking aside, the Fed is in an unenviable spot: it has all responsibility with little of the actual power to effect changes at the root - US fiscal policy and the dismal US bop deficit resulting from no energy policy..
I would argue rinban did absolutely nothing except redecorate lots of kitchens in Greenwich, whether directly or indirectly.
US-style steepening to stealthily rebuild bank balance-sheets was arguably far more effective. Over time however, its become more difficult to target the give-away to key financial institutions, and now any free lunch attracts a nearly infinite electronic herd of uninvited free-loaders that should or will cause authorities much consternation about boondoggle give-aways. I mean, IF the proverbial helicopter is in fact coming, shouldn't they just cut cheques to every man, woman child and pet ??
A little dramatic, I know. But Jesus, the guy cut 50/50 with Oil, Gold, Wheat etc..etc..pressing.....what the hell did he think was gonna happen? I just can't foret all that nonsense that came from him and the Fed cohort circa '02, '03 and wonder..... RJ
I suspect that part of the problem is his research background. BB made his academic 'bones' in studying the Great Depression and the policy mistakes that caused/exacerbated it. It should probably therefore not come as any surprise that BB senses at least the faint whiff of the 30's whenever things start to go awry.
And of course, what the Fed has that the ECB, BOE (has a central bank ever seen its stock fall so far, so fast?) , and even BOJ do not have is the employment mandate, which makes the Fed less focused on preserving purchasing power than those other institutions.
I wonder...is it possible to get Dr. Alan Bollard US citizenship?
Preaching to the chior Macro Man...preaching to the chior. Which is precisely my point. If this Fed Chair has this (irrational) focus on 'Great Depression Prevention' are we not to increase the odds that policy blunders are ever more likely? RJ PS. Personally, I can only dream that Malcom Knight and William White, if not the Fed Head, were at lest on the board.
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike 'lesser' estimates, this includes all stocks, bonds, cash, and material assets held by America's richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own 'humanitarian' spin on it. Calling attention to her own 'good will'. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don't fall for all of their 'humanitarian' CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can't just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world's richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars. Transfered FROM US TO THEM. Over a period of about 27 years. Thats Reaganomics for you. The wealth does not 'trickle down' as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They will never settle for a reasonable share of ANYTHING. They will do whatever it takes to get even richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductable crumbs and call themselves 'humanitarians'. IT CAN'T WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. Crime, poverty, and suicide will skyrocket. So don’t fall for all of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductable contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah, Ellen, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. So don’t fall for their ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTABLE PR CRAP. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. EXTREME WEALTH HAS MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don't believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
11 comments
Click here for commentsSwervin' Mervyn on a box of porridge ???
Replygood one MM
STeepening indeed!!!
ReplyC,
ReplyWhat say the odds that within 6 months Big Bad Ben is going to be buying out on the curve?
I think it's ticked up to better than 50/50.
RJ
I suspect that HP would tell Voldemort 'All is forgiven! Come buy our lovely bonds!" first.
ReplyIf the Fed really does start a US-style rinban campaign, then it's probably time to load up on shotguns and tinned food.
Actually....
RJ -
ReplyYou mean a good old fashioned coupon pass?? In comparison to the sheer quantity of what's out there I cannot imagine to what effect it might undertake such operations? A bit like pissing in the ocean. All joking aside, the Fed is in an unenviable spot: it has all responsibility with little of the actual power to effect changes at the root - US fiscal policy and the dismal US bop deficit resulting from no energy policy..
I would argue rinban did absolutely nothing except redecorate lots of kitchens in Greenwich, whether directly or indirectly.
ReplyUS-style steepening to stealthily rebuild bank balance-sheets was arguably far more effective. Over time however, its become more difficult to target the give-away to key financial institutions, and now any free lunch attracts a nearly infinite electronic herd of uninvited free-loaders that should or will cause authorities much consternation about boondoggle give-aways. I mean, IF the proverbial helicopter is in fact coming, shouldn't they just cut cheques to every man, woman child and pet ??
A little dramatic, I know. But Jesus, the guy cut 50/50 with Oil, Gold, Wheat etc..etc..pressing.....what the hell did he think was gonna happen?
ReplyI just can't foret all that nonsense that came from him and the Fed cohort circa '02, '03 and wonder.....
RJ
I suspect that part of the problem is his research background. BB made his academic 'bones' in studying the Great Depression and the policy mistakes that caused/exacerbated it. It should probably therefore not come as any surprise that BB senses at least the faint whiff of the 30's whenever things start to go awry.
ReplyAnd of course, what the Fed has that the ECB, BOE (has a central bank ever seen its stock fall so far, so fast?) , and even BOJ do not have is the employment mandate, which makes the Fed less focused on preserving purchasing power than those other institutions.
I wonder...is it possible to get Dr. Alan Bollard US citizenship?
"I wonder...is it possible to get Dr. Alan Bollard US citizenship?"
ReplyHe can have mine. It's well used and has some dings, but is still valid.
Preaching to the chior Macro Man...preaching to the chior. Which is precisely my point. If this Fed Chair has this (irrational) focus on 'Great Depression Prevention' are we not to increase the odds that policy blunders are ever more likely?
ReplyRJ
PS. Personally, I can only dream that Malcom Knight and William White, if not the Fed Head, were at lest on the board.
Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike 'lesser' estimates, this includes all stocks, bonds, cash, and material assets held by America's richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own 'humanitarian' spin on it. Calling attention to her own 'good will'. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don't fall for all of their 'humanitarian' CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can't just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world's richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars. Transfered FROM US TO THEM. Over a period of about 27 years. Thats Reaganomics for you. The wealth does not 'trickle down' as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They will never settle for a reasonable share of ANYTHING. They will do whatever it takes to get even richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductable crumbs and call themselves 'humanitarians'. IT CAN'T WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. Crime, poverty, and suicide will skyrocket. So don’t fall for all of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductable contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah, Ellen, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. So don’t fall for their ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTABLE PR CRAP. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. EXTREME WEALTH HAS MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don't believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.
Reply