"In the United States, the Federal Reserve has a dual mandate of promoting stable inflation and maximum employment."
Meanwhile....
US inflation for all of 2007 hit the highest rate for 17 years, as surging energy and food costs pushed up prices, official data has shown.
U.S. jobs data a 'resounding alert' - A sharp and unexpected jump in unemployment to a two-year high has stoked fears the U.S. economy may be dangerously close to recession, maybe even in one already.
And I may add it was also the Fed's responsibility to regulate lenders. And they failed miserable there too.
Man, if this doesn't get you angry, nothing will.
HP calls for Congress to investigate The Fed. But of course, that won't happen, since they're in on it too.
January 21, 2008
FAILURES. TRAITORS. INCOMPETENTS. STOOGES. ENEMIES OF THE AMERICAN PEOPLE. THE US FEDERAL RESERVE HAS FAILED US ALL.
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22 comments:
Hey, this is America we reward stupidity.... now, where did I put my Big mac?
The Fed's true job was to create an illusion of prosperity so that people would ignore the prison state that was being erected to enslave them.
Carter tried to warn us, but the vanity of the white male American (and I am one of them) refused to listen to anything that tampered with their narcissistic bubble.
Prune-face should go to prison!
"Carter tried to warn us, but the vanity of the white male American (and I am one of them) refused to listen to anything that tampered with their narcissistic bubble."
What the hell does being white have to do with any of this? This is a very lame attempt on your part to bring race into a situation where it does not exist.
No - the Feds are only the messengers.
The real traitors and incompetents are the people who gave us unfunded socialism by the glass - the feel good liberals and "compassionate" republicans of the last 50 years...
Marky Mark
Greenspan a Failure? A Traitor? An incompetent stooge? An enemy of the people?
But they did a whole segment of Greenspan on 60 minutes about how such a maestro of a genius he is. He was treated like a god, like every word he said was pure gold. How could the media have been so off?
"He was treated like a god, like every word he said was pure gold. How could the media have been so off?"
MSM:
Houses only go up.
They are not making any more land.
BUY NOW or be priced out forever.
I rest my case. Questions?
This might be a good thing, sometimes systems cannot be reformed and have to be torn down and rebuilt from the ground up, all the fictions of the unsound financial engineering that started well over a decade ago have to be destroyed, There are upsides, no money to finance wars, no reason to dismiss doing something about climate change because of economic growth, sure it might take a generation to do all this and get back to a level of sanity, but in the end it's just as necessary as the fall of the Roman Empire was.
Greenspan looks like an enema of the state
Dow futures down 400 pts on Bloomberg, TSX down 550pts. Dow will be down 1000 pts tomorrow and the mob will be calling for Bernanke's head. Ugly...Ugly...Ugly...
the Feds purpose is to steal form the tax payers.
This corner of the Midwest topped out in 2000. It has been all down hill since then. But now it looks like it will get even worse.
The real traitors and incompetents are the people who gave us unfunded socialism by the glass - the feel good liberals and "compassionate" republicans of the last 50 years...
Marky Mark
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You're joking, right? The only people in the USA that live in a "socialist condition" are the mega-rich.
Wrong, the Fed never said anything about regulating inflation. The Fed has stated many times that its mandate is to maintain "price stability" and "orderly markets". Now those are vague, gauzy terms that can be interpreted in many ways.
Most people assume "price stability" refers to inflation because they wrongly assume inflation is caused by higher prices. Inflation is a monetary phenomenon -- an increase in the money supply with no corresponding increases in productivity or outputs.
I'd say inflation may be neccessay and even positive if the goal is to maintain an "orderly" housing market. Similarly, inflation would help maintain share prices if the goal is to have stable stock markets.
See inflation, like the Fed, is your friend!
LOL
You're joking, right? The only people in the USA that live in a "socialist condition" are the mega-rich.<
Imagine the USA without Trillions in unfunded mandates, a positive balance of trade and a budget surplus. Imagine that Americans actually think they have to work to get ahead and make money. Do you think we would be in the same position?
Marky Mark
Keith,
you are being a bit too extreme here. At your suggestion I recently purchased and read Manias, Panics, and Crashes. An excellent book and financial history of this type of phenomenon we are currently in. Yes, everything you have posted here based on the book has, and I believe, will come true. It will get uglier.
Having said that, you have missed an important part of the book, which are the repeated statements by the author that the government may come in and try to prevent the crash through various mechanisms.
This is what Congress, the White House, and the Fed are trying to do. Kindelberger makes no judgement call either way on this sort of thing. He just states, in typically dry economist fashion, that governments may do this and he runs through the two arguments of "saving the financial system" and "creating future moral hazards". It may be that many people, myself included, do not believe in a lot of govt. intervention in a crash, such is being done by Bernanke and others in govt. But that doesn't mean that Bernanke is a traitor if he does. Manias, Panics, and Crashes did not say that a Fed chairman who responds to a crash by lowering interest rates and injecting liquidity is a traitor.
The same goes for the Greenspan Fed. It's not that interest rates were set so low by the 12 Fed banks, but that they were kept low for so LONG...that was the real problem. Yes, Greenspan should have led the member banks to vote to raise them sooner and faster, but that he didn't exhibit this leadership or judgement doesn't mean he is a traitor. Perhaps it just means he's just not so smart as the media lionized him to be. I don't think either of these folks were/are out to destroy the U.S by purposefully destroying the country's dollar and fiancial system so other countries can rise up and dominate us or do us harm...that's what a traitor would be to me.
The real culprits, however, are the private sector commercial bankers, the "joe six pack" realtors and mortgage lenders, and the "joe six pack" borrower" who engaged in outright fraud and speculation they couldn't afford...that's right; the real culprits (or traitors as you like to call 'em) are your average, everyday, church-going, middle to lower-class American employed in the aforementioned professions.
You have a great blog, but sometimes you just go over the top as you did with this particular posting. And besides, you did not fully comprehend Manias, Panics, and Crashes...go re-read chapters two thru six...that's where you'll find Kindleberger's dispassionate writings on government intervention in bubbles and crashes.
Welcome to the Corporate Fascism regime, led by the Secret Society and Zionists.
Well, well, well...Reaganomics was applied again for the last 8 years by another Republican tool just like him, and it failed again. But you idiots still love Reaganomics, don't you?
Now you want McCain or Rommey to continue with this inflationary Reaganomics crap, don't you geniuses?
Afterthought said...
"...Carter tried to warn us, but the vanity of the white male..."
_____
You liberal friggen' commie.
Half the world went commie under Carter, you dolt!
We're where we are today, via Iran and Afghanistan because of Carter.
What a jackass statement!
The fed will be destroyed in all this. Those who rationalize their manipulation by throwing down the commen good bullshit simply don,t want to see a future without artificially created highs and lows to gamble on. Left the rate to long. What a joke. I hate to pop any financial wizards bubbles, but there were ditch diggers wondering what that BANKER was doing when everyone else was calling him genious. (except Ron Paul). Shucking and jiving so the boys could make some money. OK now the whole thing is burning. Fire department has been called. Not only did they start it their to chicken shit to admit their ain't enough hose and water to put it out (anywhere) Good greef!!!!!!!! Those corrupt priviteers are worthless and now have become homicidal. I doubt they survive.
two words....firing squad.
How can you buy or sell the sky. We do not own the freshness of the air or the sparkle on the water. How then can you buy them from us. Every part of the earth is sacred to my people. Holy in their memory and experience.
We know the white man does not understand our ways, he is a stranger who comes in the night and takes from the land whatever he needs. The earth is not his friend, but his enemy. And when he has conquered it he moves on. He kidnaps the earth from his children. His appetite will devour the earth and leave behind a desert . If the beast were gone we would die a great loneliness of spirit. For whatever befalls the earth befalls the children of the earth.
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