"Our job is not to bail out imprudent decisionmakers or errant bankers, nor is it to directly support the stock market or to somehow make whole those money managers, financial engineers and real estate speculators who got it wrong. And it most definitely is not to err on the side of Wall Street at the expense of Main Street."
- Richard Fisher, head of the Reserve Bank of Dallas in January 2008, who must be enraged that the other corrupt and clueless monkeys he hangs out with on the Fed are indeed intent on doing EXACTLY what he says the Fed's job is NOT.
February 26, 2008
HousingPANIC Quote of the Day
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If this statement were acted upon, interest rates would be at least 6% right now.
There are so many pickup-driving white male "conservatives" who would kick my ass if I tried to take 10$ from their bill fold.
The pinstripe bandits steal their patrimony and their life's work and they reward them by continuing to vote "conservative".
How are they any different than the blacks who vote for Obama because he's "black"?
In my opinion they are worse because most blacks I know don't have a delusional belief that somehow the system works for them.
Until white men pull their heads out of their hind ends, America will continue its Long March into the abyss.
I've got mine, so I'm not too worried...
OT: But i have to ask why is Hillery so upset over the Obama photos...I mean look at these...and no i am not an Obama fan...but i will vote the lessor of the 2 evils.
http://www.foxnews.com/images/335855/3_62_bush_holocaust3.jpg
http://makkah.files.wordpress.com/2008/02/hillary-hijab.jpg
http://makkah.files.wordpress.com/2008/02/clinton_yarmulke.jpg
http://media.houston.indymedia.org/uploads/2005/06/bush_wall.jpg
http://www15.ocn.ne.jp/~oyakodon/dmt/cheneyyamulka.jpg
Oh and that last one is Dick Cheney..
He may say this but watch how he votes. It seems to me the Fed Governors take turns talking tough then all vote to lower rates. Look at Poole. He got kudos for voting against the 75 bps interim cut but his only objection was the timing. He then voted, one week later, for an additional 50 bps cut. So, essentially, he was OK with cutting rates 125 bps, his only complaint was a matter of one week.
Further, this is hardly a conservative/liberal issue. Remember, the only responsible Fed President of the last 30 years was Paul Volker who squashed inflation in the late 70s-early 80s by pushing rates way up. He was appointed by Reagan.
Obama, the favorite of this board wants to tax the rich which he defines as anyone making more than $90k a year... ask yourself how rich you feel at $90k a year particularly if you live on the coasts in the US. He also wants to hike taxes on capital gains and dividends which will do wonders for global stock markets and, hence, 401ks, pension funds etc.
Finally, its the Dems such as Dodd, Frank and Schumer who want the Federal Government to bail out housing speculators and liar loan holders through direct cash payments (from taxpayers) and by re-writing the terms of these mortgages which they somehow feel will keep home values up.
He seems like the Ron Paul of the Fed.
The only one who gets it, but no one is listening.
Richard Fisher said: "Our job is not to bail out imprudent decisionmakers or errant bankers, nor is it to directly support the stock market or to somehow make whole those money managers, financial engineers and real estate speculators who got it wrong. And it most definitely is not to err on the side of Wall Street at the expense of Main Street."
Fisher should have put a title at the beginning of his speech. I'll add it for him: "Government- Supplied Bullshit for the SHEEPLE of the United States"
There now, that should describe it rather nicely.
Nothing to see here... it is SOP for the Fed's words to be the exact opposite of its actions - its been their Modus Operendi since the very beginning - if you listen to their words, they are the greatest inflation-fighters in the country - if you look at the inflation numbers since they took over the money supply 90 years ago, you see greater long-term inflation than ever before in American history...
You got that exactly right Keith. That is exactly what they do, and have been doing for many years.
afterthought- when you have mouths to feed, then you go w/ the system that works *for you* and if selling debt to foreigners allows the credit to flow (more spending, more profit, mo' money, mo' inflation) then take the money w/o asking too many questions, later generations be damned. consider it equal parts self-preservation, apathy, and ignorance.
now if that credit spigot is cut off at the source...
America in 2008:
Corrupt
Greedy
Incompetent
Obese
Lazy
Dishonest
Stupid
Cowardly
Brainwashed
Broke
Got Chinese?
Ring any bells? Do any of the above apply to your Gubbermnint or the decider-in-chief?
Check your patriotism at the door.
What is YOUR plan to fix?
More cheesewhip and NASCAR?
Burp, Belch, Fart, sh*t.
IT'S ALL WHITEY'S FAULT.
KILL WHITEY LOL
You idiot leftards, most of the hedge fund managers are DemonRats. That's why the DemonRat Congress has kept their tax rate at 15% even though they make 9-figure salaries.
It's right here for you stupid WHITE LIBERALS who will take a minute to pull your heads out of your asses to look at the facts
http://tinyurl.com/yrnu5h
As Minister Farrakhan said, "those blue-eyed devils"
Watch what they DO, NOT WHAT they SAY !
What the hell are talking about!
Y
The FED will not endorse a bail-out, unless...... it goes exactly as planned and the tax payer will foot the bill. In that case, the FED is all ears.
No 1 priority:
*save the banks, bring losses to the taxpayer.
Was, is and will always be one of the goals of the private FED until 'the people' start to recognize it and will abolish the FED.
Yeah, just watched that Kohn douche, he is full of shit too. The "economy" is more important than inflation and home prices need to stabilize - blah, fucking blabaty, blah, blah.
Hey, dicknose, your fucking inflation caused, and continues to cause, the fucking economic problems.
Talking about financial doom, Chris Dodd just endorsed your hero Obama, Mr. Empty Suit. That means that Obama will be good to bankers. Well, no wonder, his economic adviser is a Skull & Bones member.
Annnd the sheep has been had once again.
Check your patriotism at the door.
What is YOUR plan to fix?
More cheesewhip and NASCAR?
Burp, Belch, Fart, sh*t.
Go away...I'm bathing! (from the movie Idiocracy)
Oh yeah, nothing says today's and yesterday's market rally like these headlines:
* January foreclosures up 57%
Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.
* Home price plunge accelerates
2007 year-end results are in and the news is bad: Major housing markets were down even more than anticipated.
* U.S. Economy: Confidence Falls, Producer Prices Rise
* Dollar Approaches Record Low as Home Prices, Confidence Slump
* Goldman, Lehman May Not Have Dodged Credit Crisis
IT'S ALL RIGGED!!!
This just in: POWER OUTAGE ACROSS ENTIRE STATE OF FLORIDA. SOME SMALL PATCHES HAVE POWER. TRAFFIC LIGHTS OUT, HUNDREDS OF PEOPLE STUCK IN ELEVATORS.
Herald -- Power outage turns South Florida dark
Power outages are cascading through many parts of South Florida, with Florida Power & Light and others reporting blackouts in portions of Miami, Doral, Westchester, Pembroke Pines, Miramar and Boca Raton.
Many traffic lights are not working and nine accidents were reported in Miami-Dade County between 1:04 p.m. and 1:26 p.m. Police agencies were dispatching officers to as many intersections as possible.
The lights flickered off at several South Florida hospitals, which had to switch to generator power.
Let's stir the pot a bit by asking CEOs and top management of all banks to take a pay cut of 25% and contribute it to assisting home owners in foreclosures. Yep 25% pay cut starting from you Mr Ken Lewis of Bank Of America. Come on, show us some charity and bail out some poor home owners with all the fat bonuses you made during the housing bubble. Have you no heart?
My predictions for the future:
A democrat, probably Obama, is elected in 2008. The eeconomy continues heading south and stagflation accelerates. Things get painful. Then they start to improve despite inflation thanks to tax hikes and liberal policies.
Then, it's 2012. Conservatives of the time blame Obama for the bad times just like reaganites did Carter.
But remember, we had out-of-control inflation and a deep, ugly recession under Nixon and Ford. But conservatives, being as dumb and ignorant as rocks, blamed Carter who inherited the mess.
That's why, if Obama was smart, he'd let things collapse and then incite the people to round up and gas the republicans. See how easy that is?
leftard are stupid said...
IT'S ALL WHITEY'S FAULT.
KILL WHITEY LOL
You idiot leftards, most of the hedge fund managers are DemonRats. That's why the DemonRat Congress has kept their tax rate at 15% even though they make 9-figure salaries.
It's right here for you stupid WHITE LIBERALS who will take a minute to pull your heads out of your asses to look at the facts
Were you in the movie Deliverance?
>> This just in: POWER OUTAGE ACROSS ENTIRE STATE OF FLORIDA. SOME SMALL PATCHES HAVE POWER. TRAFFIC LIGHTS OUT, HUNDREDS OF PEOPLE STUCK IN ELEVATORS.
Please: I can get my utterly useless news from a zillion other websites. Stop posting this drivel here...
What is YOUR plan to fix?
More cheesewhip and NASCAR?
You mean what is my bailout plan? Nothing. Let'em burn in the fire they started. If you leftwing kooks want to bail out the bankers, spend your own money
Leftards were in the movie Deliverance. They were like the fat guy squealing as Obama taxed them up the ass to pay for the Wall Street bailout.
I see the dailykooks got them talking points memo from their masters. They are in full support of the bankers/flippers bailout now that the DNC has proposed the Foreclosure Prevention Act of 2008. Anyone who opposes the bailout is an "evil" white male conservative who drives trucks.
TOP 5 DONORS TO OBAMA in 2008
Goldman Sachs $474,428
UBS Ag $298,180
JP Morgan Chase $282,387
Lehman Brothers $274,147
National Amusements $265,750
Yeah a real man of the people.
What about Hillary?
DLA Piper $471,750
Goldman Sachs $413,361
Morgan Stanley $362,700
Citigroup Inc $350,895
Lehman Brothers $241,870
JP Morgan Chase $214,880
Keep voting for Dems everyone. They will fight Wall St. They will look out for the little guy.
Sure they will.
he says it is not their job but that doesn't mean that they can't or won't try.
Yeah, yeah, the hedge fundies vote Democrat. But that's because people who WENT TO COLLEGE vote more liberal, and being a hedge fundie requires AN EDUCATION.
In contrast, being a conservative mostly requires you NOT TO BE EDUCATED. Or at least, not to have taken well to it--e.g. George W.
Oh, and by the way--the people that cut the taxes on these rich people? IT WAS THE REPLUBLICANS! So SHUT UP!!!
people who WENT TO COLLEGE vote more liberal, and being a hedge fundie requires AN EDUCATION.
Yes, all those college educated people in the ghettos of New Orleans, Baltimore, DC, southside Chicago, Bronx, Cleveland and Detroit LMAO
Being a hedge fundie requires a criminal mind, which means being a DemoCrap.
Keefer, why are you mum on the Foreclosure Prevention Act of 2008 being pushed by Obama and the DemoCraps in the Senate? They are trying to ram it down our throats so fast that they won't even allow debate on the Senate floor.
http://tinyurl.com/2lbbfb
There are so many pickup-driving white male "conservatives" who would kick my ass if I tried to take 10$ from their bill fold.
I'm not white and I don't drive a truck, but I would kick your lazy thieving liberal ass to hell if you try to steal my hard earned money. Why don't you remove your leftwing head from your ass and open YOUR wallet for the bankers?
This nation and most of its citizens, residents, dwellers, occupants have no ethic, no moral, no responsibility, no duty, no honor, and last but not least, no brain. What it has in plenty is greed, self-centerness, ignorance, pompousness.
The housing bubble is a shiny mirror in which the Americano can look at itself and ponder upon what may the future brings upon this land of the Snapper Turtle.
A nation that mostly comprises of pigs feeding, tearing, roosting, chomping at the trough.
A nation with most of its dwellers obese, fat, diabetic, and plain ugly like a chimpanzee.
A nation where a Walmart cashier can buy a house for $500K.
A nation in which its citizen's brain IQ is lower than a snapper turtle.
A nation which rules by turkeys, skunks, and rats.
The Americano nation is as toasted as a roasted armadillo skewered from mouth to ass sizzling, popping, oozing with melted golden fat over a bed of white hot charcoal.
Anonymous said...
Leftards were in the movie Deliverance. They were like the fat guy squealing as Obama taxed them up the ass to pay for the Wall Street bailout.
Wrong Gen X/Y. The ones giving it were the pickup driving, gun toting, sister screwing, tobacco chewing, uneducated, closet gay, Red Neck Republicans, aka Born Again Fundamentalists (only on Sunday).
Rent it. See yourself standing there over Ned Beatty bent on the ground. He is you.
The consensus seems to be that if they don't help that the economy will really tank - Wall Street's blunders have already started to affect Main Street which will eventually affect all of us in job loss, in higher prices, in business closures in more foreclosures... - I still don't see that as an excuse to bail anyone out but there is a lot fear out there. They really need to just let this ride out - convince sellers to understand that they need to cut their prices by 30+% and then people will start buying again
a very stupid person said:
Yeah, yeah, the hedge fundies vote Democrat. But that's because people who WENT TO COLLEGE vote more liberal, and being a hedge fundie requires AN EDUCATION.
Here are results from 2004 exit polls moron:
No High School: Kerry 50/49
High School: Bush 52/47
Some College: Bush 54/46
College Grad: Bush 52/46
You were saying.....
Some more exit polls from 2006 Congressional election nationally
No High School: 64/35 Dems
H.S. Graduate: 55/44 Dems
Some College: 51/47 Dems
College Graduate: 49/49
The less educated the group, the more it votes Democrat. Guess they forgot to mention that on DailyKook.
And finally exit polls by income from 2006
Under $15,000 67/30 Dem
$15-30,000 61/36 Dem
$30-50,000 56/43 Dem
$50-75,000 50/48 Dem
$75-100,000 52/47 Dem
$100-150,000 51/47 Rep
$150-200,000 51/47 Rep
$200,000 or More 53/45 Rep
Conclusion: highly educated people with high incomes vote Rep
Those with no education and low income vote Dem
So much for the theory of the enlightened liberal. In reality liberals are poor people who need goct handouts
I'm sitting here laughing...The comments are more entertaining than usual today.
Richard Fisher said: "Our job is not to bail out imprudent decisionmakers or errant bankers, nor is it to directly support the stock market or to somehow make whole those money managers, financial engineers and real estate speculators who got it wrong. And it most definitely is not to err on the side of Wall Street at the expense of Main Street."
He then added: "That is the job of our Teasury Secretary, Henry Paulson."
Anonymous America is DEAD and not worth saving said...
America in 2008:
Corrupt
Greedy
Incompetent
Obese
Lazy
Dishonest
Stupid
Cowardly
Brainwashed
Broke
Got Chinese?
Ring any bells? Do any of the above apply to your Gubbermnint or the decider-in-chief?
Check your patriotism at the door.
What is YOUR plan to fix?
More cheesewhip and NASCAR?
Burp, Belch, Fart, sh*t.
February 26, 2008 2:53 PM
How dare you criticize this country. You have no right to criticize this nation. America is the greatest nation in the world. America will pull through this mess. Don't you EVER count America out.
Keep voting for Dems everyone. They will fight Wall St. They will look out for the little guy.
Three of the five largest contributors to John McCain are banks/financial institutions as well.
I'm sure you'll be sitting there cheering for presnint McCain as he fires up the printing presses to bail out his banker buddies just like Clinton or Obama would.
Another Useful Idiot Good Republican retard! Hooray!
anonypuss 5:41:
Try a little analytic thinking for a change.
McCain doesn't claim to be for the little guy. Sure he takes money from Wall St, but he doesn't pretend to be anti-Wall St.
Your hero, the MESSIAH OBAMA preaches to fight Wall St, and then turns around and gets millions of dollars from them.
See the difference?
I think I've finally figured out Andrew Hac. He (or she) is a computer program that spouts paragraphs based on the same choice of written words about the Americano, snapper turtle, armadillo, wal-mart worker, etc etc. Occasionally there will be a new phrase like a rotting carcass of a beached whale, etc but it's the same stuff writen verbatim.
Example
Harrr..... EEh.... Aar.......
So I've figured you out Andrew- your are a fucking computer program templated from Mad Libs.
-BC
Is it possible that the reason the Fed supports Wall Street so much is that they have secretly put trillions of dollars "printed out of thin air" into the market to prop it up and they can't afford be exposed if failure occurs.
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