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| Jordan To Bernanke: Cough It Up! in forum [Market-Ticker]
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Vitchilo
Posts: 4602
Incept: 2011-04-27
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Would forcing the pension funds to buy all those treasuries count as ``unwinding without destroying everything``?? Even if that were the plan, do the pension funds got enough money to do that? And if they sell everything they've got BUT treasuries? (let's mention the obvious... that doing such would destroy even more the insane returns the pension funds managers promised the pensioners) So assuming the pension funds got enough money... Step 1 : unwind the treasuries to the pension funds. Step 2 : start over with a clean balance sheet. With that, they can run the scam for at least a few more years. Quote:Does Congress have the balls to stomp on this little man's neck and put a stop to his acts They should totally do it. But wouldn't the consequences of that be that the bond market would go kaboom because it's implying (and rightfully so) that the whole FED policies in the last 5+ years was a scam to begin with? IMO whoever pushes for real for Bernanke's arrest will be told that ``it's too dangerous to arrest him because of what it would mean to the markets``... Bernanke has become too-big-to-jail... or so they think. Whatever will REALLY fix things will crash the market for sure... and nobody wants to be responsible for that.
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"Every normal man must be tempted at times to spit upon his hands, hoist the black flag, and begin slitting throats." -- H.L. Mencken
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Sparticlebrane
Posts: 287
Incept: 2009-08-25
Banned
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Woah...citations? I'm almost impressed.
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Trades50
Posts: 4215
Incept: 2007-10-30
Land of Tax and Spend
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Quote:
How you gonna get out of this box, folks?
Haven't we seen this show before? Nothing until another crisis. After all, that's how we operated in the past and how it works going forward. Any sane or responsible actions should be viewed as unusual. Now this is a joke: Quote:
The Honorable Ben Bernanke
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Irishblues
Posts: 286
Incept: 2010-12-18
Wisconsin
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I'll be shocked if Bernanke produces even 10% of what has been requested, seeing as how the last time "all public and private information" was requested, he only gave some of the public stuff and effectively flipped the bird at the rest. The real question is what the "... or else" part is if (when) Ben doesn't hand over everything. If it's another "... well, just know we're really not happy" shoulder shrug, then there's no reason for Ben to even give this the time of day.
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N9lhm
Posts: 92
Incept: 2010-01-28
South Bend, IN
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We must really be getting close to the endgame now -- the vultures are feeding on each other more and more. It will be interesting if they make Bernanke the fall guy for government spending.
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Bruceallen123
Posts: 56
Incept: 2010-02-12
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Endgame for sure. Now the thieves are stealing from each other and it's soon to be every man for himself. Not too worry. Bernanke and his band of merry men will be first unto the lifeboats. We are the steerage class.
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Grunwald
Posts: 259
Incept: 2012-06-01
Seattle
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I have a big problem with how that letter begins - "honorable"?????
That man, just as over 90% of congress has no honor.
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Apotheoun
Posts: 1283
Incept: 2009-08-14
MN
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This is the dialogue I see in my head...
Congress in 2008 to Ben: ummm things are getting bad and we are all going to be voted out, can you help and make this go away?
Ben: o yeah, let me make money and everything will be ok.
The people: 100million say NO MONEY PRINTING!
Congress: Our advisors say you are stupid and they are way smarter than you!
Ben: QE1 didnt work, QE2 didnt work, QE3 isnt working...
Yesterday fed minutes: umm guys things aren't working and now we may start LOSING money...
Congress: Umm Ben, you said this would work and we did not listen to our voters because we trusted you... WTF ARE WE GOING TO DO ABOUT THIS???
ROFL
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"when despair is all you can see, the end is finally near."
"Because there is some good left in this world, AND ITS WORTH FIGHTING FOR!"
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Ktrosper
Posts: 1500
Incept: 2010-04-06
ft collins co
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Gen wrote..Does Congress have the balls to stomp on this little man's neck and put a stop to his acts, knowing that doing do will mean a forced end to deficit spending? LOL!!!! All we'll see is kabuki theater... They need him to continue to spend. Cuts are great until they hit their districts! lmao!
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Mike77079
Posts: 24
Incept: 2010-06-21
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This almost sounds like they're groveling to Bernanke. "in electronic format"... Bernanke would probably like to send a stack of 5.25" floppies with .bmp scans of documents.
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Noodleman
Posts: 2391
Incept: 2008-11-01
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This is sort of like the bank guard who slept with one eye open while the crook came by every week and cleaned out the bank. Now the bank is in financial ruin beyond the point of no return and the guard is about to lose his job. The guard finally writes the crook a letter basically stating "Hey, what the **** you are doing? Don't you realize you're destroying all of us? Cut the **** out, ok?" to which the crook writes back "Hey, you've been watching me crack that same bank for the last 5 years and did squat to stop me. Only now you have the nerve to admonish me? **** off. Mirror."
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"Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935
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Tarmoney
Posts: 335
Incept: 2008-01-23
LI, NY
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Related to 'It has started' perhaps?
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"Then have a recession. It's a financial enema for a sick animal." - Rick Santelli I really can't wait to see all these guys twist on the rope... -me   |
Maddymax
Posts: 4661
Incept: 2008-02-26
PONZIVILLE
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wait till geithner replaces ben
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Ben's policy will lead to wage deflation and commodity inflation which will lead to the Greatest Depression and Uprising Ever.
Who needs TA we got POMO
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Trades50
Posts: 4215
Incept: 2007-10-30
Land of Tax and Spend
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The Fed Is Blowing A Dangerous Bank Deposit Bubble http://www.testosteronepit.com/home/2013....The Fed has been buying $115-$120 billion of MBS and Treasuries from the Primary Dealers each month and will continue to do that until it ends or modifies this program. It buys those securities by crediting the dealers’ accounts at the Fed. That is the absolute genesis of central bank fiat money. Abracadabra- $2 billion to the account of Goldman Sachs! The dealers almost immediately move those funds into their deposit accounts at their affiliated bank under the same corporate umbrella or they transact business and trade with counterparties, whereupon the money gets deposited in the counterparty banks. That’s how the Fed creates deposits.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Bertdilbert
Posts: 2661
Incept: 2008-12-22
CA
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From the Desk of the Big Bernanke.
To the Honorable Mr. Jordan
I have received your letter today requesting information on our bond purchases of your employer, debt issued by the US government and its agencies. This is the equivalent of a man running up $100k on his credit card, and then his wife writing the bank and asking them how they intend to resolve their position.
Naturally, should this situation have occurred with any of our member banks, the credit manager would be concerned enough to cap the credit line immediately upon receipt of such a letter.
While working on a response to your request, we at the Federal reserve would like to know how you intend to UNWIND YOUR POSITION, and as to whether it includes spending cuts, raising taxes, or both.
Mr. Jordan, obviously any unwinding of bonds we are warehousing for you here at the Federal Reserve, will be largely dependent on the level of saturation you introduce into the bond markets in the future.
As we are preparing a response to your request, it would be most helpful if we understood your unwind position first.
Regards,
Big Ben Bernanke
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Lenguado
Posts: 1272
Incept: 2010-01-12
Orlando, FL
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Quote:Does Congress have the balls to stomp on this little man's neck and put a stop to his acts, knowing that doing do will mean a forced end to deficit spending? In a word - NO. But here is my take, 'Congress is rather concerned as to whether The Fed can now fix what CONgress told The Fed to break.' CONgress to introduce legislation to make LampPosts, YardArms, Scaffolding & Overhead Sinage illegal in - 3 . . . 2 . . . 1 . . .
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I just realized... they aren't saying, "Keynesian Economics" they're saying "Kenyansian Economics". Grass Huts for everyone!  Welcome to history’s first Double Dip Depression |
Eaglewwit
Posts: 6054
Incept: 2007-11-30
SoCal
Banned
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Trying to create scapegoats.
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Killben
Posts: 205
Incept: 2009-12-07
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I can tell you what will happen..
Bernanke will be asked a few questions. He will tell a few lies. And things will remain the same. The day Fed cannot do anything is the day when anything worthwhile will get done
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Bagbalm
Posts: 4256
Incept: 2009-03-19
Just North of Detroit
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Can't Bernanke just invoke executive privilege? :)
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Bertdilbert
Posts: 2661
Incept: 2008-12-22
CA
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This kind of reminds me of a drug addict, turning everything around and trying to convince you that everything is your fault.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Analog
Posts: 543
Incept: 2010-12-29
arkansas ozarks
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Lessee if i got this... Central bank buying MBS's $40bn a month; Central bank undermining with inflation J6P's ability to pay his mortgage; sawing off the limb they're sitting on? wtf? http://www.youtube.com/watch?v=RYHci_KYI....Reason: clarity
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Flyanddive
Posts: 578
Incept: 2008-10-10
Detroit
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Obviously the Fed will have to dump the balance sheet losses onto the tax payers, this was the plan all along.
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"I've seen people go into real poverty trying to pretend to be rich."
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Aztrader
Posts: 6649
Incept: 2007-09-10
Scottsdale, AZ
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Bernake knows that they are all cowards and will only throw softballs. This congress critter probably is catching heat from some big donor and needs to put on a show.
Nothing will change. They have **** on the taxpayers for the past 5 years and continue to break every rule in the book. They know they are above the law and another testimony will prove it.
Per Fly, the fed will dump the losses on the taxpayers and hide them as something else. The audit the fed bill which passed the house, fell into Reids garbage can as soon as Bernanke announced another QE into the election.
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Nelstomlinson
Posts: 124
Incept: 2011-12-21
Juneau Alaska
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Fly, why does the Fed have to dump the balance sheet losses directly on the tax payers? They can just let the garbage sit on their balance sheet forever. The money they paid out for the garbage can never be pulled back out of the system via open market operations, but inflation is the only downside, and that doesn't have to burn the Fed or its member banks; it just burns us.
The Fed losing money is a meaningless concept: money has no value to the Fed.
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