Wall Street made billions in profit by lending too much money to far too many people who couldn’t pay it back. Then, when the chickens came home to roost, the voters took the losses.
So "Project Vault" is designed to do what, exactly. If it's to buy metals and sell them at market price, what's the advantage? Reducing supply chain worries? OK, so then we have to imagine that the Feds are better at managing supply chains than private business.
Do any of us believe that's true?
Or do they sell to businesses at a loss when prices go "too high?" Again, a limited command economy with the Feds picking winners and losers. Not my first choice.
I'm curious Bill, I presume you do not believe Warsh when he speaks of the need to return the FED to its original mission with a much smaller and appropriately sized balance sheet? You know, get rid of the Greenspan put, reverse the financialization and normalize our markets and economy. If you take him for his word it sounds like he seeks a managed collapse rather than a chaotic and disorderly collapse. Never-the-less pain will be had. On another note, the Democrats have been after Trump for 10 years, aggressively I might add, if there was a there there wouldn't they have already taken him down... after all they know all about abuse of power, corruption and fraud, just like everyone else in DC. One cannot have an excess of cynicism when it comes to DC and our tricked up economy.
Well Bill you stated that wall street was responsible for the mortgage derivatives fiasco, not entirely true. Once again and you and your ilk have besmirched the wrong group of folks for perpetrating a crime on the American economy. The the Federal Government, through the Federal Finace Agency, ordered Freddie Mac and Fannie Mae to provide subprime loans to unqualified buyers. Wall Street did its part by packaging the loans and selling them all over the world. But too be sure it was the geniuses in the Bush administration who had no understanding of what they were doing, or worse, they did, or more likely, they didn't know the difference.
We’re painted into such a tight corner, does it even matter who runs the Fed? Except perhaps for the different special interests each candidate represents?
The FED's mission has always been to protect the 'Big Banks' at taxpayer's expense. The 'economy' and 'employment' has been a great marketing tool for over a century and that many still believe. Political 'Independence' allows the banks more control as well. Reducing the balance sheet will be no small task due to a spendthrift Congress. The FED only controls short term rates. With LIBOR no longer being used the manipulation is waning. The 'overnight' loans to banks is about all it controls. I would bet that not even Bill has ever received an overnight loan from the FED! Hopefully we can get out of this without war but the military-industrial complex controls Congress. If Japan goes bust first we may have a global reset that will be blamed on Japan and not Congress or the President. Dollars will be accepted for a while but will become 'Continentals' or 'Greenbacks' eventually. The 'older' folks will have a 'social security' system much like East Germany. They will lament voting for 'Congress' or the president until they eventually die off.
One thing president Trump has done very well.....He only picks people who share his point of view for key positions, and so far I can't think of a 'mistake' that he made in that context. Hey, Kevin Warsh even agrees with DT about the Federal Reserve renovation project!
Guess what: Warsh is a dove wearing a hawk costume!
Thank you Dan🙏 All good positive vibes our President is bringing to America 🇺🇸🇺🇸🇺🇸. And then there’s poor Mr Bill. Actually taking a quote from poor Mrs Greene, a women mentally unstable and terribly scorned. Come on Bill, you know that Hell has no fury like a mentally unstable woman or the mentally deranged leftist scorned…especially when afflicted with both mental illness and TDS🤔
So "Project Vault" is designed to do what, exactly. If it's to buy metals and sell them at market price, what's the advantage? Reducing supply chain worries? OK, so then we have to imagine that the Feds are better at managing supply chains than private business.
Do any of us believe that's true?
Or do they sell to businesses at a loss when prices go "too high?" Again, a limited command economy with the Feds picking winners and losers. Not my first choice.
Am I missing something here?
I'm curious Bill, I presume you do not believe Warsh when he speaks of the need to return the FED to its original mission with a much smaller and appropriately sized balance sheet? You know, get rid of the Greenspan put, reverse the financialization and normalize our markets and economy. If you take him for his word it sounds like he seeks a managed collapse rather than a chaotic and disorderly collapse. Never-the-less pain will be had. On another note, the Democrats have been after Trump for 10 years, aggressively I might add, if there was a there there wouldn't they have already taken him down... after all they know all about abuse of power, corruption and fraud, just like everyone else in DC. One cannot have an excess of cynicism when it comes to DC and our tricked up economy.
Well Bill you stated that wall street was responsible for the mortgage derivatives fiasco, not entirely true. Once again and you and your ilk have besmirched the wrong group of folks for perpetrating a crime on the American economy. The the Federal Government, through the Federal Finace Agency, ordered Freddie Mac and Fannie Mae to provide subprime loans to unqualified buyers. Wall Street did its part by packaging the loans and selling them all over the world. But too be sure it was the geniuses in the Bush administration who had no understanding of what they were doing, or worse, they did, or more likely, they didn't know the difference.
We’re painted into such a tight corner, does it even matter who runs the Fed? Except perhaps for the different special interests each candidate represents?
The FED's mission has always been to protect the 'Big Banks' at taxpayer's expense. The 'economy' and 'employment' has been a great marketing tool for over a century and that many still believe. Political 'Independence' allows the banks more control as well. Reducing the balance sheet will be no small task due to a spendthrift Congress. The FED only controls short term rates. With LIBOR no longer being used the manipulation is waning. The 'overnight' loans to banks is about all it controls. I would bet that not even Bill has ever received an overnight loan from the FED! Hopefully we can get out of this without war but the military-industrial complex controls Congress. If Japan goes bust first we may have a global reset that will be blamed on Japan and not Congress or the President. Dollars will be accepted for a while but will become 'Continentals' or 'Greenbacks' eventually. The 'older' folks will have a 'social security' system much like East Germany. They will lament voting for 'Congress' or the president until they eventually die off.
The fed is owned by Big Banks, literally
It has a Federal charter but it's not a Federal agency
One thing president Trump has done very well.....He only picks people who share his point of view for key positions, and so far I can't think of a 'mistake' that he made in that context. Hey, Kevin Warsh even agrees with DT about the Federal Reserve renovation project!
Guess what: Warsh is a dove wearing a hawk costume!
A credit boom or an any day now a collapse.
Good thing we have BPR to alert us!
Friedland....
Thank you Dan🙏 All good positive vibes our President is bringing to America 🇺🇸🇺🇸🇺🇸. And then there’s poor Mr Bill. Actually taking a quote from poor Mrs Greene, a women mentally unstable and terribly scorned. Come on Bill, you know that Hell has no fury like a mentally unstable woman or the mentally deranged leftist scorned…especially when afflicted with both mental illness and TDS🤔
Steve, Your treading on thin ice when you invoke "mentally unstable." It along with "megalomania" is often used to describe our current CinC.