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About that Fed success...

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  • #31
    Re: About that Fed success...

    Originally posted by jpn View Post
    What does that have to do with whether or not aid to the states has a simulating effect?
    Everything, even your graph suggests it would have been better to stick with infrastructure and it was talking about a second Stimulus Act.

    Originally posted by jpn View Post
    That's simply incorrect. Do you not understand the filibuster, especially since the Republicans have used it relentlessly ever since Obama took office? The final vote for the Recovery Act was 60-38, with all Democrats and Independents voting for the bill along with three Republicans: Collins, Snowe, and Specter.
    No it is correct, what Republicans have done with filibuster does not have much association to how the 2009 Recovery Act got through Congress. The 111th Congress is responsible for the 2009 Recovery Act (just as they were for ACA.) Both the House version and the Senate version was primarily written by Democratic Congressional committee leaders and their staff. The bill was largely passed along the same party lines. Collins, Snowe and Specter going for this means they got something out of the deal. They are not off the hook for their support of this squandered stimulus plan, and Specter ended up switching parties.

    And I noticed you have no response to Velocity of M2 Money Stock.

    image.jpg
    Last edited by Sluggo; 08-24-2014, 06:24 AM.

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    • #32
      Re: About that Fed success...

      Originally posted by Pogo View Post
      It has nothing to do with "protecting wealth". The Federal Reserve/Wall Street increases *it's* wealth by inflating the money supply, which does three things:

      1) It creates countless revenue streams, i.e., interest payments.

      2) It decreases everyone else's purchasing power by driving up prices, which is essentially hidden taxation.

      3) When "boom" invariably turns to bust, it confiscates the equity and collateral of the millions that are driven into default.

      All of which is quite intentional, and can best be described as economic rape. If you don't find that sort of behavior contemptible, the judgement you should be questioning is your own.
      Until you provide a plausible alternative there is little you bring to the discussion. We are here now with serious issues this nation faces. It is clear you have nothing to offer but constantly going after the "Fed/Wall Street" yet offering little.

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      • #33
        Re: About that Fed success...

        Originally posted by Sluggo View Post
        Until you provide a plausible alternative there is little you bring to the discussion. We are here now with serious issues this nation faces. It is clear you have nothing to offer but constantly going after the "Fed/Wall Street" yet offering little.
        I knew about these "serious issues" when you were running around in diapers, laddie. The reason you don't see the painfully obvious solution is because you refuse to acknowledge the problem. If someone is trying to murder you, do you need to be told what to do?

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        • #34
          Re: About that Fed success...

          Originally posted by Pogo View Post
          I knew about these "serious issues" when you were running around in diapers, laddie. The reason you don't see the painfully obvious solution is because you refuse to acknowledge the problem. If someone is trying to murder you, do you need to be told what to do?
          Ad hominem... of course, and still you offer nothing for discourse about this subject in this thread.

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          • #35
            Re: About that Fed success...

            Originally posted by Sluggo View Post
            Ad hominem... of course, and still you offer nothing for discourse about this subject in this thread.
            Aren't you the guy that asked me to prove that Keynes never spoke against the private control of a nation's money? How intelligent is that?

            Seeing as the OP is a shallow, ignorant puff piece that incorrectly assumes the Federal Reserve was actually trying to help Main Street, I don't think you're in much of a position to question anyone else's contribution.

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            • #36
              Re: About that Fed success...

              Originally posted by Pogo View Post
              Aren't you the guy that asked me to prove that Keynes never spoke against the private control of a nation's money? How intelligent is that?
              Aren't you the guy that ran away from everything I provided in that thread and offered just as little there as here?

              Originally posted by Pogo View Post
              Seeing as the OP is a shallow, ignorant puff piece that incorrectly assumes the Federal Reserve was actually trying to help Main Street, I don't think you're in much of a position to question anyone else's contribution.
              Again... ad hominem, with nothing offered in response. At least you are consistent in lack of offering much. I'll give you that.

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              • #37
                Re: About that Fed success...

                Originally posted by Sluggo View Post
                Aren't you the guy that ran away from everything I provided in that thread and offered just as little there as here?
                Considering your "everything" was a big, fat nothing re Keynes' position re fractional reserve banking, and that it did not demonstrate that his economics had utility outside the scope of wartime, I'm rather surprised that you'd mention it.


                Originally posted by Sluggo View Post
                Again... ad hominem, with nothing offered in response. At least you are consistent in lack of offering much. I'll give you that.
                You're starting to sound like a Jew that calls everyone who disagrees with him an anti-semite.

                The article you linked *is* a shallow, ignorant puff piece, and saying so is *not* an ad hominem fallacy.

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                • #38
                  Re: About that Fed success...

                  Originally posted by Pogo View Post
                  Considering your "everything" was a big, fat nothing re Keynes' position re fractional reserve banking, and that it did not demonstrate that his economics had utility outside the scope of wartime, I'm rather surprised that you'd mention it.

                  You're starting to sound like a Jew that calls everyone who disagrees with him an anti-semite.

                  The article you linked *is* a shallow, ignorant puff piece, and saying so is *not* an ad hominem fallacy.
                  Look at that... still nothing offered in response but ad hominem about the OP article. I know I am shocked.

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                  • #39
                    Re: About that Fed success...

                    Only the clueless thought QE and ZIRP would do anything more than increase a level of economic disparity that was already extreme.

                    Anyway, here's why the Federal Reserve is perfectly happy to see Americans parking their money in low-yield money market funds.


                    Why The Feds Outrageous Gift To Foreign Banks- Risk Free Aribitrage On IOERIs Just The Tip Of The Iceberg

                    by David Stockman


                    This profit stripping operation is simple. Foreign banks on Wall Street borrow from money market funds at an infinitesimal 3-6 basis points and then shuffle the loot down to 33 Liberty Street where the New York Fed pays them 25 basis points on the same funds. This gift is known as the IOER payment for excess reserves. It is a short-term trade which is rolled-over day after day and is absolutely risk free. Both ends of the arb represent money prices that are administered by the Fed, not set by price discovery in the market.

                    Indeed, as part of its open mouth communications policy, the Fed promises to give considerable advance warning as to when the yield on IOER and also overnight money market borrowings is going to change. Accordingly, any foreign bank caught napping long enough to run afoul of a well-telegraphed Fed change in the arb would likely be operating on pre-telegraph technology. That is to say, this Fed sponsored arb is tantamount to owning a printing press. All it takes is a banking license from the state of New York or other US jurisdiction.

                    And, yes, the parent bank owning a license to print profits in this manner should be domiciled outside the USA. Thats because foreign banks are generally not subject to FDIC levies designed to fund Uncle Sams deposit insurance programs-fees which would bite into the risk free arb described above. By contrast, domestic banks which pay the FDIC fees are largely not involved in this particular free money gambit...

                    Heres the thing, however. The profit capture by foreign banks is only the tip of the iceberg of financial deformation that has been generated by ZIRP and the Feds whole hog domination of financial markets where honest prices for money, debt and risk assets were long ago extinguished. In this instance, ZIRP has caused $2.6 trillion in money market mutual funds to be sequestered in financial limbo where these funds earn virtually nothing in the Fed administered money market.

                    Moreover, upwards of $1 trillion of this total is in retail funds where grandpa is today collecting 3 basis points at the PNC fund and 6 basis points at Schwab. In a word, this is willy-nilly income redistribution on steroids. Fed policy functions to sweep the assets of main streets liquid savers into what are essentially ZIRP accounts. Having accomplished this un-voted tax levy on millions of US citizens, it then sponsors a profit stripping scheme for a handful of foreign banks which use these ill-gotten windfalls to augment their grossly deficient capital levels, thereby reducing the bailout exposure of their socialist wardens in Brussels and throughout the EU capitals.

                    And it doesnt stop there, either. How does the Fed earn the money to participate in this off-balance sheet foreign aid program? Why, from you and methe taxpayers of America. The Fed is now earning upwards of $100 billion per year on its swollen $4.4 trillion asset basea trove of Treasury and GSE debt that was funded by hitting the buy key on its digital printing press. Our taxes then pay the interest on all those Fed assets-giving the monetary politburo in the Eccles Building nearly infinite walking around money for schemes of this sort...


                    Why The Fed’s Outrageous Gift To Foreign Banks—- Risk Free Aribitrage On IOER—Is Just The Tip Of The Iceberg | David Stockman's Contra Corner

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                    • #40
                      Re: About that Fed success...

                      Originally posted by fishjoel View Post
                      That's the thing, though...Keynesian economics necessitates a bubble somewhere. You artificially pump money into something it's very likely whatever it is is going to pop once that supply runs out.
                      No it doesn't. You're applying what you learned playing with bubbles in your bathtub to global economics.

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