Thursday, December 8, 2016
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
14,865 Blog Posts

No More Federal Reserve Put

I find it hard to believe Benjamin “The Bearded Clam” Bernanke resigned. He was fired by our bank hating Prezident, who wanted to place the insane man, Larry Summers, at the head of all tables. When that failed, miserably, he conceded to Yellen–but not after hemming and hawing about it.

The blunt smoking ways of Bernanke, catching short sellers flat footed at midnight, infecting their dreams with visions of doom, is gone. He’s now on the love boat, sailing the seven seas, somewhere near the Bering Sea. He is watching the mess unravel and can only marvel at his track record of saving the world, not once, but twice, all the while our cabal of amateur politicians threw mud and rocks at his good name for meeting extraordinary circumstances with extraordinary antidotes.

Ben had the world under his “Iron Dome” of liquidity, keeping the music going long enough to help us forget about what was in store for us in 2008.

Now he’s gone and coincidentally everything seems to be unraveling again.

Let’s see if Yellen runs with his playbook, or is under the directive of the President–who’s busy organizing communities, instead of governing from the top.

The blunts have been extinguished and the Federal Reserve ashtray has been cleaned out and filled with old lady butterscotch sucking candies.

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  1. ironbird

    The evening news did not run the rout as the top story. Wtf? Any other time in history the 300 point drop would have been story number one.

  2. ironbird

    Somehow a little old lady calming the tape seems ridiculous. We help them cross the street, right?

  3. franky

    Don’t be a sexist p.o.s. Let her rise or fall based on her skills, not her vagina.

  4. MX2101

    Not a call for change, or a rant here. Just a comment on the situation I see-

    Everyone would have been ruined if Bernanke had not taken action.
    He did the right thing. It should be no surprise the “fix” took care of the wealthy, and left others in the cold.

    A by-product of the greater good was the middle and lower economic class being kicked further down the stairs at an accelerated rate.

    To be fair, this is the destiny of the lower classes. For the most part, middle and lower economic classes brought their situations upon themselves.

    At the grocery store, price increase via product “shrinkage” is in full effect. Not sure how anyone can be obese these days, for non-medical reasons. The local Whole Foods gamely offers 8 Oz bottles of orange juice at four dollars. Wow….

    Driving yesterday in pre-dawn rain, the roads were clueless dark sheets. Years ago, road lines were well painted with fluorescent paint, very easy to drive safely. Today, billions for the bankers and no money to paint lines on the roads.

    Regions of the country and parts of the economy that feed at the government trough are thriving. Money, wealth and good times. Pile it up, pile it high on the platter!

    • Verona Gentleman

      Yes, the middle/lower classes have brought this upon themselves by not living within their means and live the life that God has ordained for them. And if they starve, the cry shall be “Let them eat Twinkies”.

      • razorsedge

        something biblical is going on, as u say the middle class and poor have done this to themselves , but how many shady bankers have gone to jail? a snake can only eat his own tail to his neck.

  5. metalleg

    @MX2101 – you contradict yourself. You said that the lower and middle classes brought it upon themselves but didn’t Wall Street bring their problems upon themselves?

    If they weren’t bailed out, they would have been the ones who suffered, and deservedly so based on your own fairness doctrine.

    The middle and lower classes would have benefited by lower prices of everything. There might have been some pain for all but what would the poor have lost if the Fed didn’t bail out the banks?

    Perhaps there were smaller, less connected financial companies, that didn’t mess with financial instruments of mass destruction, that would have moved in and bought assets at pennies on the dollar. They rightfully would have been the winners. Doesn’t what I’m describing sound like capitalism?

    If the Fed and Treasury didn’t save those who deserved to collapse, we would have been 5 years into a recovery by now.

    Instead, five years later, we are still waiting for the collapse to hit everyone.

  6. MX2101

    metalleg- Appreciate your comment, here’s my view: The financial giants did bring this upon themselves. But then they became financial terrorists by strapping a bomb on and saying “bail us out or we all die”

  7. tradercaddy

    I wonder what one gives Rick Ross for a Bar Mitzvah present.
    In keeping with the above discussion I believe that perhaps the most destructive factor of the middle class will be the ACA (Obamacare). Wait until next year when small business starts dumping their health insurance.
    For now the individuals who are stuck and make middle class $$ are paying through the nose for premiums as they have little or no subsidies (unlike the working poor and the lower middle class) and if they get sick they will have big co insurance and deductibles.
    As Ross Perot said many years ago (he said it about jobs and NAFTA) that giant sucking noise is the Cash from the wallets of the middle class.

  8. Hideous fibs

    “Wait for Next Year?”- Happening now to many as the Companies have weighed the Penalty vs Premium

  9. j livermore

    “blunt smoking ways” LOL You want blunt smoking, check this article, particularly second to last paragraph.

    • matt_bear

      we live in strange times. i could have sworn mary-j is an ILLEGAL substance per federal law…yet all this corporate activity and money making going on regarding it.

      • Verona Gentleman

        If GS is interested in it, then it’s not considered illegal…

        • Hideous fibs

          Likely compiling a list of Weed buyers to attach Trafficking charges somewhere down the road

        • matt_bear

          the fed’s want to have their cake and eat it too. See how big/profitable some of these guys can be….and then they swoop in for the kill after there’s enough money to make it worth their while. Very fine line there….make enough money to be profitable but not too much or you pop up on the fed’s radar.

  10. qeinfinity

    Looks like $AFOP is on sale this morning. How dare they report good earnings and offer good guidance!