Comments on: FOMC Revolt ? http://www.ritholtz.com/blog/2008/12/fomc-revolt/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 21 Nov 2009 16:46:19 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Graphite http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-132015 Graphite Wed, 10 Dec 2008 03:37:08 +0000 http://www.ritholtz.com/blog/?p=12355#comment-132015 It's also stunning that after 70 years of running the system according to Bernanke's goofy neo-Keynesian & monetarist theories, people continue to believe that those same theories will save us after having brought us to precisely this point. It’s also stunning that after 70 years of running the system according to Bernanke’s goofy neo-Keynesian & monetarist theories, people continue to believe that those same theories will save us after having brought us to precisely this point.

]]> By: Graphite http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-132014 Graphite Wed, 10 Dec 2008 03:34:35 +0000 http://www.ritholtz.com/blog/?p=12355#comment-132014 "Say what you will about the Bernanke plan, but at least he is trying to save the economy — not rescue speculators." A distinction without a difference. When the banking system loans out 100% of deposits a thousand times over, the only people who aren't speculators are the ones without deposits. And Bernanke and his ideas played a big part in arranging that system. “Say what you will about the Bernanke plan, but at least he is trying to save the economy — not rescue speculators.”

A distinction without a difference. When the banking system loans out 100% of deposits a thousand times over, the only people who aren’t speculators are the ones without deposits. And Bernanke and his ideas played a big part in arranging that system.

]]> By: Neil C Denver http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131932 Neil C Denver Tue, 09 Dec 2008 23:31:30 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131932 From the Horses Mouth: http://www.federalreserve.gov/fomc/fundsrate.htm "Open market operations--purchases and sales of U.S. Treasury and federal agency securities--are the Federal Reserve's principal tool for implementing monetary policy. The short-term objective for open market operations is specified by the Federal Open Market Committee (FOMC). This objective can be a desired quantity of reserves or a desired price (the federal funds rate). The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight." From the Horses Mouth: http://www.federalreserve.gov/fomc/fundsrate.htm

“Open market operations–purchases and sales of U.S. Treasury and federal agency securities–are the Federal Reserve’s principal tool for implementing monetary policy.

The short-term objective for open market operations is specified by the Federal Open Market Committee (FOMC). This objective can be a desired quantity of reserves or a desired price (the federal funds rate). The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.”

]]> By: mikeydoggy http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131886 mikeydoggy Tue, 09 Dec 2008 20:40:59 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131886 Section 2a of the Federal Reserve Act states: "The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. " It's their call. Regional bank presidents can't say squat when it comes to policymaking. There is no "usurping" of power here. Poole is a disgruntled former Fed official. Better off ignoring him. Section 2a of the Federal Reserve Act states:

“The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. ”

It’s their call. Regional bank presidents can’t say squat when it comes to policymaking. There is no “usurping” of power here. Poole is a disgruntled former Fed official. Better off ignoring him.

]]> By: Calvin Jones and the 13th Apostle http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131839 Calvin Jones and the 13th Apostle Tue, 09 Dec 2008 19:33:28 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131839 CNBC Sucks: I was referencing <em>The Godfather</em>. You remember the scene at the daughter's wedding, right? CNBC Sucks:
I was referencing The Godfather. You remember the scene at the daughter’s wedding, right?

]]> By: wnsrfr http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131753 wnsrfr Tue, 09 Dec 2008 16:16:28 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131753 off topic, but great redo of the Hitler bunker football videos--this time, he got stuck in the R.E. meltdown, sorry if already posted, the subtitles could have been synthesized from this blog :) http://www.youtube.com/watch?v=bNmcf4Y3lGM off topic, but great redo of the Hitler bunker football videos–this time, he got stuck in the R.E. meltdown, sorry if already posted, the subtitles could have been synthesized from this blog :)

http://www.youtube.com/watch?v=bNmcf4Y3lGM

]]> By: Winston Munn http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131746 Winston Munn Tue, 09 Dec 2008 16:07:01 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131746 Commenting after the repeal of Glass-Steagall: "We're all speculators now." - unnamed commercial bank president. Commenting after the repeal of Glass-Steagall: “We’re all speculators now.” – unnamed commercial bank president.

]]> By: CNBC Sucks http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131741 CNBC Sucks Tue, 09 Dec 2008 15:47:39 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131741 Cool screenname. Actually, Italians sing at their own wedding receptions! I need to stay on topic for this thread...As Barry "The Bailout King" Ritholtz, can you please share your thoughts on Evergreen Solar's bailout bid? Cool screenname. Actually, Italians sing at their own wedding receptions!

I need to stay on topic for this thread…As Barry “The Bailout King” Ritholtz, can you please share your thoughts on Evergreen Solar’s bailout bid?

]]> By: Calvin Jones and the 13th Apostle http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131739 Calvin Jones and the 13th Apostle Tue, 09 Dec 2008 15:42:40 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131739 <em>Ritholtz - I don’t normally make requests even at wedding receptions, but I want to hear your take on the Evergreen Solar appeal for bailout money.</em> CNBC Sucks: I guess you aren't Italian. ;-) Ritholtz – I don’t normally make requests even at wedding receptions, but I want to hear your take on the Evergreen Solar appeal for bailout money.

CNBC Sucks:
I guess you aren’t Italian. ;-)

]]> By: CNBC Sucks http://www.ritholtz.com/blog/2008/12/fomc-revolt/comment-page-1/#comment-131731 CNBC Sucks Tue, 09 Dec 2008 14:55:19 +0000 http://www.ritholtz.com/blog/?p=12355#comment-131731 I don't know about Jim and Jeff, but Chuck and Rich have been at odds with Ben since spring. I think "revolt" is too strong a word, though, Ritholtz. These are central bankers - BANKERS - for Pete's sake. I would say a hint of a slightly raised eyebrow over the afternoon tea. Ritholtz - I don't normally make requests even at wedding receptions, but I want to hear your take on the Evergreen Solar appeal for bailout money. I don’t know about Jim and Jeff, but Chuck and Rich have been at odds with Ben since spring. I think “revolt” is too strong a word, though, Ritholtz. These are central bankers – BANKERS – for Pete’s sake. I would say a hint of a slightly raised eyebrow over the afternoon tea.

Ritholtz – I don’t normally make requests even at wedding receptions, but I want to hear your take on the Evergreen Solar appeal for bailout money.

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