Submitted by Tyler Durden on 01/05/2016 11:26 -0500
In perhaps the most shocking of mea culpas seen in modern financial history, former Dallas Fed head Richard Fisher unleashed some seriously uncomfortable truthiness during a 5-minute confessional interview on CNBC. While talking heads attempt to blame China for recent US market volatility, Fisher explains “It is not China,” it is The Fed that is at fault: “What The Fed did, and I was part of it, was front-loaded an enormous rally market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.” Simply put he concludes, there can’t be much more accomodation, “The Fed is a giant weapon that has no ammunition left.”
Must watch!!! A shocked Simon Hobbs (at 5:10) is a must-see… “Will The Fed come on and say ‘we’re sorry, we over-inflated the market’ when it crashes?”
Fisher appears to be undertaking a major “cover-your-ass” episosde, proclaiming that he was against QE3 which is what has forced “valuations to be very richly priced.”
In my tenure at The Fed, every market participant was demanding we do more… “It was The Fed, The Fed, The Fed… in my opinion they got lazy.. and it is time to go back to fundamental analysis… and not just expect the tide to lift all boats… and as [The Fed] tide recedes we are going to see who is wearing a bathing suit and who is not”
It will be interesting to see if they can manage to make it look like it was all Yelen’s fault.
I’ve always believed that Janet Felon was set up to take the fall for Ben Bernocchio and Alan Greedscam.
I fully expect the Fed to keep hitting the ‘print’ button until the power goes out.
But, regardless of the particular variety of accounting fraud in use, not even the Fed can print up counterfeit revenues and profits to keep corporate stocks in the green forever.
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Hmm, I guess I missed him making a major spectacle when he resigned because of this. LOL.
The American people have no concept of continuity. (I’m pregnant, how in the hell did that happen?) We are a sound bite nation and that becomes our reality. A new sound bite replacing an older one in endless procession.
People will remember the catastrophe and not pay any attention to the events that created, over time, the very catastrophe being experienced. That’s why scapegoating works so well. It avoid the causes and blame.
Perhaps, Yellen will be the scapegoat. Not Bernanke, Greenspan, Obama, the congressional progressives, etc. After all she’s a woman as the rumor goes. In the world of high finance men rule, women are there to take the hit. Look at Carly Fiorina and her stint at HP and the blame she got for mismanagement.
Yes, all the misfortunes mankind suffers can be laid at the feet of the Gods. It’s Their will.
I thought that this was the age of reason and enlightenment, I guess I was wrong.
Hey! look the bright side. The catastrophe that the FED caused will be a PhD Thesis for grad student for years to come.
https://youtu.be/7nuzT3rchPU
“digestive process?” “digestive progress?”
“when the tide recedes we’ll see who is wearing a bathing suit or not”
The guy may be suffering a crisis of conscience.
https://youtu.be/GgLBckXtjj8
https://youtu.be/5IJeemTQ7Vk
I’m not convinced they can’t push buttons and create 100 trillion dollars to send the markets back up; they must be pulling the plug so they can implement the Mark of The Beast and go completely electronic money. Then they will control every penny and have us enslaved to them worse than the Muslim Galley Slaves or ISIS Concubines.
subheading “We frontloaded some folks,……. just the anointed ones,….of which you all aren’t” everyone of these Fed Pres.current & former should have their heads on pikes!…they have screwed the pooch on everything that matters to us, the plebs! I am so fucking pissed!