Fedbashing With a Smile: Does the Fed Manipulate Markets? Well, Um...
I mean really? Must there be commentary on this? Isn't Alan Grayson's Cheshire grin enough?
(h/t WC Varones and @numbersnerd for sending this my way, you guys know what makes my heart go thump-thump-thump, don't you?)
You would really think the Fed would send their best soldiers to Congress for their now all-too-frequent grilling but apparently this guy was the only one available for grilling that particular day. PPT, sir? Pfft! The Fed doesn't manipulate markets, except the stuff we do over at the NY Fed which, you know, is totally allowed... we think.
I am compelled now to borrow the parlance of the Fed's own here and apologize in advance for tying Richmond Fed's ex general counsel into all of this. Lord knows if they'd have been able to send McAfee to the Hill he'd not only have deflected Grayson's grinning grilling but done so in a way that would have left everyone in attendance thinking "Gee, those Fed people aren't so terrible after all" but that's attributed entirely to the Richmond Fed way of thinking and has nothing to do with the Federal Reserve System as a whole which remains diabolical, scandalous, and probably entirely criminal. After this pathetic performance, there's little evidence remaining that declares otherwise.
But I digress. Jr Deputy Accountant has revisited this speech more than once simply because it is one of the most brutally real accounts from the Fed we might ever see. Not to mention the fact that McAfee is my favorite Fed bank alum, of course, and perpetuates the Richmond mentality perfectly. You wonder why they are my favorite Fed bank? Well that should be painfully obvious if you're paying the least amount of attention.
Historical Perspectives on Form and Function (remarks made to the Conference of Federal Reserve Bank Chairmen and Deputy Chairmen in Washington, DC, June 3, 2004):
[A]s a way of harmonizing contradictory views, Congress often embraced vagueness on many important questions, leaving a lot to the imaginations of the men and women who have operated the Reserve System and a lot to negotiations among them. The history of the past 90 years is a history of strong personalities inventing and reinventing important aspects of the Federal Reserve and the relationship among its constituent parts. In this enterprise, congressional vagueness has been the reinventors' best friend. Indeed, the one time nobody stepped up to reinvent the Fed was in the Great Depression, and it would have been far better for our parents and grandparents if somebody had.
Now that's how we want to see our Fed general counsel, not this mumbling, stumbling, sneering, absolutely bullshitting crap in the video above.
Perhaps Mr McAfee is available in his retirement to give the Board of Governors' counsel some lessons on how not to suck ass and be totally fucking sheisty? Christ, I've gotten less of a creeped out feeling walking used car lots in inappropriately short skirts than I got from watching this damn video.