I'm Not Working Today But the Fed Has Some Post-Thanksgiving Headaches to Handle
While I get Friday off, I hear certain people may be working tomorrow. I guess that means I've got to entertain you, so let's see what we have for recent Fed failures, shall we? If there's something more entertaining, do let me know.
(Don't say I didn't try to warn you before)
The Fed is targeting moviegoers again, this time it's about how to responsibly use your credit card during the holiday season. I sincerely hope I do not have to point out why that's hilarious but I could give you a hint: the Fed has a bit of a spending problem itself.
Anyway. Good job for once, LA Times:
The Federal Reserve isn't too popular these days, what with its failure to predict or prevent the financial crisis and recession, not to mention its involvement in last year's bailouts. Rep. Ron Paul (R-Texas) has a bestselling book out called "End the Fed," and some lawmakers are looking to cut back the central bank's power.
It sounds like a perfect time for an ad campaign.
The Fed has made a 45-second public service announcement to help consumers use their credit cards wisely. The spot will run before movie previews at theaters in 12 U.S. cities, including Long Beach, from Friday through Dec. 3.
Over jazzy music, the announcer asks: "Want to use your credit card wisely? Here are some tips you can trust from the Federal Reserve." With the Fed logo featured prominently, the ad offers suggestions such as paying your bill on time and watching for changes in the terms of the account.
Bwhahahaha LMFAO! Did the Enron chick come up with this one? Because it's absolute PR genius. The Fed giving you warm and fuzzies before you sit down for... whatever, I don't pay attention to what's playing, you know what you've gone to see lately. Can someone please YouTube one? Maybe the Fed can mail me a DVD copy, surely they've got my address. Thanks.
Anyway. What else have they been up to lately?
The Big Picture shows us that the Fed is still confused as to what it has been doing. Barry calls it "endorsing 'Crony Communism' for the wealthy" so we can roll with that. I am partial to serial bubble blower myself.
They had End the Fed to deal with plus a secret Monday attack. So no one really terrorized them but that's still annoying and more paperwork to deal with.
Oh, and the Fed's approval rating - much like our dear OMGObama's - seems to be plummeting. The funniest part? They didn't even have one until recently and they started off on a pretty bad note. What am I talking about?
The pushback against an omnipotent Federal Reserve keeps growing.
A top Congressional leader said Thursday that the Fed will not have the power to override other federal regulators when it comes to policing firms whose size or activities pose a threat to the entire financial system. This is a sharp break from the proposal first put forward by the Obama administration.
In the Obama proposal, which was released in the House last week in the form of a draft bill, the Federal Reserve would have the authority to ignore the recommendations by a firm's primary regulator (be it a bank or securities regulator) and simply impose its own standards on the firm. The Fed would also have the power to examine the firm, and force the firm to comply with those standards if necessary.
In essence, if the other regulators didn't play ball the Fed's way, the Fed could shove them aside.
Not only did the affected agencies complain, but members of Congress did, too.
Comptroller of the Currency John Dugan, who heads the agency overseeing national banks, expressed reservations about the proposal last week, saying that the approach "has the twin risks of producing less effective standards and undermining the effectiveness of the primary banking supervisors."
In a totally related note, I caught the Comptroller of the Currency searching FRB Atlanta bank supervision late at night the other day, ooooooh I'd be scared if I were them. They're winning in the Bank Fail Friday race and may have some trouble filling the vacant head of Bank Supervision position. Hahahahahahaha, there are no jobs and no one wants to be that guy (see also: Bank of America).
Feeling the heat, I guess the Fed is putting the pressure on TARP banks because it is sick of hearing your shit, America. Good job. Keep going.
And fuck their PSAs. The problem is not what you do with your credit cards.
Did I miss anything?