Why Alan Greenspan Still Sucks and Kansas City Fed's Hoenig on... Uh... Some Fed Stuff, Whatever
Nope. This particular combination does nothing for me, sry.
I'm doing this for Going Concern tomorrow but Caleb gets pissed off at me for "running long" so I'm coming over here on my territory to ramble all I want about what is wrong with this recent speech by Kansas City Fed President Thomas Hoenig.
It'll be there in the morning. I'll fix the link then.
Well if insisting too big to fail is too big to continue isn’t enough, maybe Hoenig’s declaration of “bring back Glass-Steagall!” will make the panties drop?
Nope.“We’ve got to start somewhere — and size matters,” Hoening said, calling for rules to address the problem that are simple and easy to enforce.
“We’ve got to strike while the iron is hot … but we must also do it right,” Hoenig said, adding there was a “chance” that new rules could be passed this year.
I’m going to go ahead and resist the easy joke here.
I'm taking it from this WSJ article Fed’s Hoenig Warns on Too-Big-to-Fail, Backs Glass-Steagall and am not really sure where to start on this so we'll begin, as always, with a regional Federal Reserve President growing a pair.
If you are keeping up with JDA's FOMC bets for 2010 (I can do that, there's no fringe financial blog Code of Conduct like you Fed fuckers have to follow), you know that I'm not expecting big things out of Hoenig this year. This speech just solidifies my suspicion that he sticks close to the Fed playbook. Can someone make a fucking chart or something? Let's watch this. TRB? You're great at that shit.
Anyway, end TBTF and bring back Glass-Steagall. No one's ever been so creative before, I'm taken aback by such a display.
As I've said from the beginning, we need to create new definitions, not recycle the same old ass shit that got us here.
FAIL from the gate, 2010 is going to be a long year. Did his speech writers ring toss the topic?
the "exit strategy"
"we're watching the next bubble"
"everything is under control"
or my personal favorite "subtly blame Alan Greenspan"
You have got to see my April 9 2009 Greenspan's Reputation: The Continuing Saga of Suck for that last one and if you missed it then, please don't miss it now, it explains a lot.
I have since learned that certain Fedheads actually did mean to talk shit about what an asshat Alan Greenspan was but I don't need to remind dear reader of that fact.