You'd Think It Was the End of the World Or Something
The sky is falling, the sky is falling...
"It is a travesty," Thomas Hoenig, president of the Kansas City Federal Reserve Bank, told a bankers' group. "It is absolutely disenfranchising our relationship with a very important, hugely important, sector outside of Wall Street across the United States."
He makes it sound like someone ran over his grandma and then got out of the car and took a long hard piss on her. Then took pictures and put them on the Internet.
Hoenig, like Bernanke, is butthurt that the Fed is only getting $50 billion and above banks to supervise, as if that isn't enough on their plates. Ironically, the guy making the most "OMG PLEASE NO DON'T TAKE BANK SUPERVISION" noise would have ZERO banks to supervise under the proposed new rules. Yeah, um, when was the last time you saw a $50 billion bank in Kansas City? No offense to whomever lives there.
The best part? Hoenig then fronted off the entire Dirty Fed mission in front of everyone:
"It makes the central bank the central bank of Wall Street and not of the United States," he said.
Dude! You aren't supposed to say that out loud!
As far as I am concerned, Wall Street can have them and the United States will figure it out for themselves.
This goes out to you, Hoenig: