Kansas City Fed's Hoenig Gives the Kill Too Big to Fail Speech ... Again

pic credit: Kleptocracy, who has the t-shirt
(JDA is a small.. just sayin)

Kansas City Fed President Thomas Hoenig has done this speech a million times by now but this time he made JDA get shivers down her spine. Well played, homie, well played.

My remarks are entitled “Financial Reform: Post Crisis?” and will address financial regulatory reform and too big to fail. Like most Americans, I am a strong defender of free market capitalism and I’m here today to make an argument that our country should take the difficult steps required to move its financial industry back toward that system.

I acknowledge that there is more than one view on this topic. There are those who believe we have made great strides with Dodd-Frank and if we implement it well, all will be fine. Some believe that that the industry is over-regulated, which may be true, but we should not confuse over-regulated with well-regulated. And some of us are certain that in spite of all that’s been done and debated, the soundness of the largest financial institutions and the systemic risks they continue to pose is no better. In my view, it is even worse than before the crisis. As well-intentioned as the Dodd-Frank Act may be, it will not improve outcomes. Today I will describe why I believe that is the case and, more importantly, what must be done to give the United States a financial system that is healthy and competitive, and that supports rather than endangers the economy.

The entire speech is recommended in its entirety, lest we skew his intention by chopping it up and tearing it up paragraph by paragraph.

Too Big to Fail has failed, starting with Washington and working our way out.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


I may be a pessimist here but it just seems to coordinated. I just get the feeling these Fed Heads come out with dissenting opinions to make people think there is hope and there is rational in the Fed. It's sort of like our "two party system". Like both don't play for the same team? So I love to hear commends from Hoenig and Fisher that make me think mutiny is afoot but something tells me they are just playing along per orders from the great Sith Lord Shalom Bernanke.

In other words, I don't buy it.

Anonymous said...

Average grain prices, adjusted for inflation, are nearing the giddy levels they reached in the late 1970s, the peak of the last disastrous boom-and-bust cycle for agricultural land.

That has regulators worried.

so, do you like disco music? NBA players with little tiny shorts and socks up to the knees with Chuck Taylors? Ever hear the song Disco Duck? Good times

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be sure to click the picture for FULL SIZE version and get the total experience.

Anonymous said...

now I don't know about anyone else but as far as I'm concerned those big dudes can rock whatever look they want and they ain't gonna hear a peep out of me (not to their faces anyway). 'Fro dude looks like a serious mofo and the whitey chick in the background looks likes she likes what she sees.

Anonymous said...

she's thinking twofer

Anonymous said...

The Federal Reserve’s “highly accommodative” monetary policy is partly to blame for rapidly increasing global commodity prices, said Kansas City Fed President Thomas Hoenig, who called on colleagues to raise the benchmark interest rate toward 1 percent soon.

“Once again, there are signs that the world is building new economic imbalances and inflationary impulses,” Hoenig, the central bank’s longest-serving policy maker and lone dissenter at meetings last year, said in a speech today in London. “The longer policy remains as it is, the greater the likelihood these pressures will build and ultimately undermine world growth.”

God must love the common man, he made so many of them. - Abraham Lincoln

I actually knew a dude who worked in a gun store who told me that if flat out, balls to the wall anarchy ever did break out, he was going to go to an affluent town and start shooting rich people. I shit you not. He was probably just blowing it out his ass... regular guy but poor, wife, kiddies, little cracker box house, etc. You get the picture. He just sounded like someone who was getting tired of trickle down economics...it gets tiring to be trickled upon over and over again... I don't agree with his desire, but I understand it.

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