On Richmond Fed President Jeffrey Lacker's Unceremonious Exit From the Bank and Why I Still Love Jeff Lacker

Tuesday, April 04, 2017 , , 2 Comments

Eight years ago, I was but a humble CPA review hack and rogue Fedbasher, protesting the bank and writing up insults toward the Fed in my spare time as the economy fell apart. I hated them all. But then I found Richmond Fed president Jeff Lacker. As the economy was taking a giant shit, he was the one fighting for reason, and he kept doing it while the Fed was throwing free money at the problem.

On March 3 2009 I wrote:

DEAR JEFFREY LACKER, I LOVE YOU. I mean, at least as much as an anti-Federal Reserve sound money advocate can love a Fedhead.

For a Federal Reserve president, Richmond Fed's Jeffrey Lacker is pretty bold. He's already shown that he isn't afraid of a little dissent and has opposed Big Daddy Bernanke on more than one issue.

And now he's at it again, this time questioning the "independence" of the Fed in the face of unique credit programs it's pulling out of its ever-loving ass to thaw credit in the United States.

I believed it, too. Jeff Lacker was the Fed president we all needed. He was going to save us from oblivion.

I put hearts on that shit and everything. And so I watched him closely, all the while I was protesting the San Francisco Fed with "THE FED WANTS YOUR GRANDMA TO EAT ALPO" signs, getting a custom "End the Fed" t-shirt done by the shop near my office which SF Citizen caught me wearing at an End the Fed rally. I was all in on hating on the Fed, but still I held out hope that Jeffrey Lacker had our backs. He was the cockblocker of the FOMC, surely he couldn't be that bad.

I moved to Washington DC shortly after that and still showed up to lame anti-Fed protests at the Board, all the while knowing Jeff Lacker was holding it down being a salty asshole for the economy's sake. It would be OK.

In 2011, the Richmond Fed flew a rainbow flag and the good ole boys flipped. I celebrated their gayness, I supported the Fed flying that gay God damn flag. And I scammed an "I gay love the Fed" t-shirt from that whole debacle.

I again moved, to Richmond this time because it's way cheaper than DC and I was all in on my Fifth District bank more than ever.

While serving as Managing Editor for an accounting publication, I hiked by the bank and rescued cats in Richmond and all the while kept faith that Jeff Lacker was the Fed president we all needed. I stopped focusing on the Fed because I was mired in accounting news, but every time I hauled ass up past the bank I smiled knowing the economy still had a chance because Lacker was going to question this whole free money thing that has left us at unprecedented interest rates since shit hit the fan.

I even named a rescue kitten I fostered after our esteemed Fed president. Ugliest cat I ever met. But still, named her after him (before I realized "she" wasn't a he).

Jeffrey got adopted with her brother James (named after former Fed general counsel) and stopped being ugly like a year or two ago. Maybe she's still ugly, I dunno.

So I suppose it goes without saying that this news about Jeffrey Lacker today has disappointed me. While I was marching back and forth in front of the San Francisco Fed in an End the Fed t-shirt years ago, I held this shred of faith in the humble economist I'd grown to admire. And on its surface, what came out today about Jeff Lacker's fall from grace might shatter all that. But it doesn't.

Despite how awful it all seems -- and it is -- with the #crooksgonnacrook hashtags and calls to lock him up, I can't help but believe there was no nefarious intent in his leaks. He likes to talk about this stuff. He just so happened to talk too much in this one instance.

Perhaps I'm giving him too much credit. But when he was the lone voice of reason in a time when the free money whores at the Fed were throwing money they had no right to manufacture from thin air at the economy swirling down the drain nearly a decade ago, how big of an issue is this really?

Binyamin Appelbaum writes in the New York Times:

Jeffrey M. Lacker, the president of the Federal Reserve Bank of Richmond in Virginia, resigned abruptly on Tuesday, saying that he had broken the Fed’s rules in 2012 by speaking with a financial analyst about confidential deliberations.

Mr. Lacker said he also failed to disclose the details of the conversation even when he was questioned directly in an internal investigation.

The confession and resignation shed light on a nearly five-year-old mystery. In October 2012, Medley Global Advisors, a firm that tracks policy developments for financial investors, sent a note to its clients describing previously undisclosed details of the Fed’s plans for a new phase in its bond-buying campaign.

Someone inside the Fed has been leaking directly to Jon Hilsenrath for years, why exactly is this any different? Because he got caught? Because he owned up to making the mistake of overtalking with an analyst because he nerds out hard on this stuff and loves to talk about it? There is no evidence that Jeffrey Lacker stood to gain anything from this "leak," financially or otherwise. It is my belief that he did not have ill intent, and I remind you once again that I've been painted up carrying signs protesting the Federal Reserve for, oh, eight or nine years at least? If anyone wanted to vilify a Fed asshat for this it would be me.

Lacker's statement on his exit feels like a sputtering out, where he had the potential to leave a glorious legacy of cockblocking and shit-disturbing throughout his tenure at the bank at its most difficult time.

I don't think I've felt anything like this since I was 13 and Kurt Cobain killed himself, when his widow Courtney Love read his suicide letter to a crowd gathered in Seattle. "It's better to burn out than fade away," Cobain wrote before he shot a lethal dose of heroin and blew his brains out.

I still love you, Jeffrey Lacker. You stood up during the darkest times of our economy to say "can you just fucking not" while all your colleagues were throwing money that wasn't theirs after the problem, and I will not believe this takes away from that. Call me delusional. Call me a fan girl. But the esteemed cockblocking bad ass of the Richmond Fed I know isn't a crook and he isn't a piece of shit and his legacy deserves more than to say he went out like this. That's what I have to say.


Porno Site Offering to Plow Boston Streets For Free is a Libertarian's Wet Dream

The innuendo is strong with this one, you guys.

So, a website I am completely and totally unfamiliar with called Pornhub which I guess is like YouTube for legal sex acts announced ahead of a Northeastern snowstorm you probably didn't hear about that it would be sending out a brigade of branded trucks to plow streets for free. Get it? Plow? 

“The Pornhub team understands that by this time of year, most cities have run up their budget in snow removal,” Pornhub Vice President Corey Price tells Boston, “and we thought we’d lend a hand in getting our fans plowed.”

No really, do you guys get it? In case you didn't for some absolutely bizarre reason, such as being a completely asexual mannequin, well Pornhub has your back.
I can't with this, you guys.
Seriously, how do I go about applying to work in the Pornhub social media department.

Besides the fact that this is an absolutely brilliant marketing tactic, it should be recognized that a private company took it upon itself to send out two dozen plows to assist in what will no doubt be a massive cleanup when all's said and done. And according to anyone who isn't libertarian, also impossible as that kind of thing never ever happens.

We're told -- indoctrinated, even -- that without the government, there is absolutely no safety net. Who will feed the hungry? (Spoiler: food stamps aren't the only game in town) Who will clothe the naked (I will happily give you the shirt off my back right now)? And who will plow the streets? HELP US, GUBMINT. Private charity already exists, so we know it's possible for someone other than the government to handle this area.

Forgive me for allowing my inner cat lady to make an appearance for a moment, but one could argue that private, non-profit rescue organizations are doing a far better job saving lives, providing resources for pet owners in need, and preventing overpopulation through targeted spay/neuter initiatives than municipal shelters paid for with tax dollars. Not to say there aren't great shelters out there doing good work, nor that all rescue groups are doing the best work, it's just that private individuals are coming together to manage what many municipal shelters can't handle.

So yeah, spare me with the muh roads crap, anyone who asks how roads will be maintained without tax dollars obviously hasn't driven a car in the last half a century. Our roads aren't doing so hot, you guys. And still, we're all paying for them.

As for you, Pornhub, rawwwwrr. All this talk about plowing for free has this libertarian gal worked up. Not to mention other charitable Pornhub initiatives such as the partnership with PETA to raise awareness about the importance of spaying and neutering animals to decrease overpopulation, scholarships for women in tech, and the Save the Boobs campaign for breast cancer awareness.

Obviously there's a small flaw in this model: we can't go around expecting xHamster to buy textbooks for schoolchildren and YouPorn to provide Medicare. Still, something. I look forward to the RedTube Scholarship for the Arts any day now.


A Day Without A Woman is the Ultimate in Virtue Signaling Bullshit and Here's Why

If you are a woman with the luxury of taking today off, congrats. You aren't the kind of woman who needs to take a day off to make a point about how women are supposedly underpaid (data is still and will always be out on that one), you are likely protected enough in your position to be able to take a day off in the first place and congratulations, it means you live in the first world where a woman can choose to take a day off for whatever reason. Way to stick it to the man, ladies. I hope you had an awesome day at home, you deserve it.

The triumphant announcement of this day without women on the "official" Women's March page (because someone bought that dot com, ya know) reads:
In the same spirit of love and liberation that inspired the Women's March, we join together in making March 8th A Day Without a Woman, recognizing the enormous value that women of all backgrounds add to our socio-economic system--while receiving lower wages and experiencing greater inequities, vulnerability to discrimination, sexual harassment, and job insecurity. We recognize that trans and gender nonconforming people face heightened levels of discrimination, social oppression and political targeting. We believe in gender justice.
Anyone, anywhere, can join by making March 8th A Day Without a Woman, in one or all of the following ways:

  • Women take the day off, from paid and unpaid labor
  • Avoid shopping for one day (with exceptions for small, women- and minority-owned businesses).
  • Wear RED in solidarity with A Day Without A Woman
  • So even on what is supposed to be our day, we're being told what to do. Take off work. Don't shop. Wear RED. BTW, the red thing has already been overdone for AIDS awareness, or are you guys not old enough to remember those AIDS iPods U2 was shilling many many years back?

    I own a media company, cobbling together an existence these days but an existence no less, and one that I take great pride in. The fact that I have the opportunity to cobble this existence together is completely first world, I wouldn't have this option if, say, I were a woman in Sudan. When stories I need to cover come in I can't be like yeah sorry, it's wear red day and I'm doing cliche lady stuff at home in the tub sipping wine. Meanwhile there's a little girl in Sudan getting her parts hacked up because female genital mutilation is still in a thing around the world and I'm over here in the United States thinking wearing a red shirt makes a difference? Please give me twenty breaks with that shit.

    How funny was it they said avoid shopping, like that's what all we women do right lol. RESIST THE URGE. Don't shop! That'll show them! And then turn around the next day and buy a bunch of crap you don't need on Amazon, that'll show them. I did go get my hair cut at my women-owned salon but that is beside the God damned point.

    If you took today off, good for you. But look the fuck around you. Were you sold into child marriage at 12? Do you still have your natal genitals? Do you have to walk hours a day just for water? No? Then you're doing pretty good as far as women across the world are concerned. Do we first world women have problems of our own? Of course. But please stop getting the vapors at every opportunity to play up our oppression, it's getting exhausting.

    The fact that y'all can go out there in vagina costumes and not get your asses beat is proof of how just good we have it here in the good ole first world. Remember that when you're putting on a red shirt the next time.


    Democrats Fall For Half-Assed GoFundMe Scam On Democratic Underground

    HI guys! Remember me! I'm still here.

    So as you guys may know I spend my days now over at GoFraudMe reporting on all the crap GoFundMe scammers are running.

    Came across a really interesting thread on Democratic Underground recently, apparently DU users threw money at this clown who said his brother was a John Kerry fan and had been in a car accident, except the whole thing was a total fraud.

    In Scam Artist Tries To Rip Off Democratic Underground and It Does Not End Well we meet this clown who tried to rip DU off for his fake GoFundMe; he made nearly two grand before they caught onto his scam. It still sits at $800+

    The guy clearly went after democrats in that forum. Easy pickins?