Posts Tagged ‘Alan Greenspan’
Posted by Larry Doyle on July 10th, 2012 8:10 AM |
The London Interbank Overnight Rate, aka Libor, is the referenced benchmark rate for only some multiple hundreds of trillions of dollars worth of securities and contracts. As such, the rate is of enormous importance to the markets and global economy. I personally recall beginning almost every day as a trader on Wall Street by inquiring of an individual on the finance desk, “Where’s Libor?”
With the manipulation of this rate rocking the markets, everybody wants to know who’s to blame. There is certainly plenty of blame to go around.
If we were to listen to Bob Diamond, former CEO of Barclays, we would be inclined to believe that the blame in that organization rested merely within a very small group of individuals. How convenient. Do you think the CEOs of other banks would also like to ring fence this issue to a small group of expendable individuals on selected trading desks? No doubt. (more…)
Tags: Alan Greenspan, Arthur Levitt, Barclays Libor Scandal, Barclays Libor Scandal who is really to blame, Brooksley Born CFTC, Charles Ferguson Inside Job, Commodity Futures Modernization Act, Inside Job, lack of regulation of derivatives, lack of regulation of derivatives market, Larry Summers, Libor scandal, Phil Gramm, Robert Rubin, who is guilty of Libor scandal, who is to blame for Libor scandal
Posted in General, Libor | 3 Comments »
Posted by Larry Doyle on May 30th, 2012 7:41 AM |
As I pondered what to write this morning, I thought about addressing the 15% pullback in the price of gold over the last three months. What was happening to this supposedly safe haven? Despite this pullback, gold is still up 135% over the last 5 years. Time to look for a more interesting topic.
Let’s turn our gaze to the southeast and address what can only be described as the CRASH of the Atlanta housing market.
While nationwide home prices were down 1.9% over the last 12 months, our home owning friends in Atlanta experienced close to an 18% cliff dive in home values during the same time period. (more…)
Tags: Alan Greenspan, Atlanta, Atlanta home prices, Atlanta housing market, Atlanta's housing market, Bank of America Atlanta Georgia, Case Schiller Housing Index Atlanta, home prices in Atlanta, house prices in Atlanta, what caused Atlanta's housing crash s, what is driving home prices in Atlanta
Posted in General, Housing Crisis | 3 Comments »
Posted by Larry Doyle on April 28th, 2012 9:17 AM |
This commentary is a little lengthy but a great and absolute MUST READ!! LD
Who really runs America?
The media may actively and aggressively debate the pandering provided by those on both ends of the political spectrum. But to whom do these pols really answer? The American public? I do not think so.
The Washington establishment strikes me as little more than puppets played by the one controlling the money. Who might that be? The all powerful and, all assertions to the contrary, perpetually opaque Federal Reserve.
Let’s navigate deep into the chambers of the New York Federal Reserve. (more…)
Tags: Alan Greenspan, Ben Bernanke, ceteris paribus, Federal reserve history, Federal Reserve policy, fractional reserve system, Friedrich Hayek, history of the Fed, history of the federal reserve, Long Term Capital Management, modern industrial economy, Modigliani, Modigliani and Sutch, Murray Rothbard, My Speech at the New York Federal Reserve, operation twist, Robert Wenzel, Robert Wenzel's speech at the New York Federal Reserve, Ron Paul sound money policy, speech by Robert Wenzel, success of federal reserve policy, The all powerful Federal Reserve, Wenzel on economy and monetary policy, Wenzel on Ludwig von Mises, Wenzel speech, who really runs America
Posted in Federal Reserve, General | 5 Comments »
Posted by Larry Doyle on February 28th, 2011 5:28 AM |
Charles Ferguson
“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong.”
With those words last evening, Charles Ferguson, the winner of the Academy Award for Best Documentary for his film Inside Job, did a lot more than merely begin an acceptance speech. Ferguson touched the third rail and made a political statement. But did he really? Really? Not in my opinion. Ferguson spoke the truth.
When did the mere voicing of the truth become political? Perhaps in America 2011 those who speak the truth actually stand out because we hear so little of the prized virtue. That reality is a sad commentary on our society.
I commend Ferguson. Backstage he had even more to say. (more…)
Tags: Academy Awards February 27 2011, Alan Greenspan, Barack Obama, Ben Bernanke, Brady Dougan, Brian Moynihan, CFTC chair Gary Gensler, Charles ferguson acceptance speech, Christopher Cox, Ferguson statement, financial crisis financial fraud, Financial Meltdown Documentary Wins Oscar, Henry Paulson, Inside Job, James Gorman, Jamie Dimon, Larry Doyle, Lloyd Blankfein, Oscar winner Charles Ferguson, Richard Ketchum, SEC Chair mary Schapiro, Sense on Cents, Timothy Geithner, what is regulatory capture, who is Charles Ferguson, winner Best Documentary
Posted in General | 14 Comments »
Posted by Larry Doyle on November 8th, 2010 7:41 AM |
Quantitative easing is merely another tool to adjust monetary policy, correct? Perhaps. The question begs, then, after an initial round of a trillion-plus quantitative easing failed to stimulate the economy why should we expect any differently this time. Great question. Let’s navigate.
Quantitative easing involves the purchase of Treasury and mortgage securities by the Federal Reserve in an attempt to inject liquidity into the system, prop asset prices, and spur consumer demand. Or so they say. Well how is the overall level of credit in our economy trending?
The downward slope in the graph is an indication of both lessened credit availability and also lessened credit demand. The quantitative easing should directly address this reality, correct? I am not so sure about the “directly” aspect of that statement. In fact, I will go a step further and say I think the Fed is being less than forthright with the nation. If the Fed truly wanted to inject liquidity and capital into our economy and allow it to flow through to small businesses directly there are much better ways of doing it than by purchasing overvalued Treasury and mortgage securities. (more…)
Tags: Alan Greenspan, Ben Bernanke, Bernanke Attempts to Soothe Doubters, Commercial Bank Credit, conference organized by Federal Reserve bank of Atlanta and Rutgers University, creating inflation, credit availability, credit demand, credit trends in economy, E. Gerald Corrigan, Fed summit in Georgia, Federal Reserve Bank Credit, Federal Reserve monetary policy, QE2, quantitative easing, swapping Treasurys for other assets, transparency within the Federal Reserve, what assets does the Federal Reserve purchase via quantitative easing, what is the federal reserve really buying
Posted in General, quantitative easing | 5 Comments »
Posted by Larry Doyle on October 8th, 2010 10:57 AM |
Alan Greenspan will certainly not go down in history as the best Federal Reserve chairman. In fact, I think the history books will judge Greenspan very harshly for having overseen the biggest bubbling up within our financial system in eighty years. That said, Greenspan is not a total nitwhit. I believe Greenspan is now working diligently to recover his reputation. How is he doing that? More often than not, I witness Greenspan trying to put forth tmore of the truth rather than the party lines promoted by Wall Street and Washington. What did Greenspan say recently? Let’s navigate a Bloomberg commentary, (more…)
Tags: a dangerous game, Alan Greenspan, Alan Greenspan says a dangerous game
Posted in General | 1 Comment »
Posted by Larry Doyle on June 3rd, 2010 5:55 AM |
What do you have to do today? What did you do yesterday? What is on your schedule for tomorrow? What did the market do yesterday? What will the market do today? What might it do tomorrow?
America lives in the moment. While in certain circumstances that emphasis on the immediate may be helpful and appropriate, in my opinion, that approach generates a lack of real depth and understanding within our national psyche.
Real sense on cents requires a much greater understanding of the past in order to generate a much more astute projection of the future. We must hold our financial and political leaders to a similar — if not even more vigorous — standard. Regrettably, we allow the Wall Street and Washington establishments, in concert with an ineffective media, to frame our national debate. In the process, are we mere mindless lemmings being led to slaughter? (more…)
Tags: accounting at Fannie and Freddie, Alan Greenspan, armando falcon, Barney Frank, Christopher Dodd, Chuck Hagel, Chuck Schumer, Fannie Mae Freddie Mac, Franklin Raines, Gregory Meeks, I want to roll the dice, Let's review What They Said About Fan and Fred, let's roll the dice, losses at Fannie and Freddie, Maxine Waters, OFHEO, Richard Shelby, Robert Bennett, Senate Banking, sub-prime mortgages, Thomas Carper
Posted in Fannie Mae, Freddie Mac, General | 7 Comments »
Posted by Larry Doyle on April 7th, 2010 3:41 PM |
Does anybody have any doubt that massive fraud within our mortgage industry played a large part in our current economic crisis? America continues to suffer from the fakers and phonies within our financial regulatory structure (including Alan Greenspan) who fail to accept responsibility for their shortcomings and the resultant frauds.
The mortgage fraud grew over time in order to feed the Wall Street machine the collateral it needed to execute a wide array of structured transactions. This need for increasing volume of mortgage originations was a critical point in one of my earliest blog posts written in November 2008, “The Wall Street Model is Broken… and Won’t Soon be Fixed!!” I wrote: (more…)
Tags: Alan Greenspan, Citigroup, Citigroup consumer lending, Citigroup Underwriter Warned of Mortgage Lapses, David Bushnell, Fannie Mae, FCIC, Financial Crisis Inquiry Commission April 7 2010, financial frauds, financial regulators, Freddie Mac, Gary Crittenden, Mortgage Crisis, mortgage fraud, mortgage originations, Mortgages, originate to distribute, private profit social loss, Richard Bowen, Richard Bowen testimony April 7 2010, Robert Rubin
Posted in Citigroup, General, Mortgage Crisis | 5 Comments »
Posted by Larry Doyle on February 8th, 2010 11:30 AM |
Alan Greenspan is certainly not viewed in the same light now as he was during a large part of his tenure as chairman of the Federal Reserve. That said, when the former Fed chair speaks, people do listen. What is he saying now? Greenspan is throwing some cold water on the topic of a V-shaped economic recovery. Bloomberg highlights his views this morning in writing, Greenspan Sees ‘Slow’ Recovery, Is ‘Concerned’ if Stocks Drop:
Former Federal Reserve Chairman Alan Greenspan said a U.S. economic recovery is “going to be a slow, trudging thing,” and that he “would get very concerned” if stock prices continue to fall. (more…)
Tags: Alan Greenspan, Alan Greenspan's view of economy, Alan Greenspan's views on housing deficit jobs economy, Alan Greenspan's views on jobs, Deficit, Economy, Greenspan, Greenspan focuses on equity market, Greenspan focuses on stock market, Greenspan view on jobs, housing, job growth, U-shaped recovery, Unemployment
Posted in General | 2 Comments »
Posted by Larry Doyle on June 12th, 2009 12:19 PM |
Is the All Powerful Federal Reserve omniscient, omnipotent, and omnipresent? Any institution that purports to be transparent but ultimately clouds itself in a shroud of “financial intrigue” deserves serious questioning. Congressional efforts on this front regularly fall woefully short. With a few exceptions, serious media analysis of the Fed is also deficient. Fortunately, the Wall Street Journal provides a reasonable overview of recent Fed maneuvers, Fed to Keep Lid on Bond Buys. Let’s navigate the inner workings of the Fed and play devil’s advocate in the process.
The WSJ highlights:
Fed officials have become more confident recently that they have stabilized the economy and set the stage for recovery. But divisions are brewing within the Fed over whether it should do more to speed the healing, pause, or start pulling back to avoid an outbreak of inflation.
Those crosscurrents are likely to inhibit bold new strokes by the Fed at its next meeting, in contrast to earlier in the year, when a bleak outlook spurred aggressive action.
At long last, a hint of sanity on the inflation front emanates from within the hallowed halls of the kingdom of the Federal Reserve.
Please recall that when the Fed announced its increased level of aggressive quantitative easing, the 10 yr Treasury rallied 50 basis points from a 3.1% to a 2.6% in one day. That sort of move is unprecedented. The 10yr, even with the Fed’s support, has since retraced 1.2% in the last three months. Where would the 10yr Treasury be without Fed support? 4%, 4.25%, 4.5%? Who could estimate for sure? (more…)
Tags: Alan Greenspan, Ben Bernanke, Fed Buying mortgages, Fed chair Bernanke, Fed failed us, Federal Reserve, Federal reserve and inflation, Federal reserve buying Treasuries and mortgage-backed securities, Federal reserve managing economy, Federal Reserve meeting, Federal Reserve policy, Federal Reserve programs, has Fed been too aggressive, has Fed injected too much liquidity, has Fed stabilized economy, Inflation, inflation and Fed, is Fed concerned about inflation, quantitative easing by Federal reserve, what is the Fed doing?, will Fed keep buying bonds?
Posted in Economy, Federal Reserve, General | 5 Comments »
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