Again, just when you think you’ve heard it all:
*DJ Fed’s Duke: Financial Education Key To US Economy’s Health
*DJ Fed’s Duke Remarks Delivered At Boston Financial Education Conference
No no, should be “Pure Subsidy Key To US Economy’s Health”.
Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.
The $80 billion initiative, called single-tranche open- market operations, or ST OMO, made 28-day loans from March through December 2008, a period in which confidence in global credit markets collapsed after the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc.
Units of 20 banks [the primary dealers] were required to bid at auctions for the cash. They paid interest rates as low as 0.01 percent that December, when the Fed’s main lending facility charged 0.5 percent.
“This was a pure subsidy,” said Robert A. Eisenbeis, former head of research at the Federal Reserve Bank of Atlanta and now chief monetary economist at Sarasota, Florida-based Cumberland Advisors Inc.
Where’s the link to Duke’s remarks? I want some light entertainment.
So when will the staff at the Fed get educated? It’s important fkr our economy’s health!
Robert Kelly Reply:May 24th, 2011 at 11:22 am
As Warren says, it’s the political appointees that need to know how the system operates.
Dan F Reply:May 24th, 2011 at 11:47 am
Would financial education do anything? Maybe Pavlina can walk them through a 101 class in monetary policy.
You know what I find unacceptable?
You taking four days to post something new!
MamMoTh Reply:May 24th, 2011 at 11:30 am
I thought he had been raptured.
beowulf Reply:May 24th, 2011 at 12:05 pm
“I thought he had been raptured.”
LOL. That would have bugged strawberry picker (dba save america) to no end.
MamMoTh Reply:May 24th, 2011 at 5:16 pm
Maybe Strawberry has been raptured by mistake whilst strolling down DC wearing his green moslereconomics t-shirt.
Strawberry, if you can read us, knock twice!
Save America Reply:May 24th, 2011 at 11:14 pm
LOL! The rapture date got pushed back, so we still got a little time! Nope, was at this conference today: http://c4i.gmu.edu/events/reviews/2011/GMU-AFCEA-Agenda-2011.php
Where this DARPA big shot was showing us how the satellites and cameras track everybody in this brave new world! They can even see the whites of warrens eyes as he does 200MPH in his MMT900! He was talking about jobs for 20,000 analysts looking at all the data we are collecting for the police state!
Now I am all about jobs, and worry a lot for a lot of the people I met there today because I don’t think they are gonna have jobs for very much longer (no matter the rapture-haha) but at the end of the talk (and powerpoint – sigh) Dr. Gabriel said they had spent 250 million dollars on some new satellite tracking and 3D modelling geoint software and this was super duper good!
So after his amazing talk, everyone with security clearances were too afraid to ask any questions (might lose thier job – LOL!), so I got up and asked that guy about this stuff:
http://tech.slashdot.org/firehose.pl?op=view&type=story&sid=11/05/22/1820200 and PIX4D where you can do what he does for about 15K right now (and probably much cheaper than that in a little while) and wasn’t his 250 million dollar budget a little excessive for something I can do on the cloud for MUCH cheaper! Whoops! Dude didn’t like dat! Don’t worry Warren, I was NOT wearing my green mosler econ shirt at that meeting (they wouldn’t let me, suit and tie only) so I don’t think you are on any special super duper SPOOK list to keep an eye on one of your minions ticking off all those super duper secret gubbment boyz that are monitoring us all!
However Warren and crew, I think this is what upsets some people out here in the real world about fiat monetary regimes, the government is employing all these people to develop software and spend lotsa time and wetware cycles doing so, and some company is doing it for practically nothing over in europe. All those smart people could be working on life extension stuff or solar powered MMT900’s instead of what they are. Not to fear though, Goog, amazon, Oracle and many others were there to inform our government spooks if they don’t start using the efficiencies of the “cloud” that they are going to be NULL in the very near future. Some of the generals don’t like dat, but they will come around, security be damned!
Anyways the night before I watched Sean Connery in Zardoz, and I was looking at all these career government dudes and security folks who have no time for family or to make lotsa babies and thinking they are like those dudes in Zardoz, or like the religous quaker cult, they aren’t breeding thier own replacements, so dependent on the rest of us to stock thier club.
MamMoTh Reply:May 25th, 2011 at 9:07 am
The rapture date got pushed back
It always happens with government programs. I suspect Ben Bernanke was behind it, trying to get people spend again.
I was NOT wearing my green mosler econ shirt at that meeting (they wouldn’t let me, suit and tie only)
Do you think Warren should add mosler economics ties and jackets?
Ed Rombach Reply:May 24th, 2011 at 12:27 pm
I’m getting tired of everyone making jokes about the end of the world, like there’s no tomorrow.
Save America Reply:May 24th, 2011 at 11:41 pm
PS, the goog and amazon boyz were talking about some of you wall street boyz using thier “cloud” to run virtual machines to do the business of the nasdaq and NYSE and others. In the day time, maybe a few hundred virtual machines to do all the market transactions, but at night, thousands of virtual machines are created to run all that silly fuddy duddy monte carlo simulations and other ” financial abstractions.” I bet it takes a lot of ENERGY to run all those simulations and financial models every night, like the machines in forbidden planet with leslie nielsen!
warren mosler Reply:May 24th, 2011 at 12:09 pm
thanks, out of the office for a while. haven’t gotten much computer time
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Warren B. Mosler