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Started By
Message
re: Fed Reserve President Thomas Hoenig predicted exactly what’s happening today in 2010.
Posted on 12/28/21 at 6:37 pm to Bass Tiger
Posted on 12/28/21 at 6:37 pm to Bass Tiger
The Austrian economists were correct.
0
Posted on 12/28/21 at 6:45 pm to soonerthebetter
COVID was an excuse to print MORE and to QE to infinity ... the groundwork for this was laid WAY before COVID
thankfully, however, this whole situation woke a lot of people up as to what's been happening
thankfully, however, this whole situation woke a lot of people up as to what's been happening
Posted on 12/28/21 at 7:54 pm to Shankopotomus
More like it’s averted attention away from Congress to the people that have done the same thing for 100 years when something goes bad.
Posted on 12/28/21 at 8:38 pm to Bass Tiger
quote:Remember when they told us QE would be temporary?
QE during the financial meltdown of 2008/2009
Posted on 12/28/21 at 8:43 pm to Bass Tiger
quote:All while condemning the Chinese as "currency manipulators".
There should never be a time where earned money is placed in a bank account/money market, 5 year CD and earn less than 3-5% but because the Fed has the ability to use ZIRP the also have the ability to flat out steal your money and the banks still get to lend your money out for a profit.
Posted on 12/28/21 at 8:49 pm to Bass Tiger
quote:
the shutdowns were probably orchestrated to benefit certain industries/corporations
Who were the essential workers?
Posted on 12/28/21 at 8:51 pm to Bass Tiger
Lived it x remember the prime rate at 21% in 1981. Better listen to this gentleman, because he is spot on
Posted on 12/28/21 at 8:58 pm to wutangfinancial
Remember who moved first on Coronavirus reponse?
Military? Nope.
President? Nope.
Congress? LOL
Federal reserve - CHECK
Military? Nope.
President? Nope.
Congress? LOL
Federal reserve - CHECK
Posted on 12/28/21 at 9:40 pm to doubleb
quote:
Too bad none of the middle class were able to refinance their homes. You had none were able to get cheap mortgage rates and buy a home, a car or a boat. Too bad only the rich could take advantage of the low interest rates.
You must be pretty young….did you miss the headlines back in 2008/2009 when hundreds of thousands of Americans lost their homes when the economy tanked? There were literally tens of thousands of Americans simply walking away from mortgages after they lost their jobs during the financial meltdown and the lending institutions were stuck with the property. This is where it gets real good for those first to the money trough.
Due to all the investment/institutional banks sitting on bad debt (CDS/MBS) from the collapsing real estate market the Fed/government steps in with the cheap money to help these financial institutions clear the debt from their books so they can avoid mark to market accounting requirements which would have essentially shown these financial institutions to be bankrupt. So here’s how the scam worked.
The financial institutions get cheap money (ZIRP) from the Fed/government, they also get TARP relief, which is used to buy the bad CDS and MBS. Once the financial institutions get the cheap money they in turn loaned that cheap money out to real estate investment companies who proceed to buy distressed real estate at fire sale prices and in some parts of the country 50-60% off the original loan/mortgage agreement.
Meanwhile the retired couple who was getting 4-6% interest on their retirement savings prior to the financial meltdown is told to pound sand. Many retirees eventually had to take their savings and invest in equities to stay ahead of inflation. Prior to the financial meltdown of 2008/2009 the typical retirement portfolio was probably 70/80% income (bonds/interest accounts) and 20% equities…..now it’s closer to 60-70% equities and 30% income….if the market crashes again a lot of retirees are gonna get crushed and with high inflation too. It’s almost like the Elites are setting up a harvest so to speak.
Posted on 12/28/21 at 10:04 pm to Shankopotomus
quote:
While it may not necessarily be their stated, or actual, intent
Posted on 12/28/21 at 10:18 pm to Bass Tiger
I almost forgot about Hoenig. He was the lone voice of reason at the Fed when Bernanke was throwing money everywhere. I'd always look forward to his dissenting opinions. He was not on board with QE and cheap money.
ETA: Looks like a good read. Had to stop about 1/3 of the way through but will pick it up tomorrow. Thanks for sharing.
ETA: Looks like a good read. Had to stop about 1/3 of the way through but will pick it up tomorrow. Thanks for sharing.
This post was edited on 12/28/21 at 10:27 pm
Posted on 12/28/21 at 10:20 pm to doubleb
quote:
Too bad none of the middle class were able to refinance their homes. You had none were able to get cheap mortgage rates and buy a home, a car or a boat. Too bad only the rich could take advantage of the low interest rates.
This couldn't be further from the truth. People who couldn't afford the homes they were buying were why the house of cards started falling. They wrote loans for everyone, including no-doc loans. It was the wild west.
Posted on 12/28/21 at 11:05 pm to Bass Tiger
quote:
Meanwhile the retired couple who was getting 4-6% interest on their retirement savings prior to the financial meltdown is told to pound sand. Many retirees eventually had to take their savings and invest in equities to stay ahead of inflation. Prior to the financial meltdown of 2008/2009 the typical retirement portfolio was probably 70/80% income (bonds/interest accounts) and 20% equities…..now it’s closer to 60-70% equities and 30% income….if the market crashes again a lot of retirees are gonna get crushed and with high inflation too. It’s almost like the Elites are setting up a harvest so to speak.
They pulled this stunt during the transition from Bush to Obama. Timing is everything.
Posted on 12/29/21 at 12:00 am to Shankopotomus
The Fed acts only as a reaction function. So you’re wrong but alright. Congress is why your COL went up not the Fed. But continue to believe that lie I’d assume it’s exactly what they want
Posted on 12/29/21 at 12:20 am to ksayetiger
quote:
The sad thing is dems do it on purpose
You're fooling yourself if you think Republicans aren't cashing in as well. They are two sides of the same globalist coin.
Posted on 12/29/21 at 12:22 am to WildTchoupitoulas
quote:This guy was "right" 10 years later...when a pandemic caused politicians to inject $6T of spending into the system. That is essentially an independent event from what he "predicted". Almost all the inflation chicken littles were completely wrong about inflation and interest rates. (They are still wrong about rates)
Is none of the rise in prices due to supply and labor shortages caused by the COVID?
Posted on 12/29/21 at 6:44 am to Big Scrub TX
quote:
They are still wrong about rates
To be fair, rates are largely controlled by the Fed. Volcker showed us that the way to deal with inflation is to remove money from the system by raising the Fed rate. The problem today is that the interest paid on the national debt is indirectly affected by the Fed rate. Therefore when the Fed rate goes up, our service on the debt goes up.
We really can't afford to pay much more to finance the debt. The Fed simply doesn't have much room to work. That's how I see it, anyway.
Posted on 12/29/21 at 6:47 am to doubleb
quote:
Too bad none of the middle class were able to refinance their homes. You had none were able to get cheap mortgage rates and buy a home, a car or a boat. Too bad only the rich could take advantage of the low interest rates.
This sounds like, "Yeah I voted for these policies but I gots me a free tshirt and some bbq".
Posted on 12/29/21 at 8:40 am to trinidadtiger
quote:
quote:
Too bad none of the middle class were able to refinance their homes. You had none were able to get cheap mortgage rates and buy a home, a car or a boat. Too bad only the rich could take advantage of the low interest rates.
This sounds like, "Yeah I voted for these policies but I gots me a free tshirt and some bbq".
No. It sounds like a lot of middle class folks prospered, and even though interest rates on savings fell so fix rated to borrow money.
Furthermore, many in the middle class prospered as they watched their investments steadily rise.
I do not believe the middle class has had it bad. Do you?
This post was edited on 12/29/21 at 8:50 am
Posted on 12/29/21 at 8:46 am to Bass Tiger
quote:
You must be pretty young….did you miss the headlines back in 2008/2009 when hundreds of thousands of Americans lost their homes when the economy tanked? There were literally tens of thousands of Americans simply walking away from mortgages after they lost their jobs during the financial meltdown and the lending institutions were stuck with the property. This is where it gets real good for those first to the money trough.
You just put the cart before the horse.
I was addressing policies put into place as a result of the Great Recession. Low interest rates in particular. I wasn’t addressing the cause of the Great Recession.
After interest rates were lowered and the recession ended the lower rates were a tremendous help to the middle class. Even now they still benefit.
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