Hoenig Spooks the Markets By Suggestion 1% Fed Funds Rate
What a madman. 1% interest rates?! Why are people freaking out? It’s not like his lone voice matters much. Hoenig is just the KC Fed President. On the FOMC he’s hopelessly outnumbered by doves.
Forgive the Steve Liesman clip. Bloomberg doesn’t have a video up yet.
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“Misrepresentation of the facts and figures abounds. Through the years I noticed a common denominator amongst the kleptocracy and slippery sons of privilege: when the going gets tough, they cheat, even more than usual. And they become righteously indignant if you call them on it. As one pampered son said to me, “If the professors are not smart enough to stop me, why should you care?”
That is how they got through university, and how they get through life. They cheat on their taxes, on their wives, their community, their civic obligations, their business dealings, their friends, and even themselves. And they spend a lot of time and money trying to stuff the hole in their being with possessions, both things and people, to try and create the illusion of substance and self-worth. And so often they have learned this from their parents either through abuse or example. There must surely be a special place in hell for anyone who twists such a pathetic half-life out of the gift of a child.”
http://tinyurl.com/y76fcy5
Mark Herpel’s stunning DGC magazine story on GATA.
http://www.dgcmagazine.com/dp/