NY Fed Prez William Dudley Admits That Debt Monetization Is Real
It's well-past time someone at the Fed was forthcoming on this matter. Treasury officials including Geithner have been spewing lies for months. Bernanke and Kohn have flatly denied it. Yet we know it's been happening consistently since the Treasury debt parade began in earnest, in January. The Federal Reserve and B-52 have been steady buyers at the weekly, gargantuan offerings.
They are creating credit from Magic Land and using it monetize the national debt. New York Fed President William Dudley confirms it in this clip. They fear deflation more than inflation. They better be right or this is going to get ugly one day, Weimar style.
These (along with part 1 from yesterday) are a series of extraordinary clips. Though Steve Liesman is not known for being tough on the administration (pardon while I cough), he does a decent job here. He claims it's the first time a sitting NY Fed President has ever made himself available for a television interview, which seems dubious. There are 5 short clips inside.
Starting at the 2-minute mark, make sure you're paying attention as the truth is finally revealed.
William Dudley, president of the New York Federal Reserve Bank, tells CNBC's Steve Liesman what's on the table at the next FOMC meeting and whether the Fed's balance sheet might reach $2.5 trillion.
"It's worth considering shutting off banks' dividends if the stock price plummets."
Dudley on Bernanke and inflation versus deflation.
William Dudley, president of the Federal Reserve Bank of New York, told CNBC's Steve Liesman that many factors contributed to the current economic crisis, not just low interest rates.
It has been one year since the fallout of the financial crisis. William Dudley, president of the Federal Reserve Bank of New York, looks back on this past year with CNBC's Steve Liesman.
Sep 2, 2009 at 5:59 AM
Reader Comments (5)
http://www.nypost.com/seven/08292009/business/ex_bear_ceo_eyes_return_186976.htm
We all now know that we have been scammed, banged and busted by Elite home grown Financial Al Aqaeda
AL Qaeda= Wall street/Bankers/Corp crooks and Washington Blood Sucking pests their stoozes.
Crime=Treason
Punishment for treason you decide?
It our TAX blood sweat and Criminals rewarded and we are getting punished?
How Bamboozled dumb fucks are we are,my fellow Americans?
URGENCY TO REVOLT IS NOW: I HAVE GIVEN NON VIOLENT WEAPON HERE BEFORE
GANDHI MANTRA= CIVIL DISOBEDIENCE
SEC CRIMINAL FLEECED DOGS BUSTED USA PENSIONS
S.E.C. "misses" MUCH BIGGER than Madoff!
Makes Madoff look like petty theft. All key recipients of bailout monies and paying bonuses with taxpayer $$$. Documented...#1.) 2006 Senate Banking Committee Report: "Fannie Mae's management directed employees to manipulate accounting and earnings to trigger maximum bonuses for senior executives...overstated profits...ill-gotten bonuses in the hundreds of millions of dollars. #2.) 2005 AIG "The irony of this case is that AIG was a well-run and profitable company that didn't need to cheat," Spitzer said. "And yet, the former top management routinely and persistently resorted to deception and fraud in an apparent effort to improve the company's financial results."..."sham insurance transactions...give the impression it reserves were higher than they were...AIG concealed losses...includes compelling evidence that investors and regulators were misled over an extended period of time." #3.)Bear Stearns "Why did the S.E.C. stop an investigation three years ago (2005) that could have averted the subprime crisis?"...The SEC Enforcement Division declined to bring a case against Bear Stearns for improperly valuing mortgage-related investments...the SEC's failure to bring an enforcement action following the drafting of a Wells notice:" -- People...it goes on and on and on. Don't foget about the special S.E.C. / CEO "hotline" to "stop an investigation or slow it down at the S.E.C" and "senior management at the S.E.C. was actually captured by the industry and that it wasn't doing the intense investigating that we would expect from them." as described last February by MA. Congressman Stephen Lynch that has gone absolutely unreported. -- "MISSES"???
http://www.pushhamburger.com/
Why don't you engage in discussion with the rest of us? I think you'll find that most here are already in agreement with your views.
The type of revolution we need is at the polls...beware the wrath of 2010.