Paul Volcker On Charlie Rose (Video Broadcast Sep. 29-30)
Former Chairman of the Federal Reserve Paul Volcker (and currently marginalized White House ancillary economist) sat down for an expansive 2-hour interview with Charlie Rose a few weeks ago. Volcker discussed the bailouts, the Fed, the recession, the economy, the anemic recovery and much more. We have a short 3-minute summary clip, plus a link to the entire 2-hour broadcast and complete transcript for the more gluttonous among you.
- "Amazingly a large proportion of the flow of credit in the economy, which is dimished, has been by courtesy of the Federal Government. So it obviously leads to a very big challenge as to how we restore what we think of as a reasonably functioning private enterprise system"
- "Despite the fact that these financial institutions were bolstered up by the government, the economy declined at the most rapid rate of speed I have ever seen"
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You can see the entire 2-hour interview and read the transcript HERE
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Oct 13, 2009 at 8:21 PM
Reader Comments (16)
http://www.calculatedriskblog.com/2009/10/feds-tarullo-considerable-uncertainty.html
Dallas Fed President Richard Fisher On The Economy (PBS Video)
http://dailybail.com/home/dallas-fed-president-richard-fisher-on-the-economy-pbs-video.html
http://dailybail.com/display/Search?searchQuery=federal+reserve+archive&moduleId=4521698&moduleFilter=&categoryFilter=&startAt=0
Madoff vs. Skilling: Who Would Win THAT Prison Brawl?
http://www.cnbc.com/id/33296049
Bernanke: third most powerful man in DC (Geithner/Summers tied at 7)? [GQ]
http://www.gq.com/news-politics/politics/200911/50-most-powerful-people-in-dc#slide=3
Treasury's "pay czar" has informed AIG management that some portion of the "total of $198 million should be reduced," according to a report prepared by a watchdog agency for the government's $700 billion financial bailout fund.
http://abcnews.go.com/Business/wireStory?id=8820376
http://blogs.reuters.com/columns/2009/10/07/fed-becomes-reluctant-landlord/
Quick read....interesting...and bizarre...
http://dealbreaker.com/2009/10/method-man-issues-warning-to-w.php
Uncle Sam pimped slapped me...
"Some of the $29 billion in troubled securities and loans the Fed took on from Bear Stearns as part of last year’s rescue is starting to give rise to lawsuits. These are cases where the Fed is either suing to collect on a multi-billion commercial real estate debt or is trying to fend off claims from rival creditors. "
Isn't it Jim Rogers who keeps joking that Bernanke is going to have to go around collecting rent? Or maybe it was Peter Schiff. This is like another story from the Onion.
http://dailybail.com/home/bailout-news-video-gentle-jim-rogers-brings-the-asian-pain-i.html
Here's a print interview from April 8, 2008:
"Maybe Bernanke is going to get into his helicopter and fly around collecting rents now. Maybe when they repossess all the property, he's going to be the rent collector. But then when they eventually take on all the car loans, I guess he's going to be collecting car payments, too. And credit card debt, when they take over all the credit card payments, I guess he'll be hauling us all out saying: "Your credit card's overdue."
This is insanity."
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I'm gonna stick with crazy, Dennis.
I had to watch the clip again just now thanks to your use of that line...
Really, everyone should watch this for a laugh...i've seen it maybe 5 times and i still love it...i miss Jeff Macke in a big way...
Does he still write for Minyanville...
http://dailybail.com/home/jeff-macke-shows-signs-of-battle-fatigue-cnbc-video.html
http://mobile.thehill.com/business-a-lobbying/62655-financial-firms-warn-accounting-change-could-threaten-recovery
This is today's most important story. I have been saving it to write about but i don't have time...
James, Allie, Mark, SNK, any regular who wants a shot can have it...no pressure..,
http://www.youtube.com/watch?v=KNKHnVjIJM8&feature=player_embedded
You guys think this is good enough for the front page?
This one is pretty much a Must Read as well...this guy is thorough...he's also a reader here...
http://www.zerohedge.com/article/goldman-increases-ten-year-deficit-estimate-105-9-trillion-sees-output-gap-10
The Twin Towers are setting sail today.
Made with steel forged from the wreckage of the World Trade Center, the USS New York this morning begins its maiden voyage from New Orleans to the city for its Nov. 7 commissioning ceremony.
There is no shortage of Big Apple homages on board: The main passageway has been dubbed Broadway, the ship's insignia references the NYPD and FDNY, and the diner-inspired galley, the Skyline Café, features a pre-9/11 blue neon outline of the city. There's even a 34th Street and a 42nd Street on board.
LET"S TURN TEHRAN INTO A POTHOLE AND CALL IT "FRESH KILLS" AFTER THE NEW YORK CITY DUMP LANDFILL USED TO DUMP THE 9/11 WTC DEBRIS.
In a nutshell, it does not benefit them in their pursuit of higher profitability through more "creative" financial vehicles, i.e. flim flam machines.