Why A Fed President Wants To Break Up The Banks

Richard Fisher's plan.

'The system is biased towards Goldman Sachs and JPMorgan.'

Excellent Bloomberg interview.  Dallas Federal Reserve President Richard Fisher details his plan to break up the banks.  Here's a quick summary:

• There are 12 banks that meet the criteria for too big to fail.
• Dodd-Frank is killing small community banks.
• Fed is constantly reassessing stimulus.
• QEternity is false.  Will not last forever.
• Voted against latest round of QE.
• Worried about Treasury bubble bursting.
• Worried about Fed's exit strategy.
• Biggest inflation hawk on the Fed and he sees little inflation.

Comments

[DailyBail]

WASHINGTON (MarketWatch) — The Federal Reserve is going to maintain its monetary policy of aggressive easing at the end of its two-day meeting Wednesday, and will keep it in place until there are signs of a broad-based expansion, economists said.

http://www.marketwatch.com/story/fed-to-press-ahead-with-bond-buying-2013-01-29

[DailyBail]

The euro reclaimed the $1.35 handle and pressed to its highest level versus the dollar since November 2011.

http://www.marketwatch.com/story/dollar-inches-up-as-traders-await-fomc-gdp-data-2013-01-30?Link=obnetwork

[DailyBail]

Senate confirms Sen. Kerry as Secretary of State

http://www.marketwatch.com/story/senate-confirms-sen-kerry-as-secretary-of-state-2013-01-29?Link=obinsite

[DailyBail]

Hostess Brands Inc. is nearing a deal to sell its Twinkie brand and other cakes to private-equity firms Apollo Global Management and C. Dean Metropoulos & Co. for more than $400 million, said people familiar with the discussions.

http://online.wsj.com/article/SB10001424127887323375204578271812419478982.html?mod=mktw

[DailyBail]

SAN FRANCISCO (MarketWatch) — Investors were momentarily gleeful that online megaretailer Amazon.com Inc. reported slightly better operating results in the fourth quarter, but how long this euphoria will last is the big question, given the company’s razor-thin margins.

http://www.marketwatch.com/story/amazons-razor-thin-profit-margins-persist-2013-01-29

[mick]

This guy should stay away from small aircraft.

[SKINFLINT]

This guy was in a small aircraft.http://www.carrollcountytimes.com/news/local/small-gyrocopter-crash-reported-near-sykesville/article_1f4821ca-18a5-5dac-83b3-848c3ae7e360.htm

[Josie]

Couple things:

-did not know GSuchs has depositors. Who are they and how much? Finally though, MSM reminds us that GSuchs is a bank holding company with Fed access; and

-does anyone else think it odd that a Fed prez' kids and yamilka Lloyd's kids hang (and likely the parents hang)? Raises questions for me and highlights the coziness of the Fed system and the players within.

BTW, wonder if Fisher still holds $1mil in gold?

[DailyBail]

Did not know GSuchs has depositors. Who are they and how much?

---

I've seen the numbers before - They are tiny. GS bought a bank when the Fed gave them a chance back in 2008 and PRESTO they became a bank holding company.

[DailyBail]

Richard Fisher's son is an actor who has appeared on Mad Men.

http://www.huffingtonpost.com/2011/11/22/miles-fisher-my-la_n_1105862.html

[DailyBail]

And this is interesting. More from Fisher's son.

Miles Fisher - American Psycho Spoof

http://www.youtube.com/watch?v=pUUA2j5tqUg

The action gets good starting at the 2 minute mark or so.

[Backgammon]

Interesting stats on the real unemployment

http://www.shadowstats.com/Alternate_data/unemployment-charts

[robertsgt40]

'The system is biased towards Goldman Sachs and JPMorgan'---No sht Sherlock. Tell us something we don't know

[TR]

Off topic & too much info.

http://guymcpherson.com/2013/01/climate-change-summary-and-update/