No Worry

In honor of tomorrow's hoped for hail mary pass from speech by Federal Reserve Chairman Ben Bernanke, I thought it would be a good idea to get a read on what his Fed colleagues are saying about the health of the economy these days [italics mine]:

Kansas City Federal Reserve President Thomas Hoenig:

[Hoenig] told CNBC he sees a 20 percent chance of a recession.

Speaking from the annual Jackson Hole, Wyo., meeting hosted by the Kansas City Fed, Hoenig admitted the 20 percent figure is "a fairly high number."

"I have always said we would have modest growth. It's going to take time...it's not going to be straight up," Hoenig said.

New York Federal Reserve Bank President William Dudley:

Despite "anemic" U.S. growth so far this year, the risk of a double-dip recession is "quite low", a top Federal Reserve policymaker said on Thursday.

"The risk of a recession is somewhat higher than it was six months ago. That said, I think the risk of a recession is still quite low."

Philadelphia Federal Reserve President Charles Plosser:

Plosser said he hasn’t significantly cut his forecast for 2012 U.S. economic growth as the impact from “shocks” like the earthquake in Japan subside.

“I’m inclined not to be marking down my 2012 forecast very much,” even though my “short-term forecast has moved around,” Plosser said.

St. Louis Federal Reserve Bank President James Bullard:

“The most likely outcome for the U.S. economy is still that the economy continues to grow at a moderate pace through the second half of the year."

Atlanta Federal Reserve Bank President Dennis Lockhart:

The risk of a new U.S. recession has risen over the last couple of months, but an outright contraction will most likely be avoided.

Looks like we have nothing to worry about -- right? Feeling better?

Comments

[NO stocks 4 me]

yeah yeah,so who gives a f wtf this dirt bag has to say, QE3 is already in play he already said all I need to hear, that the rates are going to be 0 till at least 2013 or more, so now I don't care anymore what the "posted" rates are for CD's.

This puke has single handed started to wipe out the savings people had to supplement what little SS they were getting at the same time the fkn inflation on the things that the BLS doesn't consider of course are up, and now all this BS to cut those "entitlements" those "rich" old bastards are getting. unbelievable and they wonder why nobody is spending anymore, well hell paying just food, elec and water bills is about it. o cell phone or high speed ISP for us "entitled" floks.

I hope the markeeet drops another 1000 tomorrow, and see how many more stocks Cramer says to buy to his lemmings and of course he's already sold the crap he was told by his insider buddies that was going down. As usual the fkn day traders are the ones that will make it hand over fist a nickel at a time up and down, sob's.

Damn Rick, give me some hope, smirks

[Nothing to lose is a great position to have]

Do you think any of these guys gives a rats ass what the economy is doing? Have any of them actually earned a dollar in the real economy in the past 10-15 years?..where their own risk capital was upfront?

A banking system built on lies and deception – Hiding commercial real estate losses by laundering bad loans through the Federal Reserve. Trillions of dollars in bailouts were made while banks told the public all was well.

The fact that banks are lending less and borrowing from the Fed is simply a reflection to the financial balance sheet issues still being faced by the largest banks in the country. The fact that these banks can use the Federal Reserve as some sophisticated way of laundering money into the nation’s financial bloodstream is troubling to say the least. The data presented recently shows us and confirms exactly what many have believed for years and that is the Federal Reserve has been clandestinely bailing out the entire banking system and problems were not only systemic, but the entire system was polluted with bad loans and deception. So with this data at hand, why would we trust the system that openly lied to the public at the peak of the crisis?

http://www.mybudget360.com/banking-system-built-on-lies-deception-commercial-real-estate-banking-balance-sheets-loans-bailouts/

[Did you find these guys at the Comedy Club?]

Forget recession. Is America in the midst of a full-blown, no joking, outright depression?

“If the notion that we are merely living through the aftereffects of a mere ‘recession’ that ended in 2009 sounds somewhat ridiculous, that’s because it is,” says Richard A. Posner, a federal judge and law school lecturer based in Chicago. “If we were being honest with ourselves, we would call this a depression. That would certainly better convey both the severity of our problems, and the fact that those problems have no evident solutions.” (See: Let’s Be Honest: We’re in a Depression, Not a Recession, And There’s No End In Sight, August 22, 2011)

Read more: http://www.ourbroker.com/news/do-we-have-a-depression-in-america-082411/#ixzz1W67s6gJ1

[Walter Witman]

Gee, it's almost like they're reading the same talking points or something . . . . like they're trying to build confidence.

[Tom]

No matter what they do, "accidents" and "incidents" like all the severe climate catastrophes playing out all over the planet will have a marked effect on the real economy - like growing food! Look at Japan, Texas, the "heartland" of the U.S. where extreme weather and nasty storms, flooding, etc. are wreaking havoc - and project more of the same into the future (why should it change? we aren't doing anything different to change it!) and you get an idea what road our "fearless leaders" are taking us down. Humanity is TOAST over the next decade or two.

[No Mas]

Real People Say "Screw You" To The Markets

Nobody is talking about this. That's 27 - twenty-seven contracts - on the bid at 1146.75. During the trading day. There's less than a thousand up and down the stack through the entire visible portion.

This is a tiny fraction of normal liquidity and those sub-100 numbers are more-akin to what you expect in the middle of the night when everyone's sleeping!

All that's left is the computers. The humans have gone home. True liquidity and participation has ended. The people have given up. This is not an isolated incident - as I write this I'm seeing it literally minute-by-minute, and it's been very common all month. A few minutes ago I saw seven contracts on the bid at the money. Seven - at 9:57 (ET) in the morning.

The fraud, the phony bids and offers and the high-frequency ripoffs have driven everyone away.

Go ahead politicians, tell us how important "Wall Street" is to the economy and to you. Let the thieves and liars continue to pollute the markets and screw everyone. Volatility is as high as it is precisely because people are tired of getting buttraped and after a few instances of it they simply say "screw this", take their money and go home.

http://market-ticker.org/akcs-www?post=193037

[There goes the neighborhood]

Don't these guys know people are hurting out there?

First-ever foreclosure in billionaires' block as recession finally catches up with New York's mega rich

That something like this could befall 740 Park has stunned the wealthy elite of New York, not least Mr Swig’s neighbours.

They are subject to stringent rules designed to stop this happening must reportedly have $100million in cash in order to move in.

So tight are the regulations that Barbara Streisand was rejected from buying an apartment there, as was Barbara Walters.

Mr Swig and his wife bought their apartment in 2007 but reportedly stopped making payments on two loans at least 23 months ago.

Mr Swig, 50, has been accused by Bank of America of not paying off a $4.7million loan he took out on the apartment.
He also reportedly stopped making monthly payments of more than $62,000 on a second loan for $12.8 million.

Read more: http://www.dailymail.co.uk/news/article-2030131/Recession-hits-Kent-Swig-1st-foreclosure-740-Park-Avenue.html#ixzz1W9D6Ln2O

[roger]

But they did worry, the Keynesian experiment
did not work neither did the "free" market of
guru Milton Friedman.
As I anticipated, talks of depression are bubbling
more and more,it will be a full boil by Christmas.
But most folks are still focused on the individual
misconduct, the next step- when the masses get hurt
real bad,they will begin to question the system itself.
Funny how it works ,but a kick in the posterior does
trigger the brain into thinking. Sometime in 2012.

[No depression for these folks]

Chicago Union Leaders Grab Millions in Pension Loophole
Take Tim Foley, who's the head of International Brotherhood of Electrical Workers (IBEW) Local 134. Under a little-known provision of the state pension code, union officials like Foley who worked for a brief time as City of Chicago employees are entitled to purchase credits in the city's pension fund equal to their service time and salary at the union.

So in 2008, Foley paid $347,000 out of his own pocket to purchase pension credits from the City. That's a lot of money, but by doing so, Foley ballooned his pension from just a little over $20,000/year to $105,000/year.

That increase of $85,000/year is enough money to pay off his initial investment in just four years. So in essence, Foley bought himself an annuity guaranteed to return 25-percent a year for as long as he lives -- potentially millions of dollars.

And you're going to pay for it.

"This is not fair to the taxpayers," said State Rep. Karen May, who has been working with other lawmakers to close many of the state's most expensive pension loopholes.
Zettler ran the numbers for us, and based on actuarial tables those six union officials stand to collect an additional $12 million in city pension money over their expected lifetimes, all from an investment of $1.1 million.
http://www.myfoxchicago.com/dpp/news/investigative/chicago-city-workers-union-ibew-pensions-millions-tim-foley-tom-villanova-credits-20110822

[Real Deal]

Here is my proposed statement by the Federal Reserve chairman from Jackson Hole:

After considerable deliberation, and consultation with my esteemed counterparts, I have concluded that the Federal Reserve has no effective role in the economy. I therefore will no longer make any statements during the remainder of my tenure. I had an enjoyable time here, traveling from one Hole to another Hole. But I no longer wish to deal with holes.