Former Fed President Fisher Admits Fed Culpable Of Overinflating The Market

Adam Taggart
By Adam Taggart on Tue, Jan 5, 2016 - 2:42pm

Amazing interview just given by former Federal Reserve President Richard Fisher in which he admits:

  • the Fed intentionally over-inflated the financial markets to create a wealth effect
  • markets are now going to have to go through a corrective process with less support from central banks
  • he thinks QE3 was a mistake -- admits the Fed caved to pressure from politicians and banks to keep prices rising
  • the Fed is "out of ammo" at this point

Watch here: 

While I'm pleased to see admission of these transgressions (which we've been shouting about for years here at PP.com) by a high-ranking insider like Fisher, I'm depressed at how cavalierly he treats the matter. Sort of an "Oh, well...what can we do about it at this point?" attitude. 

And watching the CNBC interviews let all this slide is just downright maddening. The media exists to hold the mirror of truth up to power and demand accountability. There's only one pointed question in the whole interview "Will the Fed apologize if the market crashes?", and the rest is just a fawning acceptance of everything Fisher says. A great example of how our media has become too stupid/captive to do its job.

3 Comments

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1630
You can tell we're getting near the impact with the brick wall

Just log Fisher in with all the other guilty insiders recently making statements they'll use after we hit the wall to claim, "Hey! I'm one of the good guys here.  I saw this coming and I tried to stop it and to warn everyone. See: here's my interview on CNBC in Jan. 2016.  But no one was listening.  Now put that noose away."  Even the IMF and the BIS have made statements in the last year or so that they'll be able to wave in the public's face saying they tried to warn us.  They can save their breath: the public is more wilfully ignorant and disinterested now than they were in 2008.  Just keep the government transfer payments coming and the vast majority will meekly submit to their continued enslavement.

Of course, since Americans generally don't read anything serious, ever, they wouldn't read The Big Short (book) or any number of truth-telling internet sites like PP.com. But they do watch movies.  The Big Short movie exposes all the greed, lawlessness and fraud that caused the '08 collapse and it does so in a dumbed down media popular with the masses.  If we had some responsible citizens the movie would be lighting the flames of revolution.  But, yawn, no one cares.  There aren't many heated discussions around the water cooler and the dinner table.  There hasn't been the tiniest ripple of outrage and protest.  There has been no disturbance in The Force.  We can always hope and pray for an awakening among our circle of relationships and in the country at large.  But our time would be more productively spent preparing to try to survive the coming impact.

I can't sound that gloomy without pointing out something, anything, positive.  There are now four police officers I work with who see what's happening, are rapidly educating themselves, and converting worthless paper into silver as fast as they can.  I chuckled yesterday when one of them referred to us as "The Silver Bullion Gang."  laugh

Here's my hero and my fantasy:

richcabot's picture
richcabot
Status: Silver Member (Offline)
Joined: Apr 5 2011
Posts: 193
It's Old News

The public has developed a phenomenal ability to disregard things which are deemed old and delude themselves into believing it no longer happens.  They fail to grasp the fact that things don't change, the old outrageous acts are merely the ones exposed while similar ones are currently happening.

Witness the lack of connection between the documented activities of the CIA in overthrowing governments (Iran, Greece, Chile, etc.), the CIA and FBI supporting false flag terrorism (Italy, Black Panthers, AIM, etc.) and government manipulation of the news media with their identical activities today.

newsbuoy's picture
newsbuoy
Status: Gold Member (Offline)
Joined: Dec 10 2013
Posts: 259
Crazy Richie: His prices are INSANE!

Dating myself but:

...

As for Eddie Antar himself, he is now out of prison and living in Brooklyn. He said the real story of what happened behind the scenes has never come out, but he declined to elaborate.

The man once branded as the "Darth Vader of capitalism" by then-U.S. Attorney Michael Chertoff, said he is no longer involved in the electronics business and spends his days with his children and grandchildren.

"I started working when I was 12," Antar said. "At the age of 63, I’m too old to work."

 

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments