Tom Hoenig- Federal Reserve chief hero

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Subprime JD's picture
Subprime JD
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Posts: 562
Tom Hoenig- Federal Reserve chief hero

Tom Hoenig, the chief executive of the 10th District Federal Reserve bank and voter on FOMC has blasted the "too big to fail" mantra. Today in Congress he called for allowing insolvent banks to fail as they are prolonging the depression. This is strong evidence that the FED is not all evil and controlled by some foreign "elites". If only Mr. Hoenig was the FED chairman then perhaps the country would have a better shot at coming out of this depression in one piece.

Nichoman's picture
Nichoman
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Posts: 422
Re: Tom Hoenig- Federal Reserve chief hero-NOT!!

OK...fine.   Where has he been the past 8 plus months?  

Hero...depends on your definition.

 

Nichoman

Subprime JD's picture
Subprime JD
Status: Platinum Member (Offline)
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Posts: 562
Re: Tom Hoenig- Federal Reserve chief hero-NOT!!

Big time inflation hawk. Has been speaking out for a long time. At least SOME of the policymakers have some sanity

strabes's picture
strabes
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Joined: Feb 7 2009
Posts: 1032
Re: Tom Hoenig- Federal Reserve chief hero

10th district is Kansas City...by far the most on-target, prescient, least Wall St-controlled economists of the regional Fed banks.  Their publications illustrate why the STL Fed dominated by Friedman monetarists has lost prestige, and why inflation hasn't come from the Fed's massive leveraging. The KC Fed economists understand this crash the same way Steve Keen does, the same way Irving Fisher understood the Great Depression.   

bearmarket wrote:

 This is strong evidence that the FED is not all evil and controlled by some foreign "elites"

On the contrary...it is evidence they are controlled by something other than a small unknown staff economist in KC.  Why are the Fed, DC, Wall St all doing precisely the opposite of what this sane economist suggests?  Why is he so unknown?  Why is he not in a senior position on TV?  Even if they decide to agree with him at some point to give-in to americans' demands to stop the insanity, they will have already stolen $12 trillion plus...a bit too late...the NY crowd and the big banks already plundered us.  Sure the Fed network has independent economists here and there...they must in order to appear disinterested.  But Hoenig will never be appointed to the NY Fed or the Federal Reserve.  

It's not that they're "evil."  They're criminal.  See CM's "looted" post.  And they're not all foreign...it's the controlling owners of the primary banks who are the stockholders of the regional Feds.  They control things...that's not conspiracy...that's the simple definition of what stockholders are.  The staff economists own/control nothing...they're worker bees...their owners are the very TBTF institutions that are being bailed out.  What a system.

 

 

Subprime JD's picture
Subprime JD
Status: Platinum Member (Offline)
Joined: Feb 17 2009
Posts: 562
Re: Tom Hoenig- Federal Reserve chief hero

Evil= criminal are synonymous in my book. True, that the largest shareholders are the TBTF institutions. If only people like him were really in charge perhaps we would have a fighting chance but good luck. I wouldnt be surprised that the "big boys" are mad as hell that Mr. Hoenig said what he said in congress. At least the media whores reported it.

mpelchat's picture
mpelchat
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Posts: 214
Re: Tom Hoenig- Federal Reserve chief hero

If what is being said by this guy is true and most of what you hear in the media is a a smoke screen, it begs three questions:

Did this guy just go nuts and tell the truth?  Which means we will hear little in mainstream media and he will be dealt with in time one way or another.

-or-

What are they trying to hide now?  It must be much worse than we could imagine.

-or-

Has the Government realized the alt-A's and optional arms can not be stopped and they need a hero to save us, making Timmy boy the goat? 

Which also means the banks have decided who lives who dies (their Quarterly earnings reports, some great some bad).  Furthermore,  this means they have enough money looted and/or have set up a new vehicle to loot in a different way with an FDIC manor tear-down of some big banks, and other big banks taking only the good assets.

strabes's picture
strabes
Status: Diamond Member (Offline)
Joined: Feb 7 2009
Posts: 1032
Re: Tom Hoenig- Federal Reserve chief hero

no he didn't go nuts and suddenly tell the truth - he's written plenty of KC Fed publications.  they're available on their website.  he won't be "dealt with" because 1) he's small potatoes - there are 100s of these economists across the Fed system all with their own opinions, 2) they need economists to disagree with each other and show independence in order to keep any semblance of public confidence, and 3) they've already stolen the $12T so it doesn't matter...they'll call that a good payoff as they prepare to start letting the government let things fail as we move into the next big phase of the crash later this year.

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