The Rumor Mill News Reading Room
Federal Reserve Governor Steps Down Giving No Reason
Posted By: Jordon [Send E-Mail]
Date: Friday, 12-Jul-2013 11:28:09
.
Elizabeth Duke, Fed Governor, Plans to Step Down
Elizabeth A. Duke, a Federal Reserve governor who has helped to overhaul the Fed’s approach to financial regulation, said on Thursday that she would step down at the end of August.
Ms. Duke, just the seventh woman to serve on the Fed’s board, has also been a quiet but consistent supporter of Ben S. Bernanke, the Fed chairman, and of the central bank’s economic stimulus campaign.
In a letter of resignation submitted to President Obama, Ms. Duke, 60, said that she was “proud to have contributed” to those efforts.
“I am especially gratified to have brought my own practical banking experience and community banking perspective to the massive overhaul of financial system regulations,” Ms. Duke wrote.
She did not offer a reason for leaving, nor did she describe her plans. Her term ended last January, but governors can remain in office until a replacement is nominated, and the Obama administration had not sought her departure.
More here:http://www.nytimes.com/2013/07/12/business/economy/fed-governor-to-resign.html?_r=0&adxnnl=1&adxnnlx=1373642090-qI4QexHaBUYfrLOMURaj/w
======================================
This Week's Fed Governor Resignation May Be A Much Bigger Deal Than You Think
Earlier this week, we got the minutes from the June Federal Open Market Committee (FOMC) meeting. Also, Fed Chairman Ben Bernanke spoke about and answered questions about monetary policy at an NBER conference in Massachusetts.
For the most part, the markets appeared to interpret the tone as dovish. In other words, they were convinced that it might be less likely that the Fed would taper, or gradually reduce, its quantitative easing program.
In what appeared to be unrelated news, Fed Governor Elizabeth Duke submitted her resignation to President Obama.
Not much was made of the resignation.
But Wall Street veteran Art Cashin thinks that there may be more to it.
From this morning's Cashin's Comments (emphasis added):
Some Weekend "Taper" Ponders – I encourage everyone to reread the FOMC Minutes. I think there was a clear tone to taper or wind down QE by yearend (or maybe sooner). At the same time, the FOMC seemed to see the recovery as struggling and almost fragile.
Now, add in the surprise resignation of Elizabeth Duke as a Fed Governor and voting FOMC member. "Betsey" as Mr. Bernanke refers to her, was said to be the key broker in setting up the current QE.
Put your Lt. Columbo hat on and ponder this: Could the FOMC have found some negative consequence caused by QE? Might that have prompted discussion and an interest to wind down or exit despite a still non-robust economy? The tone of the Minutes and the new resignation may hold interesting clues.
For now, the economy appears to be weak enough and inflation seems to be low enough that the monetary system would be able to tolerate more QE.
|
6 comments:
Like rats leaving a sinking ship...
She and Napolitano are hooking up & going on a Love Boat Cruise to San Francisco with the rest of the Dildo Dollies.
"They" always "do stuff" on Fridays that "they" don't want people to notice much... it's easier for news to get lost or ignored over a weekend.
It's pathetic; they do this like clockwork.
Pay attention to events on Fridays!
Then Ben went on to say last week the QE will likely end by the end of the year, the markets went down including Gold and Silver for a day and then the following day the markets went up (I think the higher in the year) Mainwhile the Banksters have started a campain telling people the Housing Market is..... drum roll......Booming again...Really? in 2009 in the middle of the housing collapse EVERY EXPERT AND ECONOMIST PREDICTED IT WILL TAKE THE MARKET 20 TO 25 YEARS TO GO BACK TO WHERE IT WAS BEFORE THE MARKET CRASHED!! now, all of a sudden, the Market is as healthy as can be and everybody needs to hurry up and buy a house. There is some new construction in the area were I live (this is in Vegas)and they started to build new houses in March this year, well, low and behold, from March to July the prices have gone up 50K, yup! that's 50 thousand dollars in 4 months, and in Vegas one of the 2 hardest State hit by the foreclosure fiasco. Now, whatch the comercials, yesterday I saw one where a couple is looking on line on a house, the woman wants to put an offer right away but the husband wants to wait all of a sudden a realtor walks in and places a "Sold" sign on the house, the woman looks at the husband and they both rush to buy a house.Now, I have to give it to them (the Banksters in collusion with the Realtors Association)
they are playing with your emotions, they are making you think if you don't rush and buy a house right now you will never be able to get one, (this maneuver is also giving them the edge to sell the houses "as is" which means dirty, with tons of damages and defects without giving the people an oportunity or time to check for structural defects)nevermind the MILIONS of houses they have in foreclosure which they are holding on because if they were to put all of those houses in the market today the prices will go down to $6.00 per house. Also listen to the radio there are new comercials telling you houses are scarce you need to buy, buy, buy. I was listening to an interview with this wealthy guy on radio last week the interview was not related to the housing market but in conversation he mentioned he rents a condo in the upscale part of the city and goes on to tell the perks of the area where he lives, the interviewer is shocked, why? you are renting ?? why? I thought you live in a huge mansion why are you renting? she asks, and he laughs
a little and says, I know, right? well let's just put it this way, I rather "loose" 30K in the next 3 years paying rent than to buy now and find myself under water for 100 or 150k in 3 years from now. OOOOH she says. and they left it at that. I was driving home and at that precised moment I was passing by a sign in my neiborhood advertising homes I noticed the price had gone up again another 5k. Folks, look around you, listen to what's going on outhere, we know who the enemy is, we know how they operate I am sure you will be able to see the signs and deception.
Silent weapons for Quiet Wars..
And yes, they want to lure in new buyers then drop the floor out on them again.
Only difference this time is instead of targeting irresponsible buyers with NINJA loans and such.
They want the employed savers with good credit then decimate your assets on 3 different levels.
I really resent your remarks. Why do you need to throw in bigot remarks?
Post a Comment