Post by scbanker on Nov 6, 2010 15:50:38 GMT -5
Mojo and Seeking - you are brilliant! I only wish I'd thought to do what you two have been up to. Don't worry that you missed the Atlanta Fed webcast - they are making an achive available later this afternoon. www.frbatlanta.org/news/conferences/10jekyll_webcast.cfm
Please stay with me for this is going to be a really long post! I try to keep quiet but sometimes I just cannot hold it all inside any longer. Mojo and Seeking have inspired me - us gals have to stick together.
I have to say between what you have written and Winvester on EquityGroup wrote today, I think I see where your thoughts are on target. I've been struggling to understand how the Federal Reserve could just go away and at the same time how in the world the Federal Reserve can use the bank's money, held in mandated reserve accounts, to buy T-Bonds.
Behind every President there has been someone else who held the real power. It scares me silly to believe our country's future is really in the hands of Timmy Geithner - but I'm truly afraid it is. Can't you see it too - Timmy having a collar and leash around Baracko's neck just like Timmy & Lassie? Everytime Obama wants a bit more freedom to do what he thinks the U.S. needs, Timmy yanks the leash via threats to reveal Obama's birth certificate info! Don't you remember that Al said when he talked to Obama that Pres. O said "this ain't right!" and added $98B to the pot of gold (a/k/a CMKX trust fund)? Check out the SEC's website -- there have been MANY suits against bad stock brokers/dealers announded in the last few months. Obama has set up a special commission to ferret out the bad dudes and jail/fine them. I'm not an Obama fan - but I truly do not believe he is the real holdup, even if it is his name being used behind the scenes.
Mojo & Seeking -- I'm sure your DD uncovered that virtually every new gov't agency, bureau, committee, etc. mandated by Dodd-Frank's Wall Street Reform bill has the U.S. Treasury Sec. as the leading person in charge! Didn't you find that odd too? He so wants to be in control of the Federal Reserve as well.
The FRB has played several roles over the years, but they can be grouped into three major functions -- monetary policy, bank regulation, and bank transactions clearings.
Bank regulation - FRB's role is rapidly declining with Obama appointing a Think Tank Person (University Professor) to be in charge of the Bureau of Consumer Financial Protection. (Obama knew the Senate would not approve her appointment so he "back doored" it via an appointment as an "advisor" to Geithner during the pre-election congressional recess.) The FRB is the one who previously wrote all those regulations that mandates tons of wasted paper be given to consumers who obtain loans or open deposit accounts - yes, those papers that no one ever reads! Also the FRB had regulated the bank holding companies and some banks, but now the largest banks will soon be regulated by -- you guessed it -- a group led by Geithner called the Financial Stablity Oversight Council.
Bank transaction processing - Following 911, the government decided instead of paper checks as the primary payment method, we needed to continue to expand upon electronic payments as the method for bank settlements. They implemented rules known as Check21 (21st century). Banks no longer send paper checks for bank-to-bank settlements for deposits to or payments from their customers' accounts. So we now only have 1 (vs. 30+ at the time of 911) location throughout the entire US where paper checks are processed by the Federal Reserve. Wire transfers are still processed through the FRB, but that function could easily be transferred to the DTCC or set up under the U.S. Treasury too.
That just leaves Monetary Policy for Geithner to gain control of in order to have fully absorbed the FRB under his control! Didn't anyone else find it scary that when the G-20 held their meeting 3 weeks early, it was Geithner who made the grandeous proposal to all the other countries that everyone needs to change their currency valuation to be tied to each country's gross domestic product (output)? China and Japan were not happy because that meant US dollars would not buy as many Chinese or Japanese exports and we'd again open in the US some of the factories previously sent to Mexico by Clinton's NAFTA (IE new factories = means to reduce our unemployement).
I am not disappointed that we have not received our payment e-mails this weekend. I suspected even after yesterday's hopeful messages that it will be after the G-20 meeting ends in S. Korea and Iran & Iraq issue their monetary policy announcements before we get "the word". Doesn't it seem odd that the timing of each past expected payment seemed to always fall around a federal holiday? If done on a banking holiday, the FRB computers can be sending out our payment messages to us and not interrupt normal banking transactions. Don't you recall my post in early Oct. that the Richmond FRB was running slow on a Friday? I think that was only a test and they saw their mainframe CPUs could not handle both sending out thousands of messages and process the required bank transactions at the same time. So the message have to be sent on a weekend or on a banking holiday. I think it will be wonderful tribute to all the Vets on the various CMKX boards for Veteran's Day (Victory Day) to have another meaning to all of us in the future.
Yes, all this is just my humble opinion!
Please stay with me for this is going to be a really long post! I try to keep quiet but sometimes I just cannot hold it all inside any longer. Mojo and Seeking have inspired me - us gals have to stick together.
I have to say between what you have written and Winvester on EquityGroup wrote today, I think I see where your thoughts are on target. I've been struggling to understand how the Federal Reserve could just go away and at the same time how in the world the Federal Reserve can use the bank's money, held in mandated reserve accounts, to buy T-Bonds.
Behind every President there has been someone else who held the real power. It scares me silly to believe our country's future is really in the hands of Timmy Geithner - but I'm truly afraid it is. Can't you see it too - Timmy having a collar and leash around Baracko's neck just like Timmy & Lassie? Everytime Obama wants a bit more freedom to do what he thinks the U.S. needs, Timmy yanks the leash via threats to reveal Obama's birth certificate info! Don't you remember that Al said when he talked to Obama that Pres. O said "this ain't right!" and added $98B to the pot of gold (a/k/a CMKX trust fund)? Check out the SEC's website -- there have been MANY suits against bad stock brokers/dealers announded in the last few months. Obama has set up a special commission to ferret out the bad dudes and jail/fine them. I'm not an Obama fan - but I truly do not believe he is the real holdup, even if it is his name being used behind the scenes.
Mojo & Seeking -- I'm sure your DD uncovered that virtually every new gov't agency, bureau, committee, etc. mandated by Dodd-Frank's Wall Street Reform bill has the U.S. Treasury Sec. as the leading person in charge! Didn't you find that odd too? He so wants to be in control of the Federal Reserve as well.
The FRB has played several roles over the years, but they can be grouped into three major functions -- monetary policy, bank regulation, and bank transactions clearings.
Bank regulation - FRB's role is rapidly declining with Obama appointing a Think Tank Person (University Professor) to be in charge of the Bureau of Consumer Financial Protection. (Obama knew the Senate would not approve her appointment so he "back doored" it via an appointment as an "advisor" to Geithner during the pre-election congressional recess.) The FRB is the one who previously wrote all those regulations that mandates tons of wasted paper be given to consumers who obtain loans or open deposit accounts - yes, those papers that no one ever reads! Also the FRB had regulated the bank holding companies and some banks, but now the largest banks will soon be regulated by -- you guessed it -- a group led by Geithner called the Financial Stablity Oversight Council.
Bank transaction processing - Following 911, the government decided instead of paper checks as the primary payment method, we needed to continue to expand upon electronic payments as the method for bank settlements. They implemented rules known as Check21 (21st century). Banks no longer send paper checks for bank-to-bank settlements for deposits to or payments from their customers' accounts. So we now only have 1 (vs. 30+ at the time of 911) location throughout the entire US where paper checks are processed by the Federal Reserve. Wire transfers are still processed through the FRB, but that function could easily be transferred to the DTCC or set up under the U.S. Treasury too.
That just leaves Monetary Policy for Geithner to gain control of in order to have fully absorbed the FRB under his control! Didn't anyone else find it scary that when the G-20 held their meeting 3 weeks early, it was Geithner who made the grandeous proposal to all the other countries that everyone needs to change their currency valuation to be tied to each country's gross domestic product (output)? China and Japan were not happy because that meant US dollars would not buy as many Chinese or Japanese exports and we'd again open in the US some of the factories previously sent to Mexico by Clinton's NAFTA (IE new factories = means to reduce our unemployement).
I am not disappointed that we have not received our payment e-mails this weekend. I suspected even after yesterday's hopeful messages that it will be after the G-20 meeting ends in S. Korea and Iran & Iraq issue their monetary policy announcements before we get "the word". Doesn't it seem odd that the timing of each past expected payment seemed to always fall around a federal holiday? If done on a banking holiday, the FRB computers can be sending out our payment messages to us and not interrupt normal banking transactions. Don't you recall my post in early Oct. that the Richmond FRB was running slow on a Friday? I think that was only a test and they saw their mainframe CPUs could not handle both sending out thousands of messages and process the required bank transactions at the same time. So the message have to be sent on a weekend or on a banking holiday. I think it will be wonderful tribute to all the Vets on the various CMKX boards for Veteran's Day (Victory Day) to have another meaning to all of us in the future.
Yes, all this is just my humble opinion!
