…after the fact, of course. Skip to about 2:15 and listen onward:
Amazing what pops out of people’s mouths on C-Span when no one’s watching. All I ever catch is book discussions & the latest congressional floor speech about nothing. Odd thing is, I can’t figure out why he just plain volunteered such devastating information.
So that Fed window got used waaaay more than they expected. I’m curious who had that much fat in the fire in the first place. John Cole is wondering what the hell this all means w/r/t Geitner’s plan (my guess: ’tain’t gonna work…). Meanwhile, Kossacks are so pissed that many are blurting out proposals for reviving Wild West-style capital punishment (seriously, scroll through the comments).
BTW: though I for obvious reason think institutions like the Federal Reserve are basically legalized fraud, I’m no goldbug. I noticed for a long time that gold tracked the fear level, but I suspect that’s more because of tradition, its historical status as currency bubbling back up. Would it be more reasonable than what we have now? Yes, but that’s about as much of an accomplishment as knowing that 2+2=4. I don’t claim to know what can replace this mess, I just know something must. Ideally, it’d be flexible & credible from the bottom up, yet still fulfill the requirement that it doesn’t depend on the dilution of value to operate, but figuring that out is above my pay grade, I’m just some nappy headed schmo with an internet connection.
One more thing: before anyone barks about the source of the video, note (again) that it’s a friggin’ C-Span rip.