July 25, 2009

Eliot Spitzer on the Fed: "This is a Ponzi scheme, an inside job. It is outrageous."


"Let me tell you a dirty secret, the Fed has done a disastrous job since Paul Volcker left. They've created multiple bubbles without permitting the economy underneath it to grow. This is a Ponzi scheme, an inside job. It is outrageous."


- Eliot Spitzer, July 2009


(still retired, but loved the quote, and love Spitzer despite the hookers)

56 comments:

Bukko_in_Australia said...

Just because you bang hoookers doesn't mean you can't tell the truth. Unless you're David Vitter.

Afterthought said...

Keith for President!

Anonymous said...

Come out of retirement already!!! We want you back!

Alan Static said...

Just watched a video of him. Said the taxpayers are paying the bill for this disaster but he still believes in bailouts. A good start.

That's one more politician who understands the Fed for what it really is, for a grand total of 13 out of 10,000.

Alan Static said...

Hey Keith you're back! You know some people work part time after retirement.

Anonymous said...

We do not live in an "economy" , we live in a "ponzi Scheme"

We have discussed that diligently before on this great blog.

Keep it rolling , Keith. Please.

Sam said...

Elliott Spitzer for President. I don't care about the hooker. Put Alan Greedspan on trial for treason. 'Nuff said.

Sam in MD

JAWS said...

Very well said.

The stupid people bubble is growing too. They're getting stupider and stupider.

Mark in San Diego said...

What do you mean "despite the hookers". . .I say "like him BECAUSE of the hookers". . .we need more hookers in politics - in a civilized country they call them "mistresses."

Anonymous said...

Threaten any profits, and down you go.

It's the American way.

Works really well in a nation chock full of ignorant, moralizing rubes.

Much better we punish penny-ante personal misbehavior, as long as we let the biggest criminals romp all over us.

$23 Trillion in corporate welfare; rampant front-running/AAA securities fraud by the biggest financials in the world?

Bravo, says Amurca.

Jane in Australia said...

Please come back Keith...

Anonymous said...

Welcome back. I didn't think with so much to say, you would be silent for too much longer.

I'll check in from time to time to see if you have anything new.

Anonymous said...

I agree. Just because he used call girls and creeped around on his wife doesn't mean he's incorrect or that one shouldn't hear him out. When he explained his postion that good ground rules actually ensure the viability of capitalism and don't undermine it, I recognized him as someone who understood things and who made sense while telling the truth. Too bad he was dishonest in private life, though.

Anonymous said...

.



Frank Sinatra had multiple retirements...

why can't you?


.

Anonymous said...

I smell a comeback

Anonymous said...

Where'd everybody go.
Seems evil, greed, ponzi scheme's never die, just shift shape.

And while we're not on the subject, what do you think about annuities with inflation in the headlights?

Anonymous said...

http://rushkoff.com/books/life-incorporated/

Good book.

The silence in here is deafening.
Wish someone were around to say something intelligent.

Did you retire again already?

Anonymous said...

Keith, there are positive and negative addictions.
This one seemed pretty positive to me.

Yawn...like being the first at the AA meeting.

ContraryRiches said...

They've been trying to goose the economy for about 20 years with easy money and stupid laissez-faire treatment of regulations. I fancy myself as a libertarian minded individual but can tell you that SOME regulations (or rules) to play by is essential because if you give companies an inch, they'll take a foot.

The FED has failed 2 other times in its history..it is failing yet again, but I think the timetable is more like 5-10 years until it is ended, not right now like everyone hopes. InvestorinPA

http://contraryriches.blogspot.com/

Mike Hunt said...

Too bad he'll easily be discredited because of that little 'incident', as he speaks the truth.

The other question is how come Buffett is a big shill for Bernanke? The guy seems so nice otherwise, like the grandpa everybody loves.

-Mike

Kent said...

KEITH - Are you back???!!! What an awesome thing!! We've missed you. Glad you're at least checking in!!

Anonymous said...

Keith, retired? You are starting to remind me of Casey in his final days. Kept quitting and then coming back.

yoski said...

Ah, I see Green Shoots. Keith is coming out of hiding. Good to hear from you again!

Anonymous said...

Welcome back. I was doubtfull you could stay away with all the work you put into your site(s).

Anonymous said...

Europe is toast

Went2puke said...

Glad you're back, even if on-and-off!
I was on a visit to Dubai a few weeks back. I thought about you when I saw the new gigantic Dubai Mall totally deserted. The old souk was bustling, though. So many pple looking for bargains (2-dollar shirts and 4-dollar jeans!). Almost no tourists from the US and Europe, but a lot of shoppers from Asia. I sighted a young dude wearing shorts and sandals. I almost yelled "Keith!"...for some reason he looked like you, although I have no idea how you look!!
Keep in touch, Keith. Things are getting more and more exciting-- so much to talk about.
Cheers!

Extra Cheese and Pepperoni said...

I love Spitzer also. We need to rehabilitate him and put him to work somewhere in the administration. He has quite the nose for corruption.

Anonymous said...

Spitzer cheated on his wife. He doesn't have any credibility left.

The Thinker said...

Hookers or not, Mr. Spitzer is correct here.

Mark said...

I'll be interested to see what the long term ramifications of Fed intervention truly are years after this crisis. If they put us into a deflationary cycle, or hyper inflation we're all going to wish they simply let BofA, Countrywide, Goldman and the rest fail.

Anonymous said...

Hey Keith,

Welcome back! The bubble continues!

The complex is busy wacking moles and it really is getting hilarious!

Get your popcorn and let's get back to blogging the biggest ponzi scheme ever to screw the American public.

Mike Hunt said...

Dodd & Conrad about to get smoked out... someone from Countrywide is squealing!

Check it out, should be a separate thread Keefer.

http://finance.yahoo.com/news/AP-IMPACT-Dodd-Conrad-told-apf-3529550125.html?x=0&sec=topStories&pos=main&asset=&ccode=

-Mike

simisteve said...

I have been a long time lurker and infrequent poster. I couldn't agree more about Elliott. A political assassination if there ever was one..... I am so glad to see him back in the news....

Anonymous said...

Spitzer is obviously making reference to 9/11 being an inside job.

What are you doing back Keith? Back for more punishment? I thought you were out in Timbuktu hunting for Osama Bin Laden.

Anonymous said...

Kieth,

I CANNOT BELIEVE YOU ARE BACK!!!

THANK YOU AND WELCOME BRO!

RayNLA

Lost Cause said...

I loved the hookers.

Formosan said...

The Arizona government is selling the capitol buildings to make money.

wb, Keith!

Paul E. Math said...

What the f?? I went to my list of favourites and was feeling nostalgic so I clicked on the ole S&A and whadya know? A new post.

I love Spitzer too. You gotta love a guy that has nothing to lose.

He can say anything, has no reason not to tell the whole truth as he sees it.

He is one of the most dangerous people on the planet.

And he happens to be brilliant and insightful.

Anonymous said...

Spitzer "gets it". Last time I checked, every honest man will admit that he longs for a little strange from time to time. Some dudes can't resist and some can - end of story. But, again, for the job at hand, Spitzer "gets it". I'd hate to be one of the "smoothies" out there and have this guy looking over my record and having him on my back.

Couldn't stay away, huh Keith? I knew you'd be back dude.

Smug Bastard

Anonymous said...

why no comments?

Anonymous said...

Ain't that the truth.

And welcome home, Keith; trust you enjoyed the break.

Peter Schiff may be the one to put a spoke in the Fed's wheel.

edenz

Charles said...

Looks like stoppng by onceanda while i worth it...

Spitzer was on Wall Street's ass that's why he was outed...

On a personal note, I'm debt free with 10,000 in thebank anda growing clientele for my computer service business here in the LosAngeles suburbs. It's been a long 4 years since Housing Panic started...

I still believe in the value and principle of property ownership and within the next year or 3 I'll be a happy home debtor...

But with an income to pay it off in 10 years and the piece of mind of buying somewhere near the bottom!

Dr. Huxtable said...

Hey buddy, fire up the blog.

What's your take on the tear that the equity markets have been on? Feels like a housing mania all over again.

I am watching Peter Schiff get heckled and treated disrespectfully by a panel of CNBC this evening (7/31/2009). Seems like these jokers will never learn.

euonymous said...

"Roam if you want to.
Roam around the world."

Keith,

Hopefully you're figuring out if you're running to something, or away from something.

And hopefully you've discovered that no matter where you go, there you are...

Most importantly, I hope you've seen with your own eyes... we're all the same.

i've had it said...

keith,

good to see you are keeping in touch. hope the travels are going well. come back in the fall recharged and let's continue!

best,

i've had it

Anonymous said...

Why are banks destroying new homes

http://www.youtube.com
/watch?v=4Ilayp2ykts

JOHN WINSTON LENNON SMITH said...

Oye Gevalt Kief.

You said were "Walking Away"?

Your obsessive/compulsive Tourret syndrome, the blurting of remarks to the public.

IRAN PROTESTERS What of your precious "Bah-Ma now?

"The Moving Finger writes: and, having writ,
Moves on: nor all thy Piety nor Wit
Shall lure it back to cancel half a Line,
Nor all thy Tears wash out a Word of it."

http://en.wikipedia.org/wiki/Rubaiyat_of_Omar_Khayyam

There, there, now Keif. Dry your eyes. We know you love big brother and big brother loves you.

Enjoy your trance.

http://thespeechatimeforchoosing.blogspot.com/2009/07/we-are-new-counterculture.html

Anonymous said...

C'mon; loved him because of the hookers...

Shakster said...

Did you say Inside job? No way

Anonymous said...

SO MUCH FOR THE OUTRAGEOUS INSULT TO MY TIME AND MONEY WITH THE PITNANCE THEY OFFER DEPOSITS.......

SeattleMoose said...

Spitzer is Da Man....and that is why he was barbecued and humiliated in the press.

He became ENEMY OF THE STATE because he knew the score and had names.

Any human male with any testosterone is gonna be guilty of some sex related offense in our "puritan" society.

Which means those pointing fingers are most likely...hypocrites.

Hope you are getting what you need Keith. Best of luck!!!

308guy said...

I hated Spitzer until the hooker. Stay semi-retired but keep coming back. All I have now is Denninger.

Devestment said...

The bubble aint nearly popped Keith. The big wave of 2010 and 11 resets is looming on the horizon. All this the the same time as high inflation and the debasement of the dollar.

Anonymous said...

Keith,
Just so you know, I was being facetious about the fathers day sale at wal-mart...
-JDF

Anonymous said...

Knew you'd be back!

Anonymous said...

Concerning that if Spitzer did his thing in Montreal, 30 mins from the US border, instead of DC, that this wouldn't even be an issue of any sort.