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  • A People's Victory 8 comments
    Jul 22, 2014 3:09 PM | about stocks: GS, MS, BAC

    Janet Yellen and the Federal Reserve have NOT invited the heads of Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC) and other private banks to next month's annual central bankers meeting in Jackson Hole.

    This is a first for the Fed, and we think the officials are making an important statement about fairness in the markets.

    What we think happened is that under the guise of serious concern for financial stability, the private bankers got that language about small-caps published last week, and made a quick buck.

    We think that the backlash to last week (the pressure partly applied by the brave souls that signed the petition) was embarrassing for the Fed, and caused them to make a statement by cutting the bankers out of the loop.

    This is the right thing to do. These private banks act out of self-interest, like every other economic player, and should not have early information or special access to the decision making process.

    This is not the explicit statement that we were looking for, but we do think it is an important statement about fairness in the markets, and we applaud the bold move by Janet Yellen and the officials at the Federal Reserve.

    Themes: Federal Reserve, Yellen Stocks: GS, MS, BAC
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Comments (8)
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  • sheldond
    , contributor
    Comments (1259) | Send Message
     
    Is this victory? Did they read this petition? Yeah winning!!! Interesting....did anyone respond from the powers that be.

     

    D
    22 Jul 2014, 04:01 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2324) | Send Message
     
    Author’s reply » That's up to your interpretation, I think this move *is* a response and we played a small part, we will see when Janet writes her memoirs..
    22 Jul 2014, 04:06 PM Reply Like
  • sheldond
    , contributor
    Comments (1259) | Send Message
     
    I like to consider myself your Washington connection.

     

    D
    22 Jul 2014, 04:16 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2324) | Send Message
     
    Author’s reply » And I your Southwest connection (no meal served but bags fly free) my friend!
    22 Jul 2014, 04:36 PM Reply Like
  • Tadpoles_UK
    , contributor
    Comments (615) | Send Message
     
    Joe - I was happy to sign your petition...until I started getting nuisance emails right afterward.
    22 Jul 2014, 10:43 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2324) | Send Message
     
    Author’s reply » Sorry you are getting nuisance emails, you won't get any more from me, please opt out form change.org...I have to say that change.org is a site to pass on, there about 20 things about the experience that I would pan, some remarkably clunky and perplexing things.
    22 Jul 2014, 10:46 PM Reply Like
  • retpdguy
    , contributor
    Comments (191) | Send Message
     
    Det Joe, got my thank you by email. I'll alway's have your back. You make my day.
    22 Jul 2014, 10:46 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2324) | Send Message
     
    Author’s reply » Thank you retpdguy, you make mine partner.
    22 Jul 2014, 10:47 PM Reply Like
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