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Jim Myrtle

Jim Myrtle
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  • The Fed Should Stimulate Lending [View article]
    Wow!
    You're really confused about derivatives.
    Aug 23, 2012. 05:33 PM | Likes Like |Link to Comment
  • The Fed Disappoints The Stock Market [View article]
    "When the government needs money, it goes to the Fed"

    Wrong. When they need money, they sell Treasury securities.

    "These banks decide whether or not to lend the money to the government at interest"

    These banks have nothing to do with primary dealers and the public lending money to the government.

    "which it will eventually have to pay back to the non-profit Fed"

    The Treasury eventually has to repay anyone who loans to it.
    With interest.

    "The banks loaned themselves the money through the medium of the federal government, which is also known as money laundering"

    Huh?

    "Most Americans are rational"

    You should join us.
    Aug 22, 2012. 07:45 PM | 2 Likes Like |Link to Comment
  • The Fed Disappoints The Stock Market [View article]
    "In practice, nearly 100% of deposits are loaned out, yet depositors believe that they can withdraw the full amount of their deposit at any time"

    So what?

    ""Fractional reserve banks ... create money out of thin air"

    No they don't. They create loans out of deposits.
    Aug 22, 2012. 07:40 PM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    Thanks for the link.
    No proof there that it's loans.
    Aug 22, 2012. 04:11 PM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    I don't believe the chart.
    Looking at the primary source, the Fed, TALF was $767 million a year ago.
    Aug 22, 2012. 12:47 PM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    TALF? Looks like $848 million.
    Aug 22, 2012. 12:35 PM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    "I'm not talking about primary credit, I'm talking about total lending to financial institutions. (which was 250 billion a year ago)"

    Link?
    Aug 22, 2012. 12:34 PM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    More interesting that banks are only borrowing $24 million in primary credit at the Discount window. A bit smaller than your $250 billion claim.
    Aug 22, 2012. 11:52 AM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    Grey area? Why not look at the source? Here....

    http://1.usa.gov/Kk75Xj
    Aug 22, 2012. 11:27 AM | Likes Like |Link to Comment
  • The Simplified Bank Stress Test [View article]
    "Borrowing cheap money from the FED"

    Banks can borrow at 0.75% at the discount window. Do you feel they're doing that? How much do you think they are borrowing from the Fed? You have a real number? Or just a feeling?

    "and buying Treasuries for a nice easy, safe profit at our the expense of the taxpayers/public"

    How far out on the yield curve should they go to benefit from this 0.75% funding?
    Aug 22, 2012. 11:11 AM | Likes Like |Link to Comment
  • The Fed Should Stimulate Lending [View article]
    in 1971, the government gave itself the unlimited ability to pay any bill of any size — without taxes or borrowing — in fact, without having income of any kind. So who pays for federal spending. The answer: Nobody pays for federal spending. It’s the ultimate free lunch.

    The government pays its bills by sending instructions to banks to mark up creditors’ checking accounts. No taxes necessary. No borrowing necessary. Just instructions. Taxpayers don’t pay for federal salaries. Taxpayers didn’t pay for the GSA’s infamous Las Vegas trip. Taxpayers didn’t pay for the Secret Service hookers. Taxpayers didn’t pay for military cost overruns. Federal taxpayers simply do not pay for anything. Period.

    The next time you read an article telling you how taxpayers’ money is being spend on any federal project, know this: The author of that article is clueless about Monetary Sovereignty, the basis for all economics. Now repeat after me: Taxpayers do not pay for federal spending.

    So why does the federal government require us to pay federal taxes? They have not yet figured out the differences between a Monetarily Sovereign nation and one that is monetarily non-sovereign.

    Wow, this guy is funny.
    Aug 19, 2012. 03:48 PM | Likes Like |Link to Comment
  • The Fed Should Stimulate Lending [View article]
    "So, if you're right and the MSM & reporting by 'informed sources' is wrong - and thanks for the info"

    You're welcome. And if you think the typical MSM reporting is even in the same zip code as an informed source, you're mistaken.
    Aug 19, 2012. 01:55 AM | Likes Like |Link to Comment
  • The Fed Should Stimulate Lending [View article]
    "There is $1 billion more cash out there with no corresponding assets at the Federal Reserve"

    So what?
    Aug 19, 2012. 01:54 AM | Likes Like |Link to Comment
  • The Fed Should Stimulate Lending [View article]
    "If They tried to sell them tomorrow the marker would be swamped and the price for a securities would tank"

    You're the one who wants them to sell tomorrow. LOL!

    "But the government must keep stoking the fires of inflation if for no other reason then to pump up the price of these mortgage securities"

    Why? The Fed has no need or desire to sell them. They can simply allow them to run off into cash.
    Aug 19, 2012. 01:53 AM | Likes Like |Link to Comment
  • The Fed Should Stimulate Lending [View article]
    "If they they pay 5 billion and Sell for 4 billion that's 1 billion extra dollars out there"

    And yet, 4 billion less than was out there before they sold.

    "What if the government tried to sell the securities tomorrow?"

    They're trading well above par. They'd realize a huge profit.

    "Think they will get a trillion dollars for the trillion they paid out?"

    They only have $857 billion left. You know when rates fall, people refinance, don't you?

    "These securities were written when folks we're taking out HELOCs and buying fancy cars taking fancy vacations etc. etc. against their houses"

    No, they were buying new issues. After the crisis. Not that it would matter for guaranteed bonds.

    "I can't believe the government got anything close to a good deal on assets"

    And you won't let the facts convince you otherwise.
    Aug 18, 2012. 09:46 PM | Likes Like |Link to Comment
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