God bless Thomas Hoenig

Fed’s Hoenig: “Too Big has Failed” (Calculated Risk)

Hoenig does not say a single thing with which I disagree.  Read it.

3 comments to God bless Thomas Hoenig

  • MattJ

    This strikes me as huge news, and the first step toward an actual solution. The sooner the Fed and the Treasury start recognizing the losses, the less time there is for the favored creditors to continue to loot the unfavored creditors and the taxpayers.

  • Vic

    Nemo –

    There is a new batch of Hugh Hendry videos on CNBC. He is still bullish on govt bonds and bearish on gold.

    http://www.cnbc.com/id/15840232?video=1049661113&play=1

    I just love this guy’s accent and elocution. Thanks for introducing him to me.

  • snoopy

    Wow. Hugh is singing a different tune than iTulip, Mish, and several others with respect to Gold. Wonder who will be right. For now, I’m still sitting on cash and stable value funds. I’ve been thinking of buying gold, but somehow have been turned off by the number of people buying it and some mainstream analysts (e.g. folks at Citi) saying that gold is expected to skyrocket.

    BTW, I have my own theory of why I think Peter Schiff is wrong. He says that because the US doesn’t produce anything, therefore they are in trouble. One thing he doesn’t realize is that the US is the intellectual horsepower behind a lof of the stuff that is being manufacture — not only the actual products but all the manufacturing processes, supply chain, etc. If the US stops supplying that know how, whatever is being manufactured elsewhere will quickly fall into obsolescence. The main problem with the US now is that the emphasis has shifted from innovation to cost cutting. Once the theme of innovation comes back, things will be fine even if manufacturing does not return back.

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