Fed transcripts released today a BONANZA for Ron Paul!!!

[Libertea Party]

Has the campaign gone into any of this gold yet???

“We think the fundamentals of the expansion going forward still look good” ~Tim Geithner, Obama's Treasury Sec in '06.

Tim Geithner to Alan Greenspan:"I’d like the record to show that I think you’re pretty
terrific, too. [Laughter] And thinking in terms of probabilities, I think the risk that we decide in the
future that you’re even better than we think is higher than the alternative. [Laughter]"

NYT Article:
http://www.nytimes.com/2012/01/13/business/transcripts-show-an-unfazed-fed-in-2006.html
Whole Transcript:
http://www.federalreserve.gov/monetarypolicy/fomchistorical2006.htm

Ms. Yellen said: “It’s fitting for Chairman Greenspan to leave office with the economy in such solid shape. The situation you’re handing off to your successor is a lot like a tennis racquet with a gigantic sweet spot.”

 

[sailingaway]

I posted a little of it. THere is a great graph.... I'm hoping Ron is home reading and lau-u-u-u--ughing....

 

[chickensguys]

Thanks for posting this. Just from skimming a few transcripts from 2006 I found this gem.

I swear to god, it's like it was only a matter of time until it became a problem.

There are, however, real-side concerns in the housing sector, yet none of these
scenarios we’ve run seem to suggest anything approaching a recession-level slowdown. Concerns
remain weighted toward an upside risk to inflation, but not necessarily one that demands immediate
action. Despite the concerns on the inflation front, I think we can afford to wait a bit longer so that
October 24-25, 2006 107 of 203we can assess the actual outcomes regarding inflation and output, see how they match up against the
forecast, and then determine whether the current level of the federal funds rate provides enough
restraint to reduce inflation. Thank you

 

[mosquitobite]

*gets to brag* This is how I get to show my street cred! \o/

Back in 2006 I was the one in charge of keeping track of economic trends at my work place. I mentioned in the email I sent out that we need to be vigilant because of the inverse yield curve that I had just noticed. I was young and ambitious and wondered if anyone would even ask me what that was or meant. ONE coworker did. This was our exchange:

From: Me
Sent: Tuesday, April 04, 2006 4:23 PM
To: coworker
Subject: RE: Business Trends

I was wondering if anyone would ask that!

interest rates yield

Usually long term rates are higher than short term (you know like the higher rates of return on a longer CD). The "spread" between long term rates and short term rates is called the yield. If you chart it you get a certain arch between them.

Sometimes, rarely, short term rates are higher than what you can get long term. This causes an "inverted" yield. And historically recessions have been preceded by an inverted yield curve.

http://matrix.millersamuel.com/?p=387

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

From: coworker
Sent: Tuesday, April 04, 2006 4:34 PM
To: Me
Subject: RE: Business Trends

So generally speaking, investors believe that the economy is hot right now, but they don't believe it is sustainable, so it might be a fair guesstimate that the feds will be raising the prime rate soon to slow things down?

From: me
Sent: Tuesday, April 04, 2006 4:42 PM
To: coworker
Subject: RE: Business Trends

The fed has been raising rates since last summer. For some reason though, the banks haven't raised their rates to correspond.

I believe the fed is raising rates to try cool down the idiotic housing market in some areas. It's not working as well as they hoped, and I think it's going to cause more problems than we know right now.

Being a part time Realtor, I've already seen an increase in the number of foreclosures on the market in OUR area, I can't imagine what it's like where the people in CA and NY bought on interest only loans. Next year will probably be a good year to invest in real estate as it will most likely become a hot buyer market since supply will exceed demand (probably by a large margin). The question is how many will be willing to pay the higher rates.

The economy is hot right now, but investors definitely think there is a cool down pending. - Thus the rush to gold.

Between interest rates increasing and how much of our federal debt is in Chinese hands, something's going to give at some point. Just a matter of when!
I hope it holds out til 2007 so we get a good fall bonus!!

Rates will drop again when the fed thinks it's done enough damage (ie the market goes into recession).

He returned that email to me in 2008 saying I was Nostradamus

Do you guys think things would have improved if they would have raised rates? And why didn't they/do they?

 

[TIMB0B]

Anyone think Greenspan got out when he did because he saw the writing on the wall?

 

[Libertea Party]

Why isn't the campaign scheduling interviews to discuss this? Ron Paul owns this issue. Why isn't an email being sent out to generate enthusiasm and $$$ ?

 

[Libertea Party]

Rand should again call for Geithner to resign.

 

[XorGate]

TIMB0B- He got out because his term was up. I think.

 

[sailingaway]

 

[georgiaboy]

oh my my my the shoes keep dropping from the many-legged monster.

 

[ShaneEnochs]

I haven't been able to click the links or anything, but what is the bottom line of this? Does it give some ACTUAL firing power to take down the FED or those who run it?

 

[sailingaway]

So far all I've seen is funny stuff about how they didn't see what was right in front of their idiot faces, during a time Ron was trying to get them to understand precisely what was going on. But the stuff just came out and there is a lot of it.

 

[Libertea Party]

I'm going to go nuts if Newt Gingrich gets to the issue before Ron Paul. The Paul team better pounce on this.

 

[Libertea Party]

Just saw "Happening Live" cover this really really well on Fox. Here's how we're trying to get Ron Paul's credibility on the issue out there: http://www.ronpaulforums.com/showthread.php?350391-Action!-Email-Debate-Moderaters-and-Media-NOW!

 

[sailingaway]

Why isn't the campaign scheduling interviews to discuss this? Ron Paul owns this issue. Why isn't an email being sent out to generate enthusiasm and $$$ ?

I'm sure he's still going through them.

 

[sailingaway]

I'm going to go nuts if Newt Gingrich gets to the issue before Ron Paul. The Paul team better pounce on this.

Ron Paul's 'unproductive legislative record' is the REASON we have this information.

 

[Libertea Party]

Ron Paul's 'unproductive legislative record' is the REASON we have this information.

Yeah exactly uncovering the biggest manipulator and force is unproductive to these clowns.

It's probably the most productive thing a member of congress has done in 30+ years and especially now with the economic crisis. I believe Ron Paul advocated for this power to disclose minutes in the 80's and the Fed fought it.

 

[swissaustrian]

Here are some highlights of Ben "Baghdad Bob" Bernanke:

 

[Xenophage]

Ron Paul's 'unproductive legislative record' is the REASON we have this information.

Are you sure? I thought they always released transcripts of meetings five years after they happened.

 

[Tyler_Durden]

A Federal Open Market Committee meeting on March 28, 2006.

"See This Room? THREE-Thirds Of Us [Would Be] Laid Off If Ron Paul Is President"