Charlie Rose

curious1aboutpol  09/09/2012 08:41 PM Report

I appreciate Mr. lacker for inviting the idea that we entrust too much power and responsibility into these monetary institutions. They are ultimately run by a select few individuals which are as mistake prone as every human on this planet.

I'm not comforted by the idea of an entity made to produce market stability that only produces stability when they make the right decision and have the potential to create sytemic chaos if they guess wrong.

I also worry about the implications to freedom and representative democracy when these economic institutions can declare economic martial law like in the 2008 financial crisis in which the greatest survivors were the banks that had the strongest connections to the Bush and Obama administrations.

SharkswithfrikingLazers  09/03/2012 01:12 AM Report

Charlie, in August of last year Warren Buffet told us we need a million housing starts.

Well good news!

In July there was an annual rate of 812,000 building permits, up 29.5 percent from July of 2011.

So things are looking brighter on the 'precipice/end of the hangman's noose'.

SharkswithfrikingLazers  09/03/2012 01:01 AM Report

He tells us that the cautiousness of American households is holding back growth.

Dave Ramsey's "Financial Peace University" is being taught at many, many, many churches. This course is all about financial caution (and tithing).

Also, as long as you owe more on something than it is worth--and that something takes up to a third of your household income--you probably will be a little cautious.

This caution might last for quite awhile since it can take a decade to heal from such a bubble (housing prices recover) and the "financial peace" education at churches might provide lasting change to the American debt economy.

SharkswithfrikingLazers  09/03/2012 12:50 AM Report

WOW Charlie—your question is really something.

“When you just look at the American Economy are you optimistic that somehow we will as a country we will make the right decisions and looking at the precipice of disaster will focus the mind as the hangman’s noose does?

Hangman's noose? Precipice of disaster? You need to walk your dog Charlie.

(He is hopeful by the way.)

vongleichent  09/02/2012 12:19 PM Report

If demand is there just build, the plant in a different country.

SharkswithfrikingLazers  09/02/2012 04:25 AM Report

Charlie,

A Bloomberg report reveals that the U.S. government loaned banks $7.7 trillion in secret bailout funds at no interest and then borrowed the money back at interest.

So what is going on here?

http://www.thedailyshow.com/watch/thu-december-1-2011/america-s-next-tarp-model

SharkswithfrikingLazers  09/02/2012 04:14 AM Report

Charlie, Dodd-Frank sounds better coming from his mouth:

Dodd-Frank means tougher liquidity (can’t borrow short term money like before) and tougher capital requirements.

Living wills mean all financial institutions have to devise a plan for their failure without government assistance.

Clean up structures and make themselves resolvable with unassisted bankruptcy.

Oh yes, but he forgot to put someone in jail. "60 Minutes" is working hard where the Justice Department is just dragging. Let's see what Steve Kroft has been doing FOR FIVE YEARS:

http://www.cbsnews.com/8301-18560_162-57417397/the-case-against-lehman-brothers/

http://www.cbsnews.com/8301-504803_162-57418034-10391709/kroft-why-have-no-banking-executives-been-pr osecuted/

SharkswithfrikingLazers  09/02/2012 04:04 AM Report

“Sustainable and Substantial” economy.

Yes, please.

SharkswithfrikingLazers  09/02/2012 04:02 AM Report

Too-Big-To-Fail still rules?

Still around with us?

Lots of work to do?

WHEN? (no hiking in the afternoon until the work is done.)

SharkswithfrikingLazers  09/02/2012 03:58 AM Report

So this guy in his district wants to produce something made of high density polymers but he is uncertain.

Charlie, you are correct. If the demand is high then the rest should work out in time. If this guy has a million orders then he needs a plant to fill the orders now. He is not going to say I will wait until I have more certainty.

Now if he has a product with lots of competition, that the Chinese can undercut him easily on price, then that is really his problem.

I have an order for a million swimming pool noodles but I can't open a plant because I am worried about the cost of healthcare or my tax rate? Common on. Perhaps I am just too rich to bother with it?

GordonGekko  08/30/2012 02:57 AM Report

And thank you Charlie for bringing him on!

GordonGekko  08/30/2012 02:55 AM Report

And why is Mr. Lacker not the Chairman of the Federal Reserve?

William_von_Hassel  08/28/2012 06:31 PM Report

With pinpoint accuracy, and laser like focus, Mr. Lackey hits all the high points, and low points, in the last four years and beyond.

What a refreshing interview! To actually hear someone from the Federal Reserve speak clearly and frankly to every aspect of the unraveling of this economy that we as households, and business owners have known all along.

Maybe too big to fail, isn’t really too big to fail if there is a clear strategy to handle the failure. Households will not spend, if they fear the loss of one or both incomes in the near or even distant future. Business owners will not invest, either in human capital, or physical capital, if they have no clear indication where the economy is headed. Nor will Businesses create or invest, unless they have a fair and reasonable assessment of what the potential overhead costs may be, regardless of consumer demand.

Without leadership, a well thought out plan, a clear path, or even a discernable direction, neither household nor businessperson is willing to be the first one to walk down the plank and dip their toe in the water.

The unwillingness on the part of households and businesses to take the first step, has created a stalemate with each side waiting for something, or just someone, to take the reigns and say, it’s ok, let’s get to work.

Congratulations Mr. Lackey, well done!

NHWilly  08/28/2012 04:52 PM Report

Bravo Mr. Lacker!

Finally someone at the Fed who gets it! And someone who is spot on with his observations of this quagmire we’re in.

I have only two wishes:

1. I wish I could go to Jackson Hole and buy you a beer

2. I wish you were the Chairman of the Federal Reserve.

richard-lipscombe  08/27/2012 11:06 PM Report

Congratulations Mr Rose....Mr Lacker is a 'serious' alternative voice to those you have had around your table lately...he makes the point that monetary and fiscal policy are very different levers within the economic machinery of government... monetary policy is the natural preserve of the Federal Reserve which is an independent entity - at present however, there is little more it can do without boosting inflationary pressures within the domestic economy... fiscal policy is the natural preserve of the government of the day but as Mr Lacker correctly points out it has been hijacked by the Federal Reserve since 2008...

one important point Mr Lacker makes (in his calm and deliberate way) is that with the advent of the Federal Reserve relaxing the fiscal discipline of the government - via its loans to institutions including under-water banks and, in directly, to underwater home owners - it is tampering with the traditional sense of sovereignty and thus with America's sovereign risk profiles...also Mr Lacker seems to have a good 'feel' for why America business is in such sharp decline right now - he talks about the reluctance of business people to commit to their plans for new ventures or expansion of their current undertakings because of the uncertainty in their future costs - they are hard pressed to do a cost:benefit analysis of future plans because they do not know the full costs of doing business under ObamaCare and increased regulations and most of all the uncertainty/ambiguity coming out of Washington...

Mr Lacker talks sensibly about the uncertainties in the economy - with a huge housing over-hang and huge shifts of resources from the business to government...

Mr Rose, thanks for bringing Mr Lacker to the table and may you be encouraged by this feedback to bring more dissonant voices to your table in the near future...

surely, the Charlie Rose table was built to bring diversity of view not just 'Groupthink' and 'me too' thinking...

cheers, richard.

anne4444  08/27/2012 04:56 PM Report

Human in the near future: no sleep (sleeping is used to download our daily activities as information into mother earth), no sex, telepathic communication, no food intakes (only energy), long life span, aware of past lives experiences, traveling faster than light without vehicles, and etc…

Mostly… there is NO MONEY and still all basic needs of individual being are taken care of. The true essence of life is love and creativity; it is not about control management. Using money to control and enslave others will prevent us to move into future timeline.

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An evolved society is… useful beings are not enslaved themselves for material gains, fames or hatred and useless beings are also used. The wonder of creation is that all things are useful whether you know them or not. Uselessness will help us to connect our origins. Without uselessness, it will create DANGER to our existence.

Our soul’s origin has compassion, happiness, creativity, wisdom and intuition. Please make sure we DO CONNECT our souls if we want to move forwards into future timeline.