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Main Forums => The Roundtable => Topic started by: AZRedhawk44 on August 26, 2009, 11:38:22 AM

Title: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: AZRedhawk44 on August 26, 2009, 11:38:22 AM

http://online.wsj.com/article/SB125112547653253819.html

Quote

The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York's private-sector board of directors.

Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.

What does this guy know about banking systems?

The link I have is a pay-news site and I don't have an account, so I've been forced to google Denis Hughes.  Nothing involving financial regulation.  Just labor relations.  Srsly, WTF?

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: buzz_knox on August 26, 2009, 11:44:46 AM

There's two things at work:

1.  People don't trust those involved in the financial community so they are looking outside the financial community for leadership.  That's why you have people with zero real world financial experience making the rules, and you have people whose only experience is undermining business gaining positions of power over business. 

2.  You are seeing payment for services rendered.

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: Jamisjockey on August 26, 2009, 05:34:45 PM

Quote from: buzz_knox on August 26, 2009, 11:44:46 AM

There's two things at work:

1.  People don't trust those involved in the financial community so they are looking outside the financial community for leadership.  That's why you have people with zero real world financial experience making the rules, and you have people whose only experience is undermining business gaining positions of power over business. 

2.  You are seeing payment for services rendered.

Buzz, I think you got those backwards!
 :laugh:

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: seeker_two on August 26, 2009, 05:36:12 PM

Quote from: AZRedhawk44 on August 26, 2009, 11:38:22 AM

What does this guy know about banking systems?

Kneecaps.....he knows kneecaps.... ;)

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: RevDisk on August 26, 2009, 09:40:48 PM

Quote from: AZRedhawk44 on August 26, 2009, 11:38:22 AM

What does this guy know about banking systems?

The link I have is a pay-news site and I don't have an account, so I've been forced to google Denis Hughes.  Nothing involving financial regulation.  Just labor relations.  Srsly, WTF?

Dude, if your task is to undermine or cripple something, knowing about is kinda optional.  You don't need to be a structural engineer to blow up  a bridge, after all.

The point isn't to run a stable and reliable central bank system.  It's corruption, power and ideology.

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: Scout26 on August 27, 2009, 05:59:41 AM

So Tinky Holloway or Wesley Mouch ??

Title: Re: AFL-CIO Thug named head of NY State Fed Reserve???
Post by: buzz_knox on August 27, 2009, 08:54:24 AM

Quote from: JamisJockey on August 26, 2009, 05:34:45 PM

Buzz, I think you got those backwards!
 :laugh:

Actually, I think it's likely a 50-50 mix.

It's funny driving by the local AFL-CIO HQ.  It also happens to be the HQ for the county Dem party.  If nothing, at least they are open and honest about being in bed together.