Lee Adler

Airin' Burnett Led to CNN Ratings Collapse After She Left CnBS ...

May 2, 2012 ... In a bid to boost ratings, CNN hired the ignorant, biased, and obnoxious Wall Street cheerleader ErinBurnett away from CnBS last year.

wallstreetexaminer.com

There are obviously some issues with the new board that will take a couple of days to iron out.

Fischer is bullshitting. He's clearly not clueless, so I have to assume that he has a reason for his disingenuousness. First of all, the Fed hasn't done any QE whatsoever in nearly a year. The Fed's balance sheet today is actually smaller than it was at the end of QE2.

What's driving the US economy is European capital flight. He knows that, so I'm not sure why he's bullshitting.

The liberal mass media is certainly more likely to seek the truth and examine issues fairly than the conservative mass media which breaks the law and lies as a matter of due course. Who exactly are the liberal mass media, anyway? Disney? Comcast? Viacom? News Corp? Or just the NY Times and Washington Post?

Yeah, it's a conflict of interest, but by law a couple of the officers of the banks shareholders, the banks in the district are appointed to the board. The conflict of interest is inherent in the law. The member banks are the shareholder/owners of the district banks. The real problem is the Fed's role as regulator. The conflict is not with Dimon. Congress should take away the Fed's regulatory role. It has proven itself completely incapable. The OCC should be beefed up and given greater law enforcement powers, including instituting criminal action.

The idea that the $3 billion loss went into the financial system into the pockets of the counterparties is nonsense. There's no relationship whatsoever between the size of the loss, the transaction value of the original trade, and the profits made by the original counterparties. The value of the position changes daily. The counterparties to any trade are always in a state of flux. If you write a call, and the position goes against you, is the profit on the other side, equivalent to your loss? It depends entirely on the original position of the original counterparty and subsequent counterparties for as long as your position remains open. The amount of system funds transfer depends on the actual trade itself. The amount of your loss depends on the moment to moment changes in the value of the instrument.