{"id":10532,"date":"2009-12-10T17:26:00","date_gmt":"2009-12-11T00:26:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10532"},"modified":"2009-12-09T20:23:48","modified_gmt":"2009-12-10T03:23:48","slug":"atm-machine-the-more-i-hear-the-more-i-like-of-this-guy","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10532\/atm-machine-the-more-i-hear-the-more-i-like-of-this-guy\/","title":{"rendered":"ATM Machine? The more I hear, the more I like of this guy….."},"content":{"rendered":"

Okay, this is actually kind of funny.<\/p>\n

Paul Volcker, the former Fed Chairman, the guy who maneuvered us through the inflation mess in the early ’80’s, made a speech on Tuesday to a group of higher level financial executives.    These are the “power” people in the industry, the “who’s who” of the top financial firms.<\/p>\n

What does he tell them?   The best thing that they have done in the last 25 years was to invent the ATM machine.<\/p>\n

That box where you put your debit card in and it spits cash back to you?   Yeah, that’s the ticket.<\/p>\n

What’s his point?  That all of the “exotic” financial tools that have been developed, derivatives, CDO’s, CDS’s, MBS’s, TIPS, and a whole variety of other acronyms really haven’t done anything useful for the world’s economy.<\/p>\n

Ouch, that’s a stinging rebuke…..<\/p>\n

Tom Vanderwell<\/p>\n

Ex-Fed chief Paul Volcker’s ‘telling’ words on derivatives industry – Telegraph<\/a><\/p>\n

The former US Federal Reserve chairman told an audience that included some of the world’s most senior financiers that their industry’s “single most important” contribution in the last 25 years has been automatic telling machines, which he said had at least proved “useful”. <\/p><\/blockquote>\n

Technorati Tags: Paul Volcker<\/a>, ATM Machine<\/a><\/p>\n

\"\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Okay, this is actually kind of funny. Paul Volcker, the former Fed Chairman, the guy who maneuvered us through the inflation mess in the early ’80’s, made a speech on Tuesday to a group of higher level financial executives.    These are the “power” people in the industry, the “who’s who” of the top financial firms. […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[438],"class_list":{"0":"post-10532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"tag-paul-volcker","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1962,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1962\/is-greenspan-to-blame-for-the-housing-crisis-and-if-he-is-is-this-entirely-a-bad-thing\/","url_meta":{"origin":10532,"position":0},"title":"Is Greenspan to Blame for the Housing Crisis? 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The predictable consequences of government regulation of the financial markets","author":"Greg Swann","date":"September 16, 2008","format":false,"excerpt":"I wrote this for No Treason in July of 2002:This morning's New York Times has a curious piece on Alan Greenspan's recent denunciation of greed. The article consists of a series of quotations from Ayn Rand and from Greenspan in the days when he was incontestably in the Randian camp.\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10488,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10488\/1-full-percentage-point-that-would-leave-a-mark\/","url_meta":{"origin":10532,"position":2},"title":"1 Full Percentage Point? 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The characters were told\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2543,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2543\/which-candidate-gets-subprime\/","url_meta":{"origin":10532,"position":4},"title":"Which Candidate “gets” Subprime?","author":"Jim Duncan","date":"January 28, 2008","format":false,"excerpt":"Stimulus programs.\u00a0 Health care.\u00a0 Subprime.\u00a0 Which candidate \"gets\" the subprime fix in which we find ourselves?60 Minutes did quite the story this evening on the subprime problem, summed up with this quote:If it sounds like a shell game or Ponzi scheme, it was in a way.Ron Paul says:\u201cIf you believe\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18462,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18462\/overnight-news-the-two-reasons-you-cant-find-the-leader-youre-looking-for-you-are-searching-for-the-wrong-guy-and-hes-not-there-anyway\/","url_meta":{"origin":10532,"position":5},"title":"Overnight News: The two reasons you can\u2019t find the leader you\u2019re looking for: You are searching for the wrong guy \u2013 and he\u2019s not there,\u00a0anyway.","author":"Greg Swann","date":"September 9, 2021","format":false,"excerpt":"To read me is to study DISC-my-way by default, because that's what I'm doing. This is me yesterday on Facebook: History, until lately, was either Ci theocracy or Dc oligarchy. 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