Robert Auerbach Unloads on the Federal Reserve

Tomorrow may be a truly special day in the history of our country’s financial hierarchy. The normally secretive institution known as the Federal Reserve led by current chair Ben Bernanke will host a live press conference shortly after the Fed Board of Governors exits from its regularly scheduled meeting addressing our nation’s economy and the Fed’s current monetary policy.

Will Bernanke surprise the markets and announce a continuation of the Fed’s asset bubbling, commodity inflating policy known formally as quantitative easing? Did somebody in the markets today know something about the Fed’s stance? Did anybody else find it particularly interesting that both stocks and bonds rallied big today?

While market participants anxiously await Bernanke’s words of wisdom, I actually think the better “Fed-show” may have been delivered today by Robert Auerbach. Who is Robert Auerbach?

Robert Auerbach was an economist with the House banking committee during the tenure of four Federal Reserve Chairmen: Arthur Burns, William Miller, Paul Volcker, and Alan Greenspan. Auerbach also served as an economist in the U.S. Treasury’s Office of Domestic Monetary Affairs during the first year of the Ronald Reagan administration and as a financial economist with the U.S. Federal Reserve System. He is currently a professor of public affairs at the University of Texas.

What did Auerbach have to say? As a few appetizers, take a taste of these Auerbach spicy morsels delivered during a Bloomberg interview this afternoon:

“Bernanke won’t make any news because he’s got himself in a very deep hole.”

“There’s a fight inside the Fed to keep QE2 going. I think it’s a very, very bad policy.”

“The bankers love what’s going on.”

What longtime Fed critic Henry “Gonzalez would like most is for the Fed to stop their very corrupt and deceptive policy for records…that kind of corruption is still going on.”

WOW!!! Auerbach cements his place in the Sense on Cents Hall of Fame with that jalapeno!! Don’t worry, there’s more where this came from.

“Congress has to impose some regulation on the Fed for maintaining their records.”

The Fed “minutes are mostly incorrect. They do not have any attribution as to who is saying what.”

“We don’t know what the people at the Fed are saying.”

Is your appetite sufficiently teased? Are you hungry for the full serving of what Auerbach has to say?

How can we quickly get Robert Auerbach some press credentials and have him question Bernanke tomorrow on behalf of all American taxpayers and citizens who cherish the virtues of truth, transparency, and integrity? He can represent Sense on Cents!!

You may be currently dismayed by the Fed’s policy to redistribute your savings to our banking system but you will not be disappointed by the posture taken by Robert Auerbach. I strongly encourage you to watch this full 7-minute clip including the last minute quote by the Seattle Times’ economics columnist Jon Talton.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

Visit: Sense On Cents

Be the first to comment

Leave a Reply

Your email address will not be published.


*