Top Federal Reserve official resigns

[Blackjack200]

Not everyone is financially secure enough to resign their jobs. But senior government leaders that do have some measure determination will need to decide if they are going to be part of what is coming from this administration.

I applaud Daniel Tarullo here. I can only imagine how hard it must be to walk away from 10 years worth of work to prevent another financial catastrophe, knowing that your successor will almost certainly tear it all down. But now he will be remembered for his efforts, and his principals.

http://www.reuters.com/article/us-usa-fed-tarullo-idUSKBN15P2CJ

 

[theeedude]

I think we'll have Great Depression 2.0 under Trump, because it appears Great Recession has taught the Republicans less than nothing.

 

[HTFOff]

BOMBSHELL

 

[s0me0nesmind1]

Regardless of his position, it sounds more like a sore loser? God forbid you fight for (and stand-by) your cause.

Sounds more like a sore loser of "IF YOU DUN AGREE WIT ME THN UR AGNST ME!!!"

Seriously. What does resigning do? Brings in someone who disagrees with you so that the thing you're opposed against continues? What a dumb fuck. I mean seriously, the whole prerogative of "I don't vote because it doesn't make a difference" makes more sense than this dumb shit.

 

[Jhhnn]

Regardless of his position, it sounds more like a sore loser? God forbid you fight for (and stand-by) your cause.

Sounds more like a sore loser of "IF YOU DUN AGREE WIT ME THN UR AGNST ME!!!"

Seriously. What does resigning do? Brings in someone who disagrees with you so that the thing you're opposed against continues? What a dumb fuck. I mean seriously, the whole prerogative of "I don't vote because it doesn't make a difference" makes more sense than this dumb shit.

Wowzer. Jump to conclusions often? His motivations are unclear, given that he hasn't said anything other than to resign.

I do think the argument in the OP is overblown, however.

 

[Vic]

Sinking ship.

 

[s0me0nesmind1]

Wowzer. Jump to conclusions often? His motivations are unclear, given that he hasn't said anything other than to resign.

I do think the argument in the OP is overblown, however.

Jumping to conclusions? By all means, please share you're thoughts on what resigning from such a prestigious position can hope to accomplish?

 

[bshole]

Regardless of his position, it sounds more like a sore loser? God forbid you fight for (and stand-by) your cause.

Sounds more like a sore loser of "IF YOU DUN AGREE WIT ME THN UR AGNST ME!!!"

Seriously. What does resigning do? Brings in someone who disagrees with you so that the thing you're opposed against continues? What a dumb fuck. I mean seriously, the whole prerogative of "I don't vote because it doesn't make a difference" makes more sense than this dumb shit.

Memory lapse? Did you not just see what happened to the last bureaucrat who disagreed with Trump. She was fired in 8 hours or so. Trump wants to deregulate. Why should this guy try to stop it and get fired?

 

[Vic]

Memory lapse? Did you not just see what happened to the last bureaucrat who disagreed with Trump. She was fired in 8 hours or so. Trump wants to deregulate. Why should this guy try to stop it and get fired?

Trump has to deregulate. If you take away the priced-in expectations of deregulation and lower taxes, the market is actually down since the election, while interest rates are up. I know that sounds odd, but it's true. The Trump 'bounce' is phony. And if he can't follow through...

 

[Jhhnn]

Jumping to conclusions? By all means, please share you're thoughts on what resigning from such a prestigious position can hope to accomplish?

I have no idea why he resigned & neither do you. He hasn't said. That hasn't stopped you from attacking him.

 

[kage69]

As far as I can tell all signs point to a dedicated worker wanting nothing to do with the new management's stated goals.

As Vic said; sinking ship. It's like a big white squall of justice is rising in the distance to meet Dump's bullshit, and Darullo knows it. He's saying 'I'll miss the ship, but you guys can let me off at this island with the mountains, thanks.' Let the new undermanned, under experienced crew handle the storm they are chasing on their own.

Can't blame him at all. And keeping tight lipped on it all is probably a good idea when you are dealing with an infantile, vindictive snowflake like Trump, not to mention his bootlickers who mimic his sense of civility and lack of shame.

 

[cubby1223]

Memory lapse? Did you not just see what happened to the last bureaucrat who disagreed with Trump. She was fired in 8 hours or so. Trump wants to deregulate. Why should this guy try to stop it and get fired?

One must give up his job because the alternative is he might lose his job...

Sounds to me like somebody who wasn't all too confident in his ideas to begin with. I actually know people who are in the business, and are passionate about correct risk reporting in the financial industry, and they take their job seriously, and they fight for what they believe in. I also know many who are in such positions as a place of convenience for the paycheck, and they absolutely are the first to run when anything difficult comes their way.

This guy?

 

[Jhhnn]

One must give up his job because the alternative is he might lose his job...

Sounds to me like somebody who wasn't all too confident in his ideas to begin with. I actually know people who are in the business, and are passionate about correct risk reporting in the financial industry, and they take their job seriously, and they fight for what they believe in. I also know many who are in such positions as a place of convenience for the paycheck, and they absolutely are the first to run when anything difficult comes their way.

This guy?

Meh. Like I said, who knows other than him? Nobody who's talking. His reasons could be entirely personal. If it's professional, he probably doesn't want to be the person in charge of destroying the financial safeguards he helped to build.

You know that's what Trump & the Repubs intend, don't you?

How'd that work out last time?

 

[dank69]

One must give up his job because the alternative is he might lose his job...

Sounds to me like somebody who wasn't all too confident in his ideas to begin with. I actually know people who are in the business, and are passionate about correct risk reporting in the financial industry, and they take their job seriously, and they fight for what they believe in. I also know many who are in such positions as a place of convenience for the paycheck, and they absolutely are the first to run when anything difficult comes their way.

This guy?

Resigning looks better on the resume than being fired.

 

[JSt0rm]

the economy is all that really matters. If they blow it up because rust belt people cant wrap their little brains around anything but drilling holes in metal Im gonna laugh. Hopefully I will be working but Im gonna laugh too.

 

[JSt0rm]

Resigning looks better on the resume than being fired.

are you so sure about that? Getting fired by trump would be at the top of my resume.

 

[piasabird]

Link can not be found. No other information found.

 

[trenchfoot]

Possibly the writing on the proverbial wall foretold his immediate future. I assume a guy in his position has the time-wisened street smarts to know when to "git when the gittin's good".

Well, it seems to me that writing on the wall manifested itself in yuuuge blinking neon signage that Bush/Cheney v2.0 is about to go down and dirty......real dirty.

Time to study some history from early to late 2000's and get my financial advisor involved again.

 

[HamburgerBoy]

Trump has to deregulate. If you take away the priced-in expectations of deregulation and lower taxes, the market is actually down since the election, while interest rates are up. I know that sounds odd, but it's true. The Trump 'bounce' is phony. And if he can't follow through...

How exactly is that quantified? Link?

 

[compuwiz1]

Smells like a rat jumping ship, considering Rand Paul has been advocating auditing the Federal Reserve. Under this administration, that audit just might happen.

 

[PokerGuy]

The swamp continues to drain itself!

Actually, I don't really know why the guy is leaving. If he's leaving just because it's time to go, then more power to him. If he's leaving to try and make some sort of point or in protest of the new administration, then good riddance, chalk one up to swamp draining.

 

[Jhhnn]

Smells like a rat jumping ship, considering Rand Paul has been advocating auditing the Federal Reserve. Under this administration, that audit just might happen.

Your ignorance is showing-

You might think that legislation widely known as “Audit the Fed” would have something to do with auditing the Fed, in the conventional sense of reviewing the institution’s financial assets and liabilities, records, and operations. You’d be wrong. The Fed is already thoroughly audited in the usual sense, by an independent inspector general and by an outside accounting firm (currently, Deloitte and Touche), and the resulting financial reports are made public online. Every security owned by the Fed, up to the detail of the identifying CUSIP number, is also available online. Moreover, the Government Accountability Office (GAO), which does in-depth reviews and analyses (“audits” of a different type) of government activities at the request of Congress, has wide latitude to review Fed operations, including supervision and regulation as well as other functions. For example, as required by the Dodd-Frank Act of 2010, the GAO conducted reviews of the Fed’s emergency lending programs during the crisis and of the Fed’s governance structure. Since the financial crisis, the GAO has done some 70 reviews of aspects of Fed operations.

https://www.brookings.edu/blog/ben-bernanke/2016/01/11/audit-the-fed-is-not-about-auditing-the-fed/

Conservatives have been post-truth about a lot of things for a rather long time. Trump's election just made it obvious. Not to them, of course.

 

[Exterous]

Not everyone is financially secure enough to resign their jobs. But senior government leaders that do have some measure determination will need to decide if they are going to be part of what is coming from this administration.

I applaud Daniel Tarullo here. I can only imagine how hard it must be to walk away from 10 years worth of work to prevent another financial catastrophe, knowing that your successor will almost certainly tear it all down. But now he will be remembered for his efforts, and his principals.

http://www.reuters.com/article/us-usa-fed-tarullo-idUSKBN15P2CJ

Regardless of his position, it sounds more like a sore loser? God forbid you fight for (and stand-by) your cause.

Sounds more like a sore loser of "IF YOU DUN AGREE WIT ME THN UR AGNST ME!!!"

Seriously. What does resigning do? Brings in someone who disagrees with you so that the thing you're opposed against continues? What a dumb fuck. I mean seriously, the whole prerogative of "I don't vote because it doesn't make a difference" makes more sense than this dumb shit.

While some of the Fed members are appointed by Presidents they are very much outside the scope of traditional Executive branches so they really aren't part of presidental administrations. They can't have funding cuts held over their head and can really only be yelled at by the President or Congress - neither can force any sort of Fed action. This wouldn't be the first time there was tension between the Fed and a President (See: Volcker). If he were a die hard anti-Trump person staying on would make more sense then retiring given the very limited control a President has over the Fed and the Fed's ability to stonewall a President on areas within their control. Congress may set goals for the Fed but none of the Fed's plans on how to meet those goals require Presidential or Congressional approval.

As for retiring - from reading Ben Bernanke's book - it sounds like it is not uncommon for Board members to not serve their entire term. He himself took over for someone who retired before their term was up. IIRC 3 members retired early under Obama so I think its a stretch to think that retiring is a result of Trump's presidency unless more information comes out. (Even then I'm not sure that would make a lot of sense given what I said above)

are you so sure about that? Getting fired by trump would be at the top of my resume.

Wat? Once they are appointed they can't easily be removed by the President or Congress. Its probably harder to remove someone at the Fed than removing a sitting president