The $700 billion man
November 17, 2015 4:39 PM Subscribe
- 2014 gubernatorial candidate for the state of California...
- "Bailout czar" appointed to oversee the Troubled Asset Relief Program (TARP) in 2008 at the age of 35
- Actual rocket scientist
- One of People's Sexiest Men Alive (2008)
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Ladies and gentlemen, meet your new president of the Minneapolis Federal Reserve - Neel Kashkari.
Kashkari to take over from Narayana Kocherlakota, himself an intellectual and political force within the Federal Reserve notable for, amongst other things, his dramatic change of heart from monetary hawk to dove in 2012.
- "Bailout czar" appointed to oversee the Troubled Asset Relief Program (TARP) in 2008 at the age of 35
- Actual rocket scientist
- One of People's Sexiest Men Alive (2008)
------------------------------------
Ladies and gentlemen, meet your new president of the Minneapolis Federal Reserve - Neel Kashkari.
Kashkari to take over from Narayana Kocherlakota, himself an intellectual and political force within the Federal Reserve notable for, amongst other things, his dramatic change of heart from monetary hawk to dove in 2012.
"His focus isn't on social issues. "
This Californian is fleeing from him, since when are water, jobs, and education issues not social issues?
posted by yueliang at 4:51 PM on November 17, 2015 [4 favorites]
This Californian is fleeing from him, since when are water, jobs, and education issues not social issues?
posted by yueliang at 4:51 PM on November 17, 2015 [4 favorites]
A scientist and businessman that is interested in politics?
Nice try but you aren't fooling us, Lex Luthor.
posted by FJT at 4:55 PM on November 17, 2015 [10 favorites]
Nice try but you aren't fooling us, Lex Luthor.
posted by FJT at 4:55 PM on November 17, 2015 [10 favorites]
Number of Fed district banks now run by people with previous ties to Goldman Sachs - 4 (out of 12)
posted by triggerfinger at 5:06 PM on November 17, 2015 [8 favorites]
posted by triggerfinger at 5:06 PM on November 17, 2015 [8 favorites]
Well, we don't want Federal Reserve Banks to have presidents who learned about banking on the streets, do we?
posted by clockzero at 5:21 PM on November 17, 2015 [1 favorite]
posted by clockzero at 5:21 PM on November 17, 2015 [1 favorite]
It's naked pictures of Hank Paulson? That's what he's got right?
His last gig running Pimco's equity business was a debacle in every form.
Course the guy he's replacing is also a schmuck.
posted by JPD at 5:25 PM on November 17, 2015 [1 favorite]
His last gig running Pimco's equity business was a debacle in every form.
Course the guy he's replacing is also a schmuck.
posted by JPD at 5:25 PM on November 17, 2015 [1 favorite]
He claims California has 17% unemployment, but the Bureau of Labor Statistics puts it at 5.9%. He claims 24% poverty, but the Census Bureau says it's 15.4%-15.9%.
This is a standard technique for political candidates with slim chances - make it sound like things are terrible, so you can offer yourself as a solution. In this case he is a banker fudging numbers about money, which does not inspire trust.
posted by foobaz at 5:47 PM on November 17, 2015 [3 favorites]
This is a standard technique for political candidates with slim chances - make it sound like things are terrible, so you can offer yourself as a solution. In this case he is a banker fudging numbers about money, which does not inspire trust.
posted by foobaz at 5:47 PM on November 17, 2015 [3 favorites]
foobaz: The first article linked is from February 2014. The numbers have certainly improved since then, but I also doubt that less than two years ago they were as bad as he claimed. Needless to say, knockoff Lex Luthor didn't win.
(Also: C'mon gubernatorial hopefuls, at least take a turn in the state's legislature before setting your sights on the big boss's job.)
posted by elsietheeel at 9:21 PM on November 17, 2015 [1 favorite]
(Also: C'mon gubernatorial hopefuls, at least take a turn in the state's legislature before setting your sights on the big boss's job.)
posted by elsietheeel at 9:21 PM on November 17, 2015 [1 favorite]
Make no mistake. Neel Kashkari is a right wing deficit nut who wants to make sure no middle class wage earner ever gets a raise.
At least Kocherlakota was willing to recognize the error of his ways and change his position when empirical facts intruded on political dogma. Kashdari is a step backwards for the Fed.
posted by JackFlash at 9:30 PM on November 17, 2015 [3 favorites]
At least Kocherlakota was willing to recognize the error of his ways and change his position when empirical facts intruded on political dogma. Kashdari is a step backwards for the Fed.
posted by JackFlash at 9:30 PM on November 17, 2015 [3 favorites]
At his next job, in Newport Beach, his wealth grew enormously. For 3 1/2 years, he was chief of global equities at Pacific Investment Management Co., one of the world's top bond firms. In 2012, his monthly pay was $500,000, according to divorce papers filed by his wife. Their assets, she reported, totaled $7.2 million (source)
This man is in no way indebted to his $500000/month employers. He has our best interests at heart! Fuck this guy.
posted by benzenedream at 9:45 PM on November 17, 2015 [1 favorite]
This man is in no way indebted to his $500000/month employers. He has our best interests at heart! Fuck this guy.
posted by benzenedream at 9:45 PM on November 17, 2015 [1 favorite]
In this case he is a banker fudging numbers about money, which does not inspire trust.
I mean, I haven't for one moment in my life identified as a Republican and I have no opinion at this point on him as Fed chief, but I don’t actually think he's fudging the numbers here. The unemployment number he quotes is almost certainly including underemployment (part-timers) and discouraged workers who want to work, but have stopped looking for a job (both of which, incidentally, are things that the FOMC considers, along with several other factors, when looking at the overall labor market), as opposed to just the headline figure.
The poverty number is accurate under the Supplemental Poverty Measure, which is a more accurate way of measuring poverty.
Both of these measures are far better ways to measure these things, imo. It would be easy for a person who genuinely doesn't care about the unemployment rate to point to the 5.9% figures and say "no problem here!" while ignoring the millions of people who are working several grueling, low-paying jobs and still can't afford to feed their family. In fact, we have multiple skeezy politicians who do that very thing on the regular with a number of issues. Looking at the broader measures of employment is what we should be doing.
posted by triggerfinger at 10:03 PM on November 17, 2015 [3 favorites]
I mean, I haven't for one moment in my life identified as a Republican and I have no opinion at this point on him as Fed chief, but I don’t actually think he's fudging the numbers here. The unemployment number he quotes is almost certainly including underemployment (part-timers) and discouraged workers who want to work, but have stopped looking for a job (both of which, incidentally, are things that the FOMC considers, along with several other factors, when looking at the overall labor market), as opposed to just the headline figure.
The poverty number is accurate under the Supplemental Poverty Measure, which is a more accurate way of measuring poverty.
Both of these measures are far better ways to measure these things, imo. It would be easy for a person who genuinely doesn't care about the unemployment rate to point to the 5.9% figures and say "no problem here!" while ignoring the millions of people who are working several grueling, low-paying jobs and still can't afford to feed their family. In fact, we have multiple skeezy politicians who do that very thing on the regular with a number of issues. Looking at the broader measures of employment is what we should be doing.
posted by triggerfinger at 10:03 PM on November 17, 2015 [3 favorites]
For what it's worth he comes across very poorly in Barofsky's (SIG TARP) book 'Bailout'.
posted by mikek at 10:52 PM on November 17, 2015 [1 favorite]
posted by mikek at 10:52 PM on November 17, 2015 [1 favorite]
Kashkari? more like Cash and carry am I right?
Socialized losses for me and private gains also for me .
posted by kanemano at 11:57 PM on November 17, 2015 [2 favorites]
Socialized losses for me and private gains also for me .
posted by kanemano at 11:57 PM on November 17, 2015 [2 favorites]
Their assets, she reported, totaled $7.2 million
Wonder where the bulk is hidden.
posted by rhizome at 12:37 AM on November 18, 2015
Wonder where the bulk is hidden.
posted by rhizome at 12:37 AM on November 18, 2015
Just imagine making 6 million bucks a year and being a literal laughingstock of an entire industry because of your incompetence.
posted by JPD at 4:21 AM on November 18, 2015
posted by JPD at 4:21 AM on November 18, 2015
ok, imagining...
whoa
it's pretty nice here
i really need to fail upward
posted by indubitable at 4:53 AM on November 18, 2015 [3 favorites]
whoa
it's pretty nice here
i really need to fail upward
posted by indubitable at 4:53 AM on November 18, 2015 [3 favorites]
The folks at Slate Money think he's something of a wunderkind, but the discussion is fairly lightweight.
posted by psoas at 1:20 PM on November 18, 2015
posted by psoas at 1:20 PM on November 18, 2015
I have no idea WTF is going on or WTF this guy is about.
...and I think that's by design.
posted by Smedleyman at 9:11 AM on November 19, 2015
...and I think that's by design.
posted by Smedleyman at 9:11 AM on November 19, 2015
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posted by triggerfinger at 4:41 PM on November 17, 2015