This Newsbite Deserves a Stand-Alone Posting

The things you learn when you read Zero Hedge...

Courtesy of Reuters...

To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets - and that access can be lucrative.

FOLKS... CAN YOU SPELL O*L*I*G*A*R*C*H*Y...???

On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds...former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting.

HMM... I WONDER IF MARTHA STEWART GOT A HEAD'S UP?

The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public - but only after a three-week lag.

(*SMIRK*)

Meyer's clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.

(*JUST SHAKING MY HEAD*)

APPARENTLY ALL PERFECTLY LEGAL, FOLKS. HEY... HOW'S THE HOPE AND CHANGE TREATING YA?

A respected economist, Meyer charges clients around $75,000 for his product, which includes a popular forecasting service. He frequently shares his research with reporters, though he kept this note out of the public eye. Reuters obtained a copy from a market source. Meyer declined to comment for this story, as did the Federal Reserve.

This selective dissemination of information gives big investors a competitive edge in the market.

YA THINK...?!?!

No one is accusing Meyer and his firm, Macroeconomic Advisers - or any other purveyors of Fed insights for that matter - of wrongdoing.

SEE...! I'M TELLING YOU, FOLKS... THERE'S "THEM" AND THERE'S "US" AND THE OBAMA ADMINISTRATION IS IN WITH THE "THEMS."

They are not prohibited from sharing such information with their hedge fund and money manager clients.

NO, FOLKS... THIS NOT A SATIRE OUT OF THE ONION - THIS IS REUTERS.

"It's certainly not what Fed officials should be doing," said Alice Rivlin, a former Fed governor and now a fellow at the Brookings Institute think tank. "The rules when I was there were you don't talk to anybody about anything that could be used for commercial purposes."

I GUESS IN THE AGE OF OBAMA THE RULES ARE A BIT... er... LOOSER.

The precise number of former Federal Reserve employees tapping their network of old colleagues can't be determined, but by most accounts they are a sizable group.

"The revolving door between the Fed and the private financial sector is quite significant," said Timothy Canova, professor of international economic law at Chapman University School of Law in Orange, California. There is no required registration process for economic and monetary policy consultants, former Fed lawyers say. Some especially high-profile former Fed officials now have their own shops, too: Former Fed Chairman Alan Greenspan's Greenspan Associates offers policy consulting to Pimco, the world's biggest bond fund.

(*SMIRK*)

Barker's Newsbites: Thursday, September 30, 2010

I dedicate this song to our "honorable" Members of the House of Representatives and Senate of the United States of America...

Car Rental Trivia

Did you folks know that Alamo Rental Car, National Car Rental, and Enterprise Rent-A-Car are all owned by the same family... the Taylor Family of St. Louis?

Interesting, huh?!

Oh... by the way... I actually used one of the consolidators - Hotwire - today to make a new car rental reservation that saved me roughly $80 bucks compared to my previous "best rate" reservation.

(The moment I book a trip - purchase the airfare - I then lock in the best rental car rate I can get and between then and the actual day of departure I periodically check for better prices and re-book as appropriate.)

The only problem with using a consolidator - a third party - is that in certain respects this puts you in the position of "second class citizen" as far as the actual service provider is concerned should problems arise and also quite often you're not eligible for the normal perks a registered frequent customer would get booking directly.

Anyway... at the moment I have a full sized car reserved for six days at $20/day; even with the taxes, fees, and surcharges connected to an on-site airport rental, it still comes out to less than $200 for the "week."

Barker's Newsbites: Wednesday, September 29, 2010

In precisely one week Mary and I will be waiting impatiently for Drunk'n Ted's and Drunk'n Mary's plane to land in Ft. Lauderdale...

God bless Key West...!!!

Barker's Newsbites: Tuesday, September 28, 2010

You guys know about the time I sang with Frank at Radio City Music Hall, right...???

Yeah... he was on stage and I was in the audience!

(*GRIN*)

Barker's Newsbites: Monday, September 27, 2010

Just imagine...

You're a little kid again... riding in the back of dad's lincoln...

It's all about the memories...

Weekend Newsbites: Sat. & Sun., September 25 & 26

The Great Scatman Crothers...

A bit of trivia: This was the last Disney animated film personally given the green light by the man himself - Walt Disney.

Barker's Newsbites: Friday, September, 24, 2010

Holy Elmo, Batman!

Seriously, folks... that segment was CUTE, not obscene, not "inappropriate."

Now I'm not saying we air this on Sesame Street, but for Christ's sake, let's all ease up a bit!

Barker's Newsbites: Thursday, September 23, 2010

No newsbites yesterday; I was busy preparing for today's ordeal.

(*WINK*)

Barker's Newsbites: Tuesday, September 21, 2010

Good... but I still miss Sonny.