– Fed’s Kashkari Responds To Zero Hedge: “A Market Drop Is Unlikely To Trigger A Crisis”:
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Neel Kashkari
Fed’s Kashkari Says “We Won’t See Next Crisis Coming”, Compares Banks To Risky Nuclear Reactors
– Fed’s Kashkari Says “We Won’t See Next Crisis Coming”, Compares Banks To Risky Nuclear Reactors:
Coming as a replacement to perhaps the biggest dove in Fed history, few were expecting former Goldman and Pimco staffer Neel Kashkari to be as vocally outspoken on a topic that is so near and dear to regulators everywhere: their own cluelessness, and more importantly, the topic of “too big to fail” banks, which according to the Fed are a pillar of stability in an unstable world, and which according to Kashkari are anything but.
It is doubly surprising because it was none other than Kashkari himself who served as one of the key architects of the bank bailout plan in the aftermath of the financial crisis. Shortly thereafter he lived for an extended period in the wild.
Another Former Goldmanite Becomes Fed President: Neel “Chump” Kashkari Replaces Uber-Dove Kocherlakota
Summing it all up…
Goldman Sachs -> Treasury -> PIMCO -> The Fed
Having recently failed in his bid to be democratically-elected to California’s governorship, it appears former Treasury Bailout chief and PIMCO ‘equity’ portoflio manager, Neel Kashkari has been selected (not elected) as Minneapolis Fed’s next president, replacing the uber-dovish Kocherlakota starting January 1st.
As The Wall Street Journal reports,
The Federal Reserve Bank of Minneapolis has named former banker, government official and unsuccessful California gubernatorial candidate Neel Kashkari to become its new president and chief executive officer.