Senate Dems Not Sure They Can Get Enough Votes to Reconfirm Bernanke

Totally agree. Obama has been too nice. He’s got to stop trying to push a right wing agenda and start moving back to the center.

Audit the fed, kill the fed, imprison all owners of the fed. It is a privately held printing company. Nothing more. They print fake money, sell it to us in exchange for real money (gold) and charge us interest on their worthless paper. A criminal racket of world-class proportions.
ONLY Congress is authorized to coin money. Not this privately owned monopoly.

I agree with the first commenter. When we don’t like people for political reasons, we should put them in prison. That’s what American is all about.

The voters are angry with Congress – not the banks, insurance companies or brokerage firms.
The reporter misplaces the ferver – whack all the *(_&heads in C0ngress

Obama thinks people are angry at “Washington”, Sanders thinks people are angry at the Fed. You’re getting warm. Shall we try door number three?

The US will fail if Benanke is removed. Your interest rates are about to go through the roof! Just what the neocons wanted. How do you feel now Mass.??

–Your interest rates are about to go through the roof–
Not if you’re named Fannie or Fred!

This whole thing is a farce.
The entire housing bubble was the result of one giant social experiment pushed on us by the liberal democrats.
They’ve been lining the pockets of executives at corporations like Fannie Mae and Freddie Mac for years in exchange for high-risk loans to low-income, poorly-qualified individuals. …Individuals who have been trained to vote for the Democrats in exchange for government hand outs.
This is the real cause of the economic crisis and Democrats like Barney Frank are right in the middle of it all. They created the situation.
But are they being called to task? Are the executives at Fannie Mae being made to answer for what they’ve done? H8ll no!
Instead we’re blaming the banks. The very same banks that were ORDERED by the government to make risky loans to low-income borrowers via Fannie or Freddie.
What a sham! Folks, we are living in nothing more than a corrupt banana republic.

The big question:
Is Bernanke too big to fail?

Senate Majority Leader Harry Reid, D-Nev., at one point was planning on scheduling a vote on Bernanke for Friday, but the Senate is currently in the midst of a debate over raising the debt limit and the vote has been pushed.
Raise the debt limit? Fire up the printers and tell China to open the vaults in Beijing!

It wasn’t about risky loans which were repackaged btw as much as risky investments that included some of those those repackaged loans. The bank was pretty much gambling with the money people had in their accounts.

The big question:
Is Bernanke too big to fail?
Th bus is coming…right on time…

It doesn’t really matter if it’s Bernanke or another Federal Reserve member. They’re all corrupt. End the Fed!

@bothpartiessuck:
Amen brother, +1 ;-)

Anyone who thinks the Bush didn’t push homeownership need to listen to his SOTU from 2002 and a speech he gave in June 2002. Then Google ADDI that was pushed through by the REPUBLICAN Senate and house and signed by W in 2003! They didn’t like down payment for loans. ALSO ARMS were hard to come by before 2003.

just wait till the Feds confiscate gold and raise the top margin rate to 80 percent. Then you really will be crying in your beer
————————–
I lost my gold and silver in a boat accident, but I brew my own beer. The hell with US dollar, I trade goods and services. Taxes aren’t much of a problem in that respect. I suggest the same…

Hah! The Republican’s knee jerk obstructionism now has them teaming up the only literal Socialist elected to the Senate in living memory, Bernie Sanders (Socialist)(seriously, look it up).
Bernanke is no Greenspan – he’s replaceable and I trust the Obama administration to come up with a responsible replacement if Congress decides to scapegoat Ben out. It’s not fair, Bernanke played the banking rescue quite well technically, but politics isn’t about being fair.

but the Senate is currently in the midst of a debate over raising the debt limit and the vote has been pushed.
Great solution.

Bernanke is no Greenspan
He’s no Geithner either.

You want some change you can believe in?
1st End the Fed and give that power to congress.
2nd Put term limits on these crooks who go to Washington for a career rather than to do the work of the people. It used to be you’d go to Washington at the end of a succesful career and you’d bring expertise and savy with you. Hell Oblahblah wasn’t even a partner in law firm. What experience does he bring other than rallying bums to vote for income redistribution?
3rd Put in some campaign finance reform. Quit letting corporations donate millions to party campaigns. Each politician should get the same amount of money to campaign with so they don’t have any backs to scratch when they get there. A corporation can’t vote but they can contribute finaces to a campaign for their special interest? Does anybody else see a problem with that? This will also put a stop to politicians offering up everything under the sun that they can’t deliver on.

The dems are all flustered because they only have 59 dems in senate now. Why are they so scared. They are still in control, arent they? Sure seem like they cant even get it together in their own party

Could someone please explain to the “liberals” Jake quotes at the end that the Fed Chairman is only incidentally an “economic advisor,” that isn’t the major function of the job; and that dealing with unemployment is even less a responsibility of the Fed chairman. Spraying pablum at us is insulting. I wish they’d stop.

“If you have that level of contempt for the government our Founding Fathers created and the most successful free nation in the history of the Earth, then feel free to emigrate else where.”
When Bush was president you guys were all, “Dissent is the highest form of patriotism.” What a difference a year makes.

“his current approval rating is 49%”
Cherry picking your polls like you cherry pick your facts.

I’m satisfied with the changes that have been put in place by the Obama administration. If Obama hasn’t done anything, then why are Republicans going completely nuts about him? And just wait for the next few years.
Posted by: jhw539 | Jan 21, 2010 11:08:54 PM
Oblahblah hasn’t done one thing he said he was going to do while campaigning. Pull out of war? He’s ramped up the war effort. Hell we’re about to invade other countries now. Transparency? How’s that behind closed doors transparency working for you? What kind of deal did Nebraska get for the healthcare vote again? How’s about Bush’s BS Patriot Act that Oblahblah wasn’t going to sign off on? What was the point of the Patriot Act again? Hell if they upheld the laws we had we should be protected. Unfortunately Marshal Law isn’t found in the constitution so the Patriot Act had to be passed or America was doomed. Just like if we didn’t sign the stimulus America was doomed. Hell if we don’t spend more while we’re bankrupt America is doomed. Never let a crisis go to waste. Especially when you’re trying to destroy a nation and it’s currency.
I don’t want the government in any aspect of my life. I’m a free human being watching a tyranical government try to control every aspect of my life. And everything they touch they ruin.

From Right wing fantasy land…
Posted by: jhw539 | Jan 21, 2010 11:16:22 PM
————————————-
The first to challenge BHO in the courts about his eligibility was a democrat supporter of Ms. Clinton. Soon other democrats will be disillusioned. Why does he not release a copy of his long-form birth certificate? He admits in his book he has seen it. Why has he spent $1M in lawyer fees to keep it concealed? What exactly does he have to hide?
Honestly, I see Ms. Clinton running for president in 2012 and her people leading the charge to declare Mr. Obama not eligible for the office.
But then, it doesn’t matter because by then several Red States will require proof of eligibility in order to be on the ballot in their states. At that point Mr. Obama will have to release the birth certificate or forfeit that state.
This is coming, watch for it…

More on Timmy G.
During Tim Geithner’s trip to China on June 1, 2009, he was asked a question from a student about the safety of Chinese investments in U.S. Treasury debt. Geithner quickly reassured the student questioner they were “Very safe”, as the audience laughed–

If Bernanke could “not see it coming” the last time, get him out and find somebody new…. NOW!!

“How about Bernard Kerik, nominated for secretary of Homeland Security”
Uhm, there is a bit of a difference. He was NOMINATED. He wasn’t confirmed.
Geithner, on the other hand was confirmed and they all looked the other way.
You don’t see the difference?
I just see the system working.

Lower taxes and start some job creation. Reagan | Jan 21, 2010 11:40:56 PM
Sure – look at all those jobs created by all the tax cuts under Bush. Sure, they resulted in record deficits and poorer job creation than under Carter, but our taxes now are only the lowest they’ve been since the 1920′s. Cut ‘em lower – who cares that they’re so low that many people have fallen off the rolls entirely and we don’t have enough funds to support a first world nation’s infrastructure.
Cut taxes! It’s the Republican way!

Don’t the Dems get it? The fact that they forced the banks to lend to unqualified “underprivileged” borrowers in the first place was the primary cause of the financial crisis. Now that there is the faint possibility of stability in the banking sector, they’re back to the same old tricks, trying to shake down the banks and force them to extend loans that are just to financially risky at this point. Let the banks figure out when it’s best to loan. Keep the government out. Government trying to run the banks is what caused the problem in the first place.

No, I’m not upset with their greed. I’m upset with DC for not doing their job. Remember the whistle blower on the madoff scam? Why haven’t there been prosecutions if laws were broken? If no laws were broken and people were just doing their best with a flawed system then we need to remove the flaw. And that’s the Community Reinvestment Act. No bank should be forced to loan money to people that can’t pay it back and investment houses shouldn’t be put into a position to sell bad investments to cover for them, for liberal drones that won’t admit Carter and Clinton made a mistake.

oops, I forgot about redistributing the wealth of our country thru this phoney stimulus bill and global warming=climate change=wind power BS…they have to move fast now the wheels are coming off the wagon!

“(hint: Hannity is not an economist)”
Neither is Pelosi, Reid, Frank or Obama and yet it doesn’t stop them from pushing the same policies that led us into this recession via Freddie and Fannie.
A liberal and his money are soon parted.

No, I’m not upset with their greed. I’m upset with DC for not doing their job. Remember the whistle blower on the madoff scam? Why haven’t there been prosecutions if laws were broken? If no laws were broken and people were just doing their best with a flawed system then we need to remove the flaw. And that’s the Community Reinvestment Act. No bank should be forced to loan money to people that can’t pay it back and investment houses shouldn’t be put into a position to sell bad investments to cover for them, for liberal drones that won’t admit Carter and Clinton made a mistake.
Posted by: Jeepwonder | Jan 21, 2010 11:48:19 PM
Both parties have gotten us where we are today. The sooner you clowns realize this the sooner we’ll all stand up and kick both parties out of power and create new parties who work for our best interest again.
The community reinvestment act is just one aspect of failure with these clowns.
You want to really look at what started all this crap in motion you need to go all the way back to 1913. The new deal and the birth of the federal reserve got us here. This country was doing just fine and there was no need to give private banks the power to control our money.
One of our founding father said this
If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered.

Hey, didn’t Obama promise 8% unemployment by now? Yeah, the stimulus and Obama’s bank policies have worked wonders on the ecomony. We get a $787 billion bill and we’re right at the same unemployment rate that most economists predicted a year ago. At this rate the Dems. will lose a 100 house seats and control of the Senate – particularly if they try to jam through a health care bill that 55% of the population doesn’t want.

“Hey, didn’t Obama promise 8% unemployment by now?”
Is that you Mr. Lamb?

Hey, didn’t Obama promise 8% unemployment by now?
Q | Jan 22, 2010 12:04:40 AM
No he didn’t. Provide the quote. And if you are referring to the Romer report, released before the stimulus bill was even completed provide at least one of the four paragraphs of disclaimers prior to the graph.
“It should be understood that all of the estimates presented in this memo are subject to significant margins of error. There is the obvious uncertainty that comes from modeling a hypothetical
package rather than the final legislation passed by the Congress. But, there is the more fundamental
uncertainty that comes with any estimate of the effects of a program. Our estimates of economic relationships and rules of thumb are derived from historical experience and so will not apply exactly in any given episode. Furthermore, the uncertainty is surely higher than normal now because the
current recession is unusual both in its fundamental causes and its severity.”
Yeah, some “promise” there from the president-elect (that report was released Jan 10th). Or perhaps you’re not just another Republican exaggerating and spreading lies – could you provide the quote where Obama “promise(s) 8% unemployment”?

“In January, the incoming administration predicted in a white paper study that without a huge stimulus package, unemployment would reach just over 8%, and would be contained at under 8% with a stimulus package. – Political Punch 6/19/09″
His administration did predict this and pushed this report extensively to sell the stimulus. You can try to spin it all you like, jhw, but the simple facts are not on your side.

Hum, the fed was aware that the housing boom was unsustainable, that means that that there was no good reason for its existence just like the DOT boom which became the DOT BOMB. Tell me why this fool should be reconfirmed? I suspect that this idiot and his predecessor Greenspan can continue to provide cover for Nobama who continues to blame GWB for everything that goes wrong in the world.

His administration did predict this and pushed this report extensively to sell the stimulus. You can try to spin it all you like, jhw, but the simple facts are not on your side.
Q | Jan 22, 2010 12:19:21 AM
So they pushed it extensively – so where are the quotes? Where are the quotes, citations, facts? I provided a quote and citation that can be verified. A small part of the large disclaimer in the Romer report; and you didn’t answer the question – with this huge disclaimer, are you calling the balance of this report a “promise”?
What next – will you type in all caps to ‘prove’ your argument? Or provide some quote from the Obama administration to support your opinion? (As a side note, on Jan 10th when the Romer report was released, there was no Obama administration yet.)

Let’s reshape America together! Let’s roll out new free welfare programs for the most expensive services and products available to everyone in the world at taxpayers expense. Let’s make only part time minimum wage jobs be left in the U.S. for everyone who isn’t a polititican. Let’s create and tout public programs to delay 7% of the people losing their homes while the rest can live in the street. Let’s destroy the banking system. Let’s add trillions of dollars of debt that will exist beyond our grandchildren’s time and make the U.S. dollar worthless. Let’s bow and kneel before other heads of state, maybe shine their shoes while we are down there. We can do it!

Democrats or Republicans…doesn’t matter anyway. Representatives will always represent themselves and not the people. Direct Democracy is the only moral form of government.

Time, 7/14/09
Q | Jan 22, 2010 12:28:34 AM
Time magazine is not the Obama administration. And they provided no verifiable quote or citation in that pulp blurb. At least you didn’t just post a Hannity or Beck rant I suppose.
Can you or can you not provide an actual quote from the Obama administration that supports you initial lie, “didn’t Obama promise 8% unemployment by now?” Oh that’s right – it was in the form of a question. Don’t the Republicans always tell big lies and hope to dodge being called on them by phrasing them as a question?

Amazing how the people who are awake to the 2 headed 1 bodied monster that is American politics are being silenced. They don’t want us to unite.
So keep at it and see where this road ends. It’s going to end badly!

The only hope for the U.S. is to nominate true conservative candidates, and then vote for them in the Congressional elections this November. Please note that I did not say vote for the Republican candidate, and I did not say vote for a self-designated conservative candidate. Objective evidence of conservatism is to be required, and, for incumbents, evidence of their previous votes is key. Did they walk the walk?

Amazing how the people who are awake to the 2 headed 1 bodied monster that is American politics are being silenced. They don’t want us to unite.
Bothpartiessuck | Jan 22, 2010 12:35:26 AM
They are, at the end of the day, pretty happy to be living in the most powerful and prosperous free nation mankind has ever seen, and respect that the government our Founding Fathers created is dysfunctional and imperfect – but the best system in the world. But good luck with your nihilistic ‘uniting’. It’s a better ambition than what your ilk would get up to in a lesser nation.

They are, at the end of the day, pretty happy to be living in the most powerful and prosperous free nation mankind has ever seen, and respect that the government our Founding Fathers created is dysfunctional and imperfect – but the best system in the world. But good luck with your nihilistic ‘uniting’. It’s a better ambition than what your ilk would get up to in a lesser nation.
Posted by: jhw539 | Jan 22, 2010 12:44:44 AM
Oh come one now! I bet you were the 1st in line to tell the whole world how we shouldn’t be in Iraq and asking everyone on message boards where’s the weapons of mass destruction are. Now your boy Oblahblah who you follow blind is in power and is picking up right where Bush left off and you’re a happy Patriot?
Keep thinking income redistribution works and you are going to get a piece of that pie that keeps vansihing like a fart in the wind. The answer isn’t more spending and more taxes. The answer is cutting back big government who leaches off the private sector.
Now go back to your petty argument about 8% unemployment.

“Yes, Jake did a shoddy job on this too.”
ROTFLOL! It’s Jake’s fault, too. Yeah, that’s reasonable.
Whatever jhw, you’re not credible when you run and hide from the facts. Obama pushed his report, the stimulus was passed via his sales pitch that included this report and jobs have been lost by the millions since the $787 billion dollar roll of the dice.

Romer/Bernstein Report:
“It should be understood that ALL OF THE ESTIMATES presented in this memo ARE SUBJECT TO SIGNIFICANT MARGINS OF ERROR.
“There is the obvious UNCERTAINTY that comes from modelling a HYPOTHETICAL package rather than the final legislation passed by the Congress.
“But, there is the more FUNDAMENTAL UNCERTAINTY that comes with any estimate of the effects of a program. Our estimates of economic relationships and rules of thumb are derived from historical experience and so WILL NOT APPLY EXACTLY in any given episode.
“Furthermore, THE UNCERTAINTY IS SURELY HIGHER THAN NORMAL now because the current recession is unusual both in its fundamental causes and its severity.”
————————–
Sure sounds like they were guaranteeing exact predictions of unemployment numbers – NOT!
Research and reading; facts are important.
The right wing and the Republicans have repeating this nonsense ‘promise’ for months now – it’s yet another lie.

If Bernie Sanders (independent socialist) and Jim DeMint (right wing conservative) agree that Bernanke should not be reconfirmed, he is toast!

Hey, our family, we’ve always been die hard anti Republican & raised that way…but actually Glen Beck @ FOX News makes legitimate sense to those willing to hear facts over party spoonfed rhetoric so no I’m not suprised nor all the way confident in Obama & my left constituents ideology of where America should be headed; nor so naive to actually believe that Democrats & the Left don’t lie as much if sadly not more than anyone else.

Whatever jhw, you’re not credible when you run and hide from the facts. Obama pushed his report
___________________________________
Show us any quote where Obama promised the 8% figure – any quote.

Bernanke seemed to be entirely reactive with rate policy through his entire term. I am not saying that there is anything else wrong with him or his emergency liquidity measures or in any other way, but we really needed someone who wouldn’t wait until the financial system was on the verge of collapse to lower rates, and by Bernanke’s actions, on the timing and lowering of rates during 2008, Bernanke seemed to be the last person who was aware that a liquidity crisis was present. If we ever get out of this mess I certainly do not want to go through that again. Although at the same time, I am equally horrified of the idea of having someone panicky about inflation proactively raise rates before we are entirely out of the woods and unemployment is where it needs to be, and so perhaps we need someone reactive like Bernanke for the time being.

How exactly do you have “unfettered free markets” when all business is operating within the vice of a monetary monopoly?
If markets were truly “free” and “unfettered” as you say, we would have the legal right to create alternative currency/monetary systems that would be competitive with the anachronistic and obsolete Federal Reserve System.
The advantage of many over one is that a shock within an individual system doesnt bring the whole collective system crashing down with it.
The Fed’s currency monopoly makes as much sense as having a single corporation make all the goods that we consume.

“I despise euphemisms such as “quantitative easing,” the Fed’s double-speak expression for printing money. Why can’t the government and the Fed be honest and tell us straight out what they’re doing? Remember when Greenspan removed the M-3 money supply figures from the public? If you want to hide what you’re doing, give it a different name or just eliminate the figures. When your government hides something or classifies it as a secret, you know some kind of hanky-panky or even a crime is being committed. No wonder Americans are fed up with their government and their weaselly Congress. The word now is ‘Never mind what their last name is — throw the bums out.”
Richard Russell 1/21/2010

the fed didn’t intervene because they were complicit. fire Bernanke and get rid of the fed, we don’t need it, they’ve caused nothing but disruption since their inception.

Accept ANY regulations and taxes that the federal government proposes. Any Obama or Democrat tax.
__________________________________
This administration has been giving out $288 Billion in tax breaks in the Recovery and Reinvestment act, and now more coming in additional breaks for small and medium business.
Just out of curiosity, did you think the Bush administration would be able to increase the national debt almost as much as all the previous administrations combined – without there being some kind of taxation to pay for it?
Did you?

We’re all for tossing Bernanke out until we realize that 0bama gets to choose his replacement, which means Fed Chairman George Soros.

The only hope for the U.S. is to nominate true conservative candidates, and then vote for them in the Congressional elections this November. Please note that I did not say vote for the Republican candidate, and I did not say vote for a self-designated conservative candidate. Objective evidence of conservatism is to be required, and, for incumbents, evidence of their previous votes is key. Did they walk the walk?
Posted by: Klesb | Jan 22, 2010 12:39:22 AM
Thank you Klesb….very well said and point on!! I hope both parties learn in the upcoming and future elections that they are truly accountable TO THE PEOPLE! Either do your job, or YOU ARE HISTORY! A couple cycles of this and we as a nation will see the CHANGE WE voted for.

Fire Bernanke and END THE FED.
Period.

I think Warren Buffett is getting senile.

Thank you Klesb….very well said and point on!! I hope both parties learn in the upcoming and future elections that they are truly accountable TO THE PEOPLE! Either do your job, or YOU ARE HISTORY! A couple cycles of this and we as a nation will see the CHANGE WE voted for.
Posted by: GDOG0717 | Jan 22, 2010 6:30:07 AM
There aren’t anymore real conservatives in Washington. A real conservative is now a right wing nutjob thanks to the main stream media.
You actually have to have morals to be a conservative.

The producers in our society, a distinct minority, are under attack. What government bureaucrats, academics and many in the media fail to understand (or refuse to accept) is that intelligent, capable people – those who build businesses and create employment for others – are anticipatory in nature. Businesses, markets, governments (some, not all), and entire sectors of the global economy are all anticipatory in nature.
It’s understandable that if a proprietor of a small business is concerned about his or her economic future, they are naturally more conservative with their capital and the manner with which that capital is deployed. It’s human nature.
If you believe your taxes will soon skyrocket under the cloak of redistribution, you conserve. If you believe that energy costs are about to increase due to specious legislation such as “Cap and Trade”, you hesitate to invest in plant and equipment. If you see a government beholden to labor unions and a President intent on “turning the country purple” with pending legislation such as the oddly named “Employee Free Choice Act”, you naturally have concerns over future labor costs.
Increased concern means fewer employees. Too much concern causes businesses to take a hard look at their current staff. If you see the regulatory pendulum swing so far in the restrictive direction that it puts your business at an increasingly competitive disadvantage, you do your best to simply maintain the status quo.
Why consider expansion when the prudent thing to do is wait? If you anticipate government dominance of health care, you take a wait and see attitude on employee benefits. If you see massive government deficits as far as the eye can see which will throttle the economic vitality of this country and the lives of Americans for generations to come, you simply stop investment in the future. If you see a reluctance to rein in frivolous lawsuits with any meaningful tort reform in the name of political expediency, you manage your business in an overly cautious manner out of concern that you could be the target of one of those suits.
We’ve recently heard rumblings of a “war tax”. We’ve heard the possibility of no limit on Social Security taxes. We’ve heard of a punitive surtax on upper incomes to offset “health care for all”. Now we’re hearing of an additional Medicare surtax. All of this has a negative effect on investment. And it has a negative effect on innovation.
If you see the potential for hyperinflation and a continued marginalization of the dollar, you play defense. You don’t play offense. You don’t spend. You don’t hire. You certainly don’t put capital at risk. You hold on to your company and what you have for dear life until the storm hopefully passes. You make do with less. Unfortunately, that’s the situation we’re faced with today.
Government policy intended to penalize the targeted upper income earners in the name of social reform in turn ends up penalizing those who can least afford it. Regrettably, once again, the law of unintended consequences.
Government created taxpayer financed public sector jobs are not the answer. Far from it. In an environment where approximately 80% of private sector job creation comes from small to medium sized businesses, now is the time for sound economic policy to trump the great society social architects of “progressive” big government.
And it’s not simply job creation. Those very people who have the ability to create private sector jobs are also the same segment of our society who control a disproportionate share of discretionary spending as well as a large portion of charitable contributions. It’s a vicious cycle. One doesn’t continue without the other.
The current fallacy in government is that we need to spend our way out of this recession. This is naïve, amateurish and dead wrong. The only way we as a country are going to extricate ourselves from this economic free fall is to grow our way out of it.
Washington needs to step back, take a deep breath, and for once make policy decisions that are in the best interests of the United States and not simply consolidation of power for a particular political party. The danger of not doing so is too great.

Who would replace him? Paul Volker is 83 years old.

We don’t have to go back to Alan Greenspan, we could stop with Paulson who set the wheels in motion for the Bailouts on his way out the door.
It is probably younger people who post on these stories, but “sweeties”, I have watched for Decades as Big Businesses, INCLUDING the Banking system has “rapidly” sent our country in a “tailspin”. It was the DEREGULATION of these Big companies that has allowed for these end results.
There has to be RULES to everything! Big Corporations has Ruled since the 1980′s..and you haven’t seen Anything Yet! There are some who has put party afiliations before the good of the country, more now than ever, to keep the American people in the “dark” about the policies that created this Mess.. and Want No Form of Change. I’m not confused…..I understand very well the Change that the President is and has being talking about. Others “Pretend” they don’t because it is the System that they and their party Put In Place…to benefit Not you or me..but the powerful. SOLUTION TO OPPOSE: MAKE YOU FEEL THE SYSTEM WORKS WHILE DISTRACTING YOU WITH WARS, ANGER, HATE, RACISM..In order to Change something there is a Process that involves Denial. It is the President’s job to get REAL honest and tell the American People Just what is going on…maybe in 2nd grade terms for many, and maybe they’ll see “What, Where and When” Your Country has Became What it is Today. NO ONE CAN GET HONEST AND SOLVE THE PROBLEMS UNTIL THE “BLINDERS” ARE OFF, AND THAT INCLUDES ALL AMERICANS.

Most of us think that “replacing” a person is the Answer…. Just part of the solution…Voting for people that has the courage to Change the System that Causes these problems are the REAL answer. To unravel these long standing Policies takes time and methods, and This is the “part” of Change that looks and feels scary. And Fear is Not a Good feeling, so we just continue on down the Road to Self-Destruction, because we want to ‘feel good”.

Ron Paul for Fed Chairman!

Without a super majority in the Senate nothing will get done. When the Republicans are not trying to destory our government they are obstructing its operations. How many G-NO-P operatives are still embedded in governmant after all these years of right-wing infiltration. It is hard to fight a war overseas when the saboteurs are stabbing you in the back every minute of every day.

Alan Greenspan is left out becuase he was one of the saboteurs who created this mess. Even he admitted that, or have you been asleep the last 30 years.

Dave Ramsey for Fed Chair!

Stephen Blackpool you have it right!! RON PAUL FOR FED CHAIR!!!

Ron Paul as chairman of the Federal Reserve.

“Roll Call reported this week that at the Senate Democratic caucus meeting on Wednesday, “according to senators, liberals spoke out against”
As far as I know the term Liberal and Republican do not go together therefore Nova, it is difficult as to how you discern that is republicans, all by themselves, holding up this nomination.
It appears there are a few Democrats who have luke warm feelings about this nomination also.

Everyone should read what gjkotw01 posted they hit the nail on the head all this other crap everyone is complaining about is just that crap. This is Reagenomics 101 everyone should study it because it’s effective. Or you can just sit at home and continue to collect unemployment for the next three years. Confidence is key to business and confidence comes with security for the future. Obama is a volatile leader changing his policy from day to day based on polls. Mid term elections are coming and could be our only way to preserve this country’s economic security.

First of all he was appointed the first time by Pres. Bush. Second Alan Greenspan didn’t do such a hot job, he even admitted mistakes. I think no matter who we have in charge if the rest of the tribe is corrupt….we need to weed out all the corruption and fraud and the Republicans should being by looking in their own backyard. All the gleeful Republican faces yesterday when the Supreme Ct. reversed the decision and now big corporations can spend $$$ on ads. and I love it when people say there is limit on what $$$ they can contribute. Well if they can spend all they want on ads the candidate will owe them big time so what’s the difference? This mess was made in a big part by Republicans…I’m not saying the Dems are guilt free, they are not, but the Party of No created all this mess….

Hey nova–you are funny-you know funny like a clown, it dosn’t matter if you are dem or repub , if they allowed wall st. to do criminal acts they should be arrested. Get ready for a vote in November to remember! The difference between the Bush administration and B.O is that Bush would admit when he made a mistake. B.O. just points fingers.

Ron Paul would be perfect for the job. Remember the Fed caused this mess as they cause most bubbles wiht irrationally low interest rates and ever expanding the money supply by creating trillions out of thin air. The negative real rates Greenspan gave us fueled the home bubble (helped a great deal by our wonderful Govt promoting home ownership to anyone who had a heartbeat). The Fed exists to do two things..always bail out bankers and to fund big govt (last year Helo Ben printed $300B out of thin air to fund the US Govt…). And now we are told Bend saved the world? Remember the Great Depression of 1920? Oh you don’t…unemployment over 20% all caused by the Fed’s printing of money to pay for WWI. and What did Harding do? Let prices fall, cut govt spending, told the fed to stop screwing around with interest rates (let the market set them), liquidate the bad debt and within 18 months you had the most robust recovery ever in history. And how we are being told we have to keep “spending” and reinflate the bubble (gotta keep those house prices high)…oh yeah..keep spending trillions we don’t have to subsidize sectors of the economy which need to be downsized so capital and labor can be deployed for real productive growth.
With over $100T in unfunded liabilities (and less not forget Barney Frank telling us that not one nickel of tax dollars would be spent bailing out Freddie and Fannie..)..its time to stop the corportaism and corruption..end the Fed, it is immoral, unconstitutional and bad economics..

Barb, look at the depression of 1920-1921 following WWI, no government, no fed, no intervention at all in the free markets! They recovered within 18 months. Why do people always think that government is the answer to everything??? It just creates more problems down the road. Are we not smart enough to figure things out on our own or must we always delegate our issues to elected officials, barely any of which can actually be trusted to do right by the people??? Government in its current form cannot save us, nor will it. Ron Paul as Fed Chairmen? That would be too funny, his first act would be to lock the doors and turn off the lights!!!

Repeal 1913 the year the Fed came into being and the year that the 16th Amendment brought the financial tax police state down on the heads of citizens.
Bernanke has no exit plan.
What I do think if foolish is lay person’s impression that banks caused this problem. They didn’t.
1) it was caused by investment insurance companies like AIG that wrote policies beyond solvency
2) The foreign hedge funds were allowed by the SEC to engage in massive short selling and gang tackling of banks.
3) regulators used mark to market accounting rather than cost accounting to determine if mortgages were solvent.
Gov made the housing bubble with cheap money and the homeowner got homeowner equity loans on bubble mark to markets evaluations. To attack banks as obama has is quite stupid and is a pandering attempt to the torch and pitchfork crowd who are idiots.

Now if we can just get rid of Pelosi and bo! PEOPLE SHOULD NOT BE AFRAID OF THEIR GOVERNMENT………..GOVERNMENT SHOULD BE AFRAID OF THEIR PEOPLE!!!

No the American people are sick of Obama ,palosi,reid,frank,dodd and all their croies POLICES they are all tax Cheats ,liars and elitits who hate America and are doing everything to destroy it! that’s the problem it’s simple stupid Economy,JOBS,Countrys security ,tweak health insurance STOP THE POWER GRAB!!! their hugh egoes don’t allow them to see the simple truth and they will pay lip service to the people but they are who they are I am just glad that Patriotic Amercians got it in one year before more damage can be done keep voting these bastards out until we get it right !!! OH YEah! untie the militarys hands and truly support them so that we can sucessed against this evil enemy and get the hell out Stop will all this PC crap!!!!With Obongo in office and all his cast of clowns America is NOT safe.

Bernanke is not the problem, Obama’s economic policies are. He keeps harping on jobs but his policies are what are preventing people from being hired. Obama has been more at war with the private sector of this country than he is against the jihadists. I realize that many will disagree with me but take a step back and think about this for a minute. Who in their right mind would want to take the risk of borrowing a sizable amount of money to expand their business with mandatory insurance and cap and trade hanging over their heads? Obama is the one who created all of this uncertainty and that is why he should be held responsible for the results of his actions.

Stop the Blame game Obama is the President it’s his all his deal and stop the crying every administration inherits the previous admin issues big & small that is the job he wanted and got now he doesn’t like it to dam bad!!If he feels that he got a raw deal left to him why the HELL didn’t he consentrate on reducing the defict and fixing fraud in mediaid/medicare system and Acorn how about really fighting terrorist instead of making kissy face with them NO he is hell bent on the distruction of America and this is all he wants it’s about the adgenda and power people don’t be fooled Bernaki is another excuse and one more person to blame! this Man needs to be impeached.

Get rid of Bernanke. Put Volcker back in charge. At least then we’d know Obama was serious.

More blame game. so sickening. the senators should be looking at themselves and not blaming Bernanke. He did his job well when the crisis came. I was helping my son with an ongoing report Dec last year and he choice the economic collapse. We have Ben Bernanke and Paulson to thank for saving the economy from total demise. Another Great Depression was looming, they held it to really little more than a market correction when you think about it. This guy is smart and knows what he’s doing … probably why some want him out. Want to thank the president for economic recovery? Thank this guy first.

Bernanke is a national hero. When the economy was on the slide with the anticipation of electing Americas first socialist president the world started a slide into a deflation cycle and a confidence crisis in the banks. Solution? Print about $1 trillion dollars basically doubling M1 to match the pace of deflation. This move along with similar moves by other major world currencies thwarted a financial crash because matching the deflation by deflating the dollar saved us from the normal case of economic collapse during deflationary periods where people are always waiting on a better deal and never spending anything. To repeat: Bernanke almost doubled the money supply with no cost of inflation to the government or the consumer.
He then used this money to shore-up the banking industry. Combining this ‘free’ money with the money provided by TARP (that has been almost completely recovered now; sans Fannie Mae, Freddie Mac and GMAC) saved us from a world depression. Understand, TARP is mostly paid back and Bernanke’s work at the fed cost us NOTHING in inflation. It was free money invested in the banking industry and will therefore yield an infinite return on investment because it costs us nothing.
The problem with the economy now is related to the huge pork-barrel stimulus passed after Bernanke saved the economy; combined with the punish-the-producer political direction the economy is tending in. When health care is settled (hopefully scuttled) and the ridiculous leftist tax grabs like Cap and Trade are thrown out then we will start to see economic recovery in this country. And then the world will start to see us as a viable investment again.

The country needs a radical like RON PAUL you have to ask for alot to get what you want

I’m cleaning house when election time comes if you’re in there now I will vote you out. No one could do worse and Maybe just Maybe they will listen to the poeple instead of special interest groups..I mean it I’m fet up with this whole sorry government thing…VOTE VOTE VOTE WE WILL BE HEARD
JUST BY SHEER NUMBERS…..PEACE AND LOVE

What nerve Congress has to blame Bernanke – they stripped him of the regulatory powers he needed and their relationship with the banks (one Banking Committee Senator’s wife was placed on the Board of one of the big banks) must make anyone hesitant to act against the banks!
Congress repealed the Glass-Steagall Act that regulated the banks and kept commercial and investment banks separate, replaced it with the Gramm-Leach-Bliley Act which turned them loose. Although it’s sponsors are all GOP, it was Clinton’s aide Larry Summers who pushed it through so BOTH parties are responsible for this.
If Bernanke shouldn’t be reconfirmed because of what wasn’t regulated, the members of Congress should likewise resign.
Furthermore, if a Walter Cronkite was still alive today, he wouldn’t be passing gossipy tips along like Tapper is doing here. He would be asking why they’re not blaming themselves AND not doing anything about reinstituting Glass-Steagall or its equivalent.

Bush pushed for homeownership in 2002(read his speeches) and thought saving for down payments took too long. Then Google ADDI which was pushed through by the REPUBLICANS and signed into law by Bush in 2003. Also ARMS were rarely used before 2003. Try educating yourselves instead of listening to right wing garbage.

The Federal Reserve System must be abolished.

END THE FED

Please explain how Clinton and the Republican Congress caused this?

The Republicans DESTROYED our country. It probably won’t recover. The America we knew is gone. Gov size and debt explodes under Republicans. Deregulation does not work, people are too greedy. Without a feeling of security or confidence in our financial institutions no one will invest and growth will be stagnant, like it has.
Posted by: Miele | Jan 22, 2010 9:56:39 AM
And then some idiot like this comes along.
FDR was the father of big government as far as America is concerned. I know liberals left that out of the books for all of us to learn in public school and all but look into the New Deal. Which presidents admin bought Amtrak and put a no compete clause in their so we can never have an advanced high speed rail like other countries have? Which presidents admin bought car companies? Which presidents admin wants to buy the healthcare system that is a disaster waiting to happen?
You can’t reaally be that dense. Oh wait, you’re one of the ones who voted for an unqualified president where even a plumber figured out he was all about income redistribution. If a plumber could figure it out how dumb does that make you?

Miele; Clinton started the sub-prime which was the reason we had the problem. And, I think you are missing the point, they are all bums!

In exchange for financial support for his presidential campaign, Woodrow Wilson’s agreed that if elected, he would sign the Federal Reserve Act. In December 1913, while many members of Congress were home for Christmas, the Federal Reserve Act was rammed through Congress and signed by President Wilson. Regarding his actions Wilson later admitted.
“I have unwittingly ruined my country”.

Ron Paul the wisest man in our Government. A reincarnation of a founding father. If we follow his lead we just might make it through this.

Seems like this board has been taken over by Ron Paul supporters. Good – I hope that wakes some of you people up.

hours later I came back to this page…and the rants continues based on party afiliations and how tight the “blinders” are on.
Our regulatory system, big corporate takeovers, tax shelters for corporations that eventually moved their companies overseas, while enjoying America’s benefits were part of the Globalization of “Free Markets” and “trickled-down” economics of the 1980′s. THAT SAME SYSTEM OF DECEIT IS STILL IN PLACE! All it takes is a person with “guts” and the support of the America people to Dismantle these policies….but “he or she” will scare the hell out of the opposition, and “he or “she” will be labeled a Socialist, with the very ones who created this system “screaming” the loudest. LOL

Miele; No health care for your entitlement friends, so he served a purpose if that is all he does. Hah

The people they should not reconfirm, are themselves.

Bothpartiessuck; I agree

Bernanke is a national hero. When the economy was on the slide with the anticipation of electing America’s first socialist president the world started a slide into a deflation cycle and a confidence crisis in the banks. Solution? Print about $1 trillion dollars basically doubling M1 to match the pace of deflation. This move along with similar moves by other major world currencies thwarted a financial crash because matching the deflation by deflating the dollar saved us from the normal case of economic collapse during deflationary periods where people are always waiting on a better deal and never spending anything. To repeat: Bernanke almost doubled the money supply with no cost of inflation to the government or the consumer.
He then used this money to shore-up the banking industry. Combining this ‘free’ money with the money provided by TARP (that has been almost completely recovered now; sans Fannie Mae, Freddie Mac and GMAC) saved us from a world depression. Understand, TARP is mostly paid back and Bernanke’s work at the fed cost us NOTHING in inflation. It was free money invested in the banking industry and will therefore yield an infinite return on investment because it costs us nothing.
The problem with the economy now is related to the huge pork-barrel stimulus passed after Bernanke saved the economy; combined with the punish-the-producer political direction the economy is tending in. When health care is settled (hopefully scuttled) and the ridiculous leftist tax grabs like Cap and Trade are thrown out then we will start to see economic recovery in this country. And then the world will start to see us as a viable investment again.

Let me guess, Repukelicans are all happy that Brown won because he could put a stop to healthcare right? BS! Brown is a big government Repukelican. They’ll offer him some kickback and he’ll fold like a lawn chair.
Mass doesn’t produce conservatives anymore. Hell no one produces conservatives anymore. Your most far right politician would be considered a lefty back in the day.
You can’t win anymore unless you’re offering up some BS to the people that they can’t produce. Once Americans wake up and vote for the guys who are going to trim the fat in Washington this will continue to be a back and forth looting as our expense.
Jessie Ventura said it best. Washington is like the WWF. When the cameras are rolling Repukelicans and Dumbascraps hate each other. They’re jumping off the top rope lowering the elbows on each other. Pelosi is picking up folding chairs and smashing Repukelicans over the head!
Then the lights turn off and the cameras quit rolling. They all head off to lunch to have a nice steak dinner and laugh at the American people for being so naive.

Oh please, Recovering Bush supporters now call themselves Libertarians! I’m a real Moderate who complains about both parties. I can tell the phonies a mile away. I was against bailouts, stimulus, health care, basically anything that was adding to our debt.

Bernanke is a national hero. When the economy was on the slide with the anticipation of electing America’s first socialist president the world started a slide into a deflation cycle and a confidence crisis in the banks. Solution? Print about $1 trillion dollars basically doubling M1 to match the pace of deflation. This move along with similar moves by other major world currencies thwarted a financial crash because matching the deflation by deflating the dollar saved us from the normal case of economic collapse during deflationary periods where people are always waiting on a better deal and never spending anything. To repeat: Bernanke almost doubled the money supply with no cost of inflation to the government or the consumer.
He then used this money to shore-up the banking industry. Combining this ‘free’ money with the money provided by TARP (that has been almost completely recovered now; sans Fannie Mae, Freddie Mac and GMAC) saved us from a world depression. Understand, TARP is mostly paid back and Bernanke’s work at the fed cost us NOTHING in inflation. It was free money invested in the banking industry and will therefore yield an infinite return on investment because it costs us nothing.
The problem with the economy now is related to the huge pork-barrel stimulus passed after Bernanke saved the economy; combined with the punish-the-producer political direction the economy is tending in. When health care is settled (hopefully scuttled) and the ridiculous leftist tax grabs like Cap and Trade are thrown out then we will start to see economic recovery in this country. And then the world will start to see us as a viable investment again.
Posted by: JimmyNashville | Jan 22, 2010 10:47:34 AM
The economy is cyclical! The way the media and politicians play to recessions is almost comical! Looks like you and people like you are the ones picking up what they’re laying down.
Bernanke is a puppet to the Private Federal Reserve bankers. He spent trillions so we’re on the hook to the private bankers for the interest on printing money we have the right to print for free. Why are we paying interest on money to be printed when we can print it for free? Which president allowed the biggest scam ever to happen to the American people? It happened long before you were born but they have indoctrinated you well .
All that happened in all of this was the big banks who were a part of the club got money to gobble up all their competition. To big to fail really means you’re to small to succeed.

the dems let that affirmitive action hack retire with a $100 million golden parachute from freddie Mae. worse they told him what a good job he was doing by fighting redlining. (let people buy homes with 0 down, no verified income, and questionable apprasials. the only reason ecconomy didn’t fold under Clinton was for the 1st time since ww2 we got a GOP house and senate. this new democratic gang thinks they have a mandate for socialism

Bernake is NOT a hero. Deflating the dollar has only led to other countries dumping the dollar. He has re-enforced a wall street bubble that should have been done away with by busting up the to big to fails leaving this problem to return again. No inflation? If you look beyond the BS numbers the government puts out everything except houses is more expensive.

The Federal reserve is a Progressive institution that was inacted to help kill capitalism, by and for the socialists. It needs to go.
Next topic: I am sick of seeing stepinapolis (sic) on television with obama , finishing the presidents’ sentences and telling us ” the American people just don’t get it” in reference to obamacare. Yeah George, we get it, but I don’t think you and Chris Mathews ever will.

Bernake is NOT a hero. Deflating the dollar has only led to other countries dumping the dollar. He has re-enforced a wall street bubble that should have been done away with by busting up the to big to fails leaving this problem to return again. No inflation? If you look beyond the BS numbers the government puts out everything except houses is more expensive.
Posted by: Troy | Jan 22, 2010 11:24:33 AM
When I heard about Tarp from Bush II I put all my money in Euros. Hell I made out like a bandit. Then Oblahblah came along and he made it rain money. I increased my net worth by over %50 just betting that the crooks in Washington would destroy the dollar.
Bernanke a hero? ROMFLMAO! You’ve got to be kidding!
It’s people who say things like this that make me truly worry about our country. It’s obvious that public school education isn’t working.

Whoever says:
“no gov. healthcare, no amnesty, no civil trials for jihadists” that wins in 2012.
People’s will. Pretty basic.

Oh really, not enuf votes, eh ?
Well now, that wouldn’t be b/c all the Banks that TARP Bailed Out were borrowing money behind closed doors from the Federal Reserve at 0% interest (that’s ZERO Interest) and then turning around and purchasing US Treasury Bonds that mature at 3 % Interest in 6 months.
Bernanke and Geithner set this up.
How is this not stealing ?

What makes me amazed is that Bernanke was a REPUBLICAN nominee by Bush II and now the DEMOCRATS are afraid he won’t get renom. Shows thta there really is no party – just US vs them – and they keep changing the rules to their own benefit. The obstructionists- REPUBS and DEMS – are only saying that they aren’t getting what they want. AKA not being bribed enough. Isn’t that what the pork in the bills and nomination hearings really is? Pass this and I’ll give you money for your state?

“Bernake is NOT a hero. Deflating the dollar has only led to other countries dumping the dollar”
————————-
No… you’re wrong. When Bernanke doubled M1 the dollar held strong among other currencies. It was after that… when congress passed the bloated pork-ridden stimulus bill and then set its aim at undoing the American work/reward system through failed European-esque health care mandates and other expensive government empowering social programs. That is when the dollar begin to lose standing relative to other currencies. That’s when the world also began to vote no-confidence by not buying and holding our debt at our traditionally low interest rates because even communist China knows that the world economy is unsustainable without the US maintaining a free captial work/reward system.

The Fed is another repressive instrument of the ruling elite used to protect its interests at the expense of the middle class.
Audit the Fed, then end it.

The Fed is another repressive instrument of the ruling elite used to protect its interests at the expense of the middle class.
Audit the Fed, then end it.
——————————
And then give congress control of the money supply?
Just freakin’ brilliant. I’m in awe at the level of thought given to this topic by you economic brainiacs.
Zimbabwe here we come.

Bernanke never sgould have been confirmed in t he first place. His Keynsian policies are a recipie for disaster. He clearly does not understand the lessons of the 1970′s. The Fed should not be focused on full employment, that is not its role. The Fed should be focused on the money supply. Yes, he held was able to hold it together, but what is he going to do in the future. He already proved that he does not know when to tighten. If he did, then would he would have done when all of the signs were saying taht the economy was overheating. Repuiblicans need to put up a superior alternative to Bernanke.

STOP KILLING THE DOLLAR!!! Raise rates and deal with entitlements, or we are DONE!

“The Federal reserve is a Progressive institution” which is why it’s exclusively run by Republican corporate ex-CEOs who worship at the altar of Reaganist deregulation…

It’s not more liquidity we need. All the Keynesians keep repeating that mantra mindlessly. Moving dollars around is not going to create prosperity. We need the government-created inflation (printing of money) to stop. We need the spending to be cut drastically. And we need these wasteful, stupid wars over-seas to come to an end. Less spending, no inflation, fewer budensome reglations of private businesses and stronger private property rights.

Everyone here is so certain they understand economics. I’m not. Tight money in a recession? Maybe. Spend to juice the economy? Maybe. Unlike the majority of American people apparently, I am unsure of the proper remedy. In such cases, I tend to go with what the smartest guys say–those in the universities. They do not profit directly from espousing a particular economic theory–unlike pols.

What Jimmy Nashville said.
And any bank borrowing from the Fed should be required to increase their small business loans by the value of what they borrow, including the multiplier effect. No borrowing public money for proprietary trading or bonuses.
And if you’re one of the posters who trash the Fed and Kenseyan economics, you’ll probably have to look up “multiplier effect”.
Posted by: Math Teacher | Jan 22, 2010 1:15:47 PM
The mulitplier effect? LOL! You mean the fractional reserve system where our money is backed by nothing? OMG! And you’re a math teacher?
Our money is as good as monopoly money!
This scam by the elitests has been done throughout history and it’s never ended well.
We could have the EXACT same monetary system but instead of having a private group of bankers collecting interest off the money we print it could be interest free if congress regulated it.
I’d rather congress do a poor job at it and the money be interest free than have a private group of thugs scamming us with interest attached. Funny how we got by for so long with our old monetray system where our money was backed by silver? HMMMMMMMMMMMMM?
I’m guessing president Wislon got paid well by selling us down the river to the private bankers.

All of you acedemia advocates need to wake up! Proffesors sit around and study theory because they couldn’t hack in in the reall business world where proven methods are used.
Like I’d ever take advice from some math teacher?
I never learned anything in college from any prof that was useful in the real business world. College is a just a socialist indoctrination breeding ground!

It’s similar to making Amanda Knox.. the U.S. Ambassador to Italy.

If you “Audit the Fed” like so many of you want to do. You will soon find out that Ben Bernake at the Federal Reserve has been “propping” up the Stock Market for the past year. They have been purchasing stock trying to prime the market and economy to recovery. If you don’t confirm him, the whole house of cards will tumble to the ground.

AUDIT THE FED NOW!

I’m not a huge Keynesian fan but I know that during an economic down-turn government deficit spending (on infrastructure) can help get us through the worst of it. Where it falls apart is in the fact that government spends less efficiently than the private sector and it never gives up any spending it begins even as recovery comes to pass. Once you’ve been generous you can never be fair. The only recourse the economy has, to get back on its feet and eliminate the deficits, is for the private sector to then out-grow the deficit.
Given the facts at the time though when it became clear that the U.S. of A. was going to elect an anti-business socialist as president with an already hard-left led congress; those people with something to lose began carefully backing out of their business investments and shifting into safer bets. They slowed down their spending on business infrastructure; they slowed down their hiring and basically went into hibernation waiting for this cold red winter to pass.
This is what triggered the DEFLATION cycle of late 2008 that was remedied by Bernanke’s quick response of doubling the money supply… deflating the dollar to match real deflation.
No one saw a deflation in goods relative to the deflation of the dollar (or other world currencies) so, as I noted, Bernanke doubled the money supply for FREE at no cost of inflation.
This FREE money was used to buy interests in the banks giving them the capital they needed to prevent a run… and thus a 1929 do-over was averted.
The guy is brilliant and likely saved the world a terrible economic melt-down.
Now… as the banks strengthen so too does our investments in them giving us an infinite return on the dollars spent that cost us nothing in inflation to generate.
It is the port laden stimulus package and the promise of euro-styled government health care, value added taxation, cap and trade and other ridiculous leftist aims that are now tanking the dollar relative to other currencies and hampering the recovery. Any reasonable B average 8th grader with 1/2 a grain of common sense should be able to work this out.

Let’s kick Ben (“Son of Greenspan”) to the curb. He’s proving to be just as much a disaster and ego-maniac as his mentor and predecessor, Greenspan — an old, drooling sop who still thinks he’s the center of the universe.

The only real solution to the current and future economic crises’ facing America is for America to reclaim its Manufacturing Capacity!!!
No World power has ever sustained itself once it gave up Manufacturing!!!
What next? Will the Chinese supply our Military?
The Big Corporations need to be encouraged to Manufacture in the USA!!!

Bernanke needs to go and the Federal Reserve needs to be audited!!Banks need to go back to mark to market accounting. No more prop. trading by banks and Goldman Sachs and Morgan Stanley must have their commercial bank status removed ASAP!
These simple and logical steps will begin to bring honesty and sanity back to the US banking system!!

I would like someone to ask Bernanke this question, “Who did the Fed loan 2 Trillion dollars to in June of 2008?” This is a very important question because the Fed is the entity that makes short term loans to Financial Institutions, it was the 2 Trillion Dollar Loan in question that dried up the credit market for banks and other financial institutions, this then put pressure on businesses since the banks could not get credit and so they could not extend credit. This massive loan is the root of the current economic crisis and so far few have reported on it, and no politician has asked about it. Why?
Well, it is probably because the recipient of the 2 Trillion Dollar loan was the Federal Government. The only entity that the Fed would trust with 2 Trillion is the Federal Government of the U.S. This is where the money for TARP came from and the 870 Billion dollar Stimulus Plan.
So now the real question is, “Why did the Federal Government take out the loan in the first place?”
The “Economic Meltdown” that we are going through was planned and executed by the very people who are telling us that they didn’t know the economy was in trouble. Not only did they know, in advance, they made it happen.
Why would they do this? Simple, money and power. The big financial institutions rely on the free flow of money for their existance. Dry up the flow and they go into the red very quickly, then they turn to the government who just happens to have 2 Trillion extra dollars laying around. They then “loan” this money out and take controlling interest in the businesses. They bought 10 Trillion dollars worth of corporate stock for less than a Trillion dollars and now they control AIG, Citi, BoA, GM, Chrysler, etc.
Why would Congress and the White House want to control 50% of the GDP of the US? Because they need more money for more spending programs to extend their power. The taxpayer is already tapped out, and so they tapped into the strongest economic engine in the world. Unfortunately for us, when they tapped the cash cow they did some serious damage to it.
Everyone needs to call their Senators and ask them about the 2 Trillion dollar loan from the Fed. That’s your money folks, not just your tax money, but your retirement plan, and your salary as well.

If you “Audit the Fed” like so many of you want to do. You will soon find out that Ben Bernake at the Federal Reserve has been “propping” up the Stock Market for the past year. They have been purchasing stock trying to prime the market and economy to recovery. If you don’t confirm him, the whole house of cards will tumble to the ground.
Posted by: Mike Jones | Jan 22, 2010 2:19:18 PM
The house of crads is going to crash someday. Wouldn’t you want it to happen knowing why rather than not knowing and having these same crooks offer up a new currency without question?
You can’t stop a system from failing that’s destined to fail. The whole fractional reserve system is designed by nature to fail because at some point America will reach a point where we can’t pay the interest on the printing of the money. That tipping point is close and that’s why spending is being sped up rather than sloweed down. They have to crash the currency before we can have any answers.

The FEDERAL RESERVE is a central bank, something our wise Founding Fathers warned us against.
END THE FED, and RON PAUL WAS RIGHT.

It’s time to boot the bearded federal reserve chief stooge OUT THE DOOR. Bye Bye, Bernie! You’re not welcome here anymore! It’s the first step towards ending this corrupt institution.

1st: Instead of allowing our economy to correct an errant subdivision, the statist politicians Put The Whole Economy in Jeopardy by enabling it. Bernanke was part of that.
2nd: He admitted, almost like he was proud of it, that we are #2 to China now, economically. He’s also expressed doubt in the dollar as a viable currency. Good job, Ben! Great ‘accomplishments’ that you’ve presided over.
3rd: The Federal Reserve had a 50 billion dollar profit this year. (Very strange institution.) Exxon had a 40 billion dollar profit last year, and the politicians screamed about it. Now, all you hear is the sound of crickets.

Be careful what you wish for, you might get it. If not Bernanke, then who? Christopher Dodd, Barney Frank…they are both self professed experts who deny the facts that they led us down this road to financial distress by their demands that more lending be made to unqualified people. When they repealed Glass -Steagal under Bill Clinton, they led federally guaranteed banks start playing the stock market and they got insurance against losses from the US government and now here we are.

Get rid of all back room crap unless it involved national defense. NO FED!! No government entity that does its own thing in the dark.

Bernanke has successfully stopped a disastrous deflation. I think these jerks better keep him on.

When in a hole, you don’t get out by digging yourself deeper…….unless China is your destination.
The problem with socialism is that you eventually run out of other people’s money” – Margaret Thatcher

The whole government versus the Fed arguement is a waste of time and energy. You have to get at the root of a problem, not the symptons. Wet streets do not cause rain.
The people need a free market in currency rather than a government created fiat currency. Who runs the Fed is not important. Its existence is the problem.
The special interest international bankers supported the election of Wilson. He supproted the creation of the income tax and the federal reserve.
The strongest economic decade in this country in the twentieth century. There was 7% compounded growth, 25 unemployment and 1% inflation per annum.
The U.S. had vrtually no immigration laws. Since 1913 the U.S. has had a
great depression and several recessions.
WWe have been involved in two world which we could have been avoided. We have adopted an iterventionist foreign ppolicy. How have the citizens benefited by increased taxes and regulations?
It seems that the primary benefit is only to the elitist snobs that are trying to run this country. They know what is best—-sure they do.
We need real change and we need it now.
Lower taxes and less government spending. Get rid of the elitist and their divide and conquer policies. That is the recipe for peace and prosperity.

Someone on here posted that it’s crazy to hand control over to an unaccountable third party, like the Fed. Are you actually saying you would feel better if Congress controlled the money supply? People that only care about pandering to their constituents back home and have a short term time horizon, and usually know NOTHING about economics would be better stewards for our money? Read some economic history. Before 1913 and the creation of the Fed, the US was lurching from one panic crisis to another, and they were deep recessions. Since the Fed, we have had two serious downturns in almost 100 years….a significantly better track record than pre-Fed. Of course the Fed ain’t perfect, but sure is better than letting the short sighted, dim witted bozo’s that makes up most of Congress run it.
Posted by: KT | Jan 22, 2010 9:26:23 PM
You act like Congress would be in total control of our money supply? They would have oversight but you’d have a branch of government in charge of the money supply. You’d recruit bankers who know what they’re doing to run it.
I’d rather have a branch of government running our money supply where we could have some transparency and print our money interest free than have a private group of banksters printing our money with interest and we have no transparency.
That’s a no brainer!
Before you could do that though the corrupt incumbants would have to be purged and term limits be set. You’d also have to have campaign finance reform put in place so corporations couldn’t put their guy in charge of anything. This special interest BS is just that.
As if these politicians won’t scratch backs when they’ve been given millions from huge corporations.

This just proves the constituent supporters of Obama and the no nothing idiots like my Senator Boxer who are running from this nomination because she feels that in a (D) state she does not want to cast an affirmative for an arguably wonderful Fed Head who saved our collective butts from total melt down; so if the markets (global)find on the 31st he’s not in his spot as the Fed Head all the collective IRA wealth in the country (((((poof)))))….well Mr. President you better get your troops in line.

It is time for Bernanke to go and don’t feel sorry for him because Goldman Sachs et al owes him a great deal.
The list of Bernanke’s failings would fill more space than I am allowed for this post. Folks can contact their senators and demand they vote against Bernanke. That is freedom and senators are supposed to represent their voters and not be mini-dictators doing what they want.
Hopefully Obama will remove Geithner, take some sound advice from Volker, and salvage the next three years,learning from his mistakes.

Well put and just another reason to contact your senator and tell them that it is time for a CHANGE>
1st: Instead of allowing our economy to correct an errant subdivision, the statist politicians Put The Whole Economy in Jeopardy by enabling it. Bernanke was part of that.
2nd: He admitted, almost like he was proud of it, that we are #2 to China now, economically. He’s also expressed doubt in the dollar as a viable currency. Good job, Ben! Great ‘accomplishments’ that you’ve presided over.
3rd: The Federal Reserve had a 50 billion dollar profit this year. (Very strange institution.) Exxon had a 40 billion dollar profit last year, and the politicians screamed about it. Now, all you hear is the sound of crickets.

Its absurd to totally blame bernanke for this mess. There is more than enough to go around including congress. Congress has oversight responsibility for the financial systems where were all these “outraged” politicinas when it was going on? To use voter discontent as an excuse is pathetic. we do not vote for the fed chief congress wants a scapegoat to salvage their declining stature and bernanke is the chosen sacrafice

Bernanke has been instrumental in reducing my income by 25% with his artificially low interest rates, but I shudder to think what monetary policy would be if Congress had control of it.

He admitted, almost like he was proud of it, that we are #2 to China now, economically. He’s also expressed doubt in the dollar as a viable currency. Good job, Ben! Great ‘accomplishments’ that you’ve presided over.