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Bernanke rescues economy, gets carping from Congress

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  • Tue, Aug 04, 2009 - 12:08pm

    #1

    TD

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    Bernanke rescues economy, gets carping from Congress

Our view on the Federal Reserve: Bernanke rescues economy, gets carping from Congress

Fed staves off second Depression, faces threat to its independence.

 

Here’s a link to the complete USA Today’s opinion…

http://blogs.usatoday.com/oped/2009/08/todays-debate-the-federal-reserve.html#more

 

Fed Chairman Ben Bernanke did more than anyone else to keep a banking crisis from turning into a global economic catastrophe. When shell-shocked financial institutions suddenly stopped lending last fall, he poured enormous sums into their coffers, offering them emergency loans to shore up their balance sheets and encourage them to continue lending. Since then he has devised a variety of creative ways to keep credit markets running and interest rates low, including buying more than a half trillion dollars in mortgage portfolios.

So now that the threat of a total implosion appears to have abated, one might think that Congress would give Bernanke a pat on the back. Instead, it has been treating the man and the institution with considerable scorn. A majority of House members have signed onto a bill to force the Fed to undergo a review by Congress’ chief investigator, which would recommend changes to be imposed on the Fed.

Superficially, the bill would just require more disclosure of Fed actions. But disclosure is already ample, and Bernanke has dynamically increased transparency. It is more likely to prove a vehicle for meddling, which the bill’s primary sponsor, Rep. Ron Paul, R-Texas, has long wanted to do…..

 

 

 

  • Tue, Aug 04, 2009 - 12:48pm

    #2
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

Regardless of what you think of Bernanke (hero or villian) there is no legitimate reason why the people of the U.S. should not know what the FED is doing. The congress created the FED and should audit them because we simply don’t know what they have been doing with our resources other than morgaging our grandchildren’s future.

 

Ken

 

  • Tue, Aug 04, 2009 - 01:11pm

    #3
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

Be careful what you wish for. All the activities of the Fed have bought us some time, regardless of the looting. It could have been done differently, but it wasn’t and it is too late to reverse course now.

It’s important to look at that time as a gift and get yourself prepared. The new bubble of federal debt that is forming thanks to helicopter Ben and others will pop, and you don’t want to get anything on you when it does! If we were to gain 100% transparency to the actions of the Fed right now, the game would be over, pretty much immediately, IMO.

Best,

Rog

  • Tue, Aug 04, 2009 - 03:00pm

    #4
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

[quote=Ready]

Be careful what you wish for. All the activities of the Fed have bought us some time, regardless of the looting. It could have been done differently, but it wasn’t and it is too late to reverse course now.

It’s important to look at that time as a gift and get yourself prepared. The new bubble of federal debt that is forming thanks to helicopter Ben and others will pop, and you don’t want to get anything on you when it does! If we were to gain 100% transparency to the actions of the Fed right now, the game would be over, pretty much immediately, IMO.

Best,

Rog

[/quote]

I would like to see the end of the FED and the only way (in my opinion) that it will happen is to shine a light on it’s actions so that everyone can see the looting. Unless we bite the bullet some time the banksters will continue the looting.

 

Ken

 

  • Tue, Aug 04, 2009 - 03:25pm

    #5
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

TD wrote:    "……he poured enormous sums into their coffers, offering them emergency loans to shore up their balance sheets and encourage them to continue lending."

 

I’m still concerned about how they chose which banks’ to "shore up their balance sheets" and which ones not.  Just this morning, there is a front page story about Horizon Bank (Western Washington) having a serious problem with its under capitalization.   Although I’m not a customer of that bank, or any of the others that have failed, I still have to wonder why these banks were not given a "helping hand."  But then, I think I know why the bias.  Some banks are just "too big to fail" because they contain friends and big supporters.  Another shameful example of how the most wealthy banking interests and lobbyists are running our government, not the citizens.  Another horrible example is the health care lobby.

  • Tue, Aug 04, 2009 - 04:01pm

    #6
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

Hi Ken,

I’m curious, what do you think the reprcussions of clearly exposing the Fed’s actions are to all Americans (I assume you are one) and the rest of the world?

Do you think that we can turn things around in the US if we can somehow stop the banksters from looting? I assume punish them too?

Truth is, I used to want the Fed abolished in the worst way, now I don’t think it matters, we have crossed the point of no return IMO. What’s your perspective on how this helps?

Best,

Rog

  • Tue, Aug 04, 2009 - 04:19pm

    #7
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

The Federal Reserve system is a scam.  Just do the math, we can only lose.

Larry

  • Tue, Aug 04, 2009 - 04:50pm

    #8
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

Larry, hopefully you understand that I agree. But take Madoff for example. All his investors were doing fine, had access to money, etc. UNTIL HE WAS EXPOSED. Then they ended up with nothing overnight.

This whole deal of the Fed is a scam and a grand Ponzi scheme that is destined for failure. You shine a light on them and you will have a massive dollar crisis in a nano-second. It will be the very thing (many of us) want to prevent.

All I am saying is don’t pull the plug until we are ready… right now my sense is that there are not enough awakened Americans and we need the time to further prepare. More come online every day…

Not that it really matters anyhow, we simply don’t have the option to make a change, the Fed is too powerful for us who pontificate via discussion threads to do anything about. JMHO

Rog

  • Tue, Aug 04, 2009 - 06:05pm

    #9
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

[quote=Ready]

All I am saying is don’t pull the plug until we are ready…

[/quote]

Sorry, Rog;

I fail to see how that would make us anything but complicit in their crimes . . . And exactly when will we be ready for the failure of the US dollar?  If ignoring crime for personal benefit is your plan, I don’t think I’ll ever be "Ready". . .

  • Tue, Aug 04, 2009 - 06:23pm

    #10
    Peak Prosperity Admin

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    Re: Bernanke rescues economy, gets carping from Congress

C1oud,

Go throw your stones elsewhere, I will not rise to your bait.

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