Bernanke on sixty minutes

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investorzzo's picture
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Bernanke on sixty minutes

 You will notice 60 minutes never asks the hard questions about the Federal Reserve? Parts 1 & 2

http://www.cbsnews.com/sections/60minutes/main3415.shtml

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Re: Bernanke on sixty minutes
investorzzo wrote:

You will notice 60 minutes never asks the hard questions about the Federal Reserve? Parts 1 & 2

http://www.cbsnews.com/sections/60minutes/main3415.shtml

If they don't ask the"hard questions", then why should I bother viewing this link? 

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Re: Bernanke on sixty minutes

I would read Americans posts in response. It's good to know that some watching aren't fooled as to what is really happening. Read the comment section.

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Re: Bernanke on sixty minutes

OK

 

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Re: Bernanke on sixty minutes

It's one of the biggest puff pieces I've ever seen.  Clearly CBS is in on the game.  This was done to make it look like this good down-home guy is doing his golly gee darnedest to help us little folk, and look at him take some tough questions from the tough media making sure he's accountable...

What a joke...actually it's an outrage.  All this civilized chitter chatter like professional weasels at the Harvard Club makes me want to vomit.  Millions are going to starve around the world from what this organization has done.  Where's the accountability?  Why not ask why they need a palace that rivals any that Saddam Hussein built?  Why not ask how the owners made so much money that in just 20 years they had the wealth to build such a building?  Why not ask how much money the Fed makes and ask about the private owners behind the regional Fed system?  Why not point out that all that money that makes the Fed live like royalty in palaces comes from our wallets in the form of taxes?  Why not ask "wow, nice building, clearly you guys are doing quite well while everyone else is on the verge of losing their homes, what gives?"  Why not say "this is a private bank, I was shocked, I'm sure everybody watching tonight thought you ran a government institution."  Why let him get off the hook when he asks "if the Fed's responsible for oversight, why didn't you stop this?" and Ole Ben says "uh, clearly we could've done better."  No shit you nimrod bureaucrat!  In fact, you guys were in on it...you're the ones that flooded the markets with credit and inflated the .com bubble and the real estate super bubble!  Why should we listen to you now!?  How can you sit there knowing you and Greenspan set this entire thing up and now you want us to trust that you're the people to fix it!?  And then I'd say like Michael Corleone says to Carlo before he has Clemenza strangle him in the car, "get out of my sight."

Sorry, I know that doesn't fit the tone of this website.  But that's the appropriate level of rage that should be directed at the Fed.  We rage like that at small criminals.  Why not the big ones?  The decorum we see on that video is purposeful...to numb people out into a brainwashed zombie state..."yes most masterful competent Ben, thank you for taking care of us."

And his outrageous lie that we stabilized the problem and things should recover in 2010 should be prosecuted.  He knows that's not true.  But hey, it'll help the market maintain the current bounce and give me a good chance to sell my last equities and maybe get a decent selling price for my house.Wink

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Re: Bernanke on sixty minutes

I think the "average" person watching Bernanke would believe what he had to say.  He seemed incredibly poised to me.... I won't use some of Strabes' "terms,"  but I had like some like thoughts.

Yesterday, I also watched Cheney on CNN, just so you know the financial crisis is due to the failure of Fannie and Freddie.... Eye roll.

Cat

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Re: Bernanke on sixty minutes

I think we all had similar feelings of rage at seeing the diminutive southern town and Main Street that Ben came from. This entire interview was pure propaganda and as Helicopter himself said, he wants to connect with the American people in this crisis so that he can have the political will to execute his plan. Blatant power grab and cheap PR stunt here. I was not fooled.

That FNM / FRE issue is still ingrained very deeply in some of the people that I talk with. They really, truly believe that our entire breakdown is just so simple as a couple of GSEs and some reckless loans. I wonder if anyone at CBS does read the comment section and realize that what their pushing is completely out of whack with what at least some of the people are understanding...

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Re: Bernanke on sixty minutes

We watched it. All I can say is his voice cracking does not exude the confidence he exalts date wise with respect to recovery. I posted it and Rogoff's video on the DG of the 16th as well.

IMHO I think Bernanke is towing the line, this admin wants to wish this away by putting a smiley face on it when they should be identifying it for what it is and they should have had a plan in place to deal with it.

And I thought Katrina was a botch job!

Ha. 

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Re: Bernanke on sixty minutes

yep the smart people here are not fooled ......................a couple of hundred maybe?

but the sheeple slept well last night under the comforting words of the shepherd. they awoke today and are putting more money in casino. 

cbs 60 minutes??????????

what conspiracy??????????????

oh yeah the dow is down 4000 points from where it was when mac said the fundamentals of the economy were sound.

he was excoriated in the msm

rohmer declares the same thing and not a whisper.

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Re: Bernanke on sixty minutes

I noticed his voice cracking right away, he appears rattled to me just like Geither, and Lewis from B of A do in their interviews.  

The second part of the interview was pure propaganda, letting us know that Ben put on a funny costume to work at fast-food Mexican restaurant in his early South Carolina days.  Unfortunately, this is typical in the American news media, totally lacking in any objective journalism, but serving as a mouthpiece for the current administration.  You saw the same thing in the buildup to the invasion of Iraq. (i.e., Judith Miller at the New York Times)

A couple of interesting moments worth noting:

(1) His analogy in which he compared himself to a fireman putting out a fire caused by a neighbor who smokes in bed that was going to threaten all of our wooden houses. He says "I think we'd all agree, we'd put out the fire first, and then say 'What punishment is appropriate?'"  In other words "We will all die if we don't do what we're doing right now."

Fire as a symbol is historically a "purifier and destroyer," interesting that he would choose an analogy that features fire. Secondly, without getting into some long discussion, how is this an analogy to the financial meltdown?  It didn't feel right to me when I first heard it. 

(2) When asked "Are these banks solvent?" He answers "I believe they are, yes."  A high school newspaper reporter would have called him on that response.

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Re: Bernanke on sixty minutes

strabes said -

It's one of the biggest puff pieces I've ever seen.  Clearly CBS is in
on the game.  This was done to make it look like this good down-home
guy is doing his golly gee darnedest to help us little folk, and look
at him take some tough questions from the tough media making sure he's
accountable...

I was yelling at my TV last night asking the questions CBS wouldn't. It's no wonder, CBS is owned by one of the Big Ten (click for media ownership chart) global media conglomerates that controls the lions share of tv, cable, radio, Internet, recordings, movies, magazines, etc.

I think the AIG firestorm could blow their cover.  People are going to start putting things together - the information is going to be very hard to keep from even those only casually interested.  

Larry

 

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Re: Bernanke on sixty minutes
DrKrbyLuv wrote:

I was yelling at my TV last night asking the questions CBS wouldn't.

 

 

What answers did you get back? 

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Re: Bernanke on sixty minutes

Absolute baloney, wasn't it, pissed me off greatly.

 I like the part when the reporter asked how the Fed started and Bernanke said "Congress authorized it in 1913," Absolute  puff piece for idiots.

 

SG

 

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Re: Bernanke on sixty minutes

Gadfly Post

DrKrbyLuv wrote:

I was yelling at my TV last night asking the questions CBS wouldn't.

Gadfly wrote:

What answers did you get back?

My wife finally suggested that I change the channel or go back to my computer

Larry

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Re: Bernanke on sixty minutes

You all need to watch peter schiffs blog on this. He makes some awsome comments too. It is a great 10 minutes....

http://www.europac.net/videoblog.asp    it is free to sign up, although I think everyones password will be GOLD (I had a few friends here sign up for it.....I'd be curious to know if anyone else gets the same one, if they don't use GOLD..)

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Bernanke's Witness Protection Program
 
--------------  Bernanke's Witness Protection Program --------------

 

March 16, 2009 "Information Clearing House" --   Fed chief
Ben Bernanke's
new funding facility is a real doozy. In fact, if the
Term Asset-Backed Loan Facility or TALF, which is set to launch on
Thursday, doesn't convince the American people that it's time to take a
wrecking ball to the Central Bank and start over, than nothing will.
Bernanke and his co-conspirator at Treasury, Timothy Geithner, are
planning to revive the shadow banking system by dumping $2 trillion
into the same over-leveraged, derivatives-based garbage that blew up
the financial system in the first place. All the blabbering about a
"good bank-bad bank" remedy appears to have been a diversion. This is
how Bloomberg sums it up:



 "Geithner’s
program has three main elements: Injecting fresh government capital
into some of the country’s biggest financial institutions; establishing
a public-private partnership to handle as much as $1 trillion of banks’
bad assets; and starting a credit facility with the Federal Reserve of
as much as $1 trillion to promote lending to consumers and businesses.




The Treasury hopes to unfreeze credit markets by providing new
incentives to banks and investors to resume trading in mortgage
securities and other troubled assets. U.S. regulators are conducting a
new series of examinations to make sure banks have enough capital to
accept losses when selling these assets, while also planning to provide
government financing to the investors who might buy them." (Bloomberg
News)




That's right; $1 trillion for Bernanke's TALF and another trillion for
Geithner's so called "Public-Private Partnership". That's $2 trillion
down a derivatives sinkhole just to preserve the illusion that the
banks are still solvent. Bernanke has decided to shrug off the advice
of nearly every reputable economist in the country, most of whom are
pushing for a government takeover of the failing banks
(nationalization), just to toss his shifty banking buddies a lifeline.
It doesn't seem to bother him that the public till has already been
looted and that his action will leave the next generation of Americans
bobbing in a pool of red ink.

Larry

 

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Re: Bernanke on sixty minutes

It's great to hear Schiff's response.  We're so trained to be zombie-fied watching TV, it's pretty cathartic when we see a person talking reality and being apoplectic about the puppet masters and spinmeisters!! 

But Schiff is off on a couple points in my view.

1) He says that we won't cancel all our govt programs in order to payoff the Chinese.  I think we absolutely will.  China is our bank.  Lower class american recipients of govt transfer payments are the customers.  Customers get screwed in bankruptcy.  Creditors get paid off.  Look at what happened in Argentina.  The US can't default on its securities or it's the end of the US...it's the equivalent of a company going to bankruptcy court and having the assets sold off.  Treasury will let all of its programs go unfunded, including FDIC, before it defaults on its T-bills.

2) He says it would be a boom to China if it quit lending.  That's just not true.  If it were true, why haven't they done it yet? They're pretty smart folks running things over there. US bankruptcy would kill the Chinese economy so they need to keep us afloat for a while...we are "too big to fail" from the perspective of China.  It's the same reason banks are going out of business now as their customers (mortgage borrowers) go bankrupt and foreclose.  A bank's survival depends on its customers' cashflow.  China needs us to pay it back.  No doubt it knows that it won't be paid back in the long-term and I'm sure they're planning for a systemic adjustment at some point, but in the meantime, it needs us.

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Re: Bernanke on sixty minutes

What really annoys me is all the fake indignation of Obama, Barney Frank  and all the rest of them about the bonus paid by AIG.

 

AIG should not have gotten the DAMN money in the first place. Let them go belly up.

 

I was against the bailout when it happened on Bush's watch, I am against the bailout now. It does not seem to matter how much people yell and scream about not giving away the farm to the people that created this mess it still keeps going.

 

Ken

 

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Re: Bernanke on sixty minutes
strabes wrote:

.

1) He says that we won't cancel all our govt programs in order to payoff the Chinese.  I think we absolutely will.  China is our bank.  Lower class american recipients of govt transfer payments are the customers.  Customers get screwed in bankruptcy.  Creditors get paid off.  Look at what happened in Argentina.  The US can't default on its securities or it's the end of the US...it's the equivalent of a company going to bankruptcy court and having the assets sold off.  Treasury will let all of its programs go unfunded, including FDIC, before it defaults on its T-bills.

From what I gather Schiff was talking from a political standpoint. Between all the lobbyist's, special interest groups, and unions (same thing if you ask me), for the President/government to simply go to the american people and say, 'sorry guys, no more handouts, free food, cloths, money...ect it is all getting cut off today because we screwed up and have to pay China, Japan, and all the others just simply won't happen like that. It would be political suicide... Let alone, if they did take the right move and pay back our debts (and want to be successful at it) they had better make that effort soon. With all the debt we currently have, minus the unfunded liabilities (which is huge as you know). It simply will not be possible unless they cut almost everything....and SOON. ( http://www.usdebtclock.org/ ) This is one of the two sites I use to check it out every so often. If you look at the governments track record, they  are too busy tring to please the people with free handouts to simply cut everything. Thats all Schiff was getting at. The administrations goal is to go back to the status quo of loose credit, and free money, Even Obama's speech last night continued on with he idea of freeing up the credit market. In doing so they are throwing a lot of money at it. Why would that stop now (even though they really need to stop now).

 As for China. I honestly think they are in the works of tring to slowly get rid of them. Look at their reserve policy, and all the spending they are doing and in the works of doing. It is no where near the almost 2 trillion they have, but they are allocating acouple hundred billion so far. I agree we import a lot from them, and still do, but the way I see it, if they prolong it enough to give them the time to aquire all their assets they need with the temporarily strong dollar then they win. It would not hurt them as severly as many want to think, or hope, especially if it turns out the rumor is true about them even wanting about 4000 tons of gold (only one not proven fact yet) aside from everything they already purchased, and are in the process of purchasing. The 'pain' they would feel would be only temporary. By replacing dollars for real assets puts them in a better position then I believe we are all led to believe.

Now on a side note, if the oportunity arrises for them to dump it, in response to the stupind moves in the China sea or any other conflict remains to be seen. We shouldn't poke the one that 'feeds' us.

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Re: Bernanke on sixty minutes

 

Agree with pretty much everything said...............

The thing that gets me is if these "experts" didn't see this coming, how on earth can they say when in will be over.  At the moment I would place more trust in a fortune teller at the local fair than an economist.  All this talk of the recession being over by the end of the year......sureSealed

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Re: Bernanke on sixty minutes

here is some news that just came out today....horrible news, but goes in line with Bernanke's nickname 'helicopter ben'

http://www.nytimes.com/2009/03/19/business/economy/19fed.html?_r=1

this is not good, but also falls in line with what we know happening...

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