Bernake on 60 minutes says the Congressman and the public
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He also said that the 2 mistakes made during the great depression were 1) the Fed allowing money supply to contract thus causing deflation, and 2) allowing banks to fail.
My question: had the Fed not failed on point #2 and bailed out the banks, would point #1 even have mattered? There are many fallacies implicit in looking back on history and trying to assign cause and efffect. i fear that Bernake's life work in studying depression era economics is driving his policies when the 2 situations are completely different.
For example- can someone explain to me why deflation right now is a bad thing?
My question: had the Fed not failed on point #2 and bailed out the banks, would point #1 even have mattered? There are many fallacies implicit in looking back on history and trying to assign cause and efffect. i fear that Bernake's life work in studying depression era economics is driving his policies when the 2 situations are completely different.
For example- can someone explain to me why deflation right now is a bad thing?
You don't seem to get it.
Everyone with direct access to the real books says the system was going to implode if those steps were not taken.
Maybe you think they are lying.
I don't care if folks want to bungee jump with rope made of tissue paper, one less @nus collecting social security is the good news.
But I'm not amused when their innate stupidity impacts my personal well being.
Everyone with direct access to the real books says the system was going to implode if those steps were not taken.
Maybe you think they are lying.
I don't care if folks want to bungee jump with rope made of tissue paper, one less @nus collecting social security is the good news.
But I'm not amused when their innate stupidity impacts my personal well being.
Gee raising taxes and Smoot-Hawley had nothing to do with the Great Depression, I guess.
Jeeze, what a self-serving statement from Bernacke. Typical.
He an Obama are allowing AIG to loot the Treasury and he thinks expressing outrage deserves an applause.
Clueless. Absolutely clueless.
if you think Bernacke knows what he is doing, you probably thought Greenspan did, too.
Why is it that nowadays the mainstream media, like Sixty Minutes, are total suck ups, cheerleaders or, at best, passive conduits, and comics like John Stewart are acting like actual journalists and asking hard questions and demanding accountability.
Actually, now that I think about it, this dynamic is what happens in totalitarian countries, where artists speak the truth, and often wind up in jail, and the media is just a tool of the power elites. Think Vaclav Havel.
Let me know when Bernacke gets a real grilling on the Daily Show or some place.
if you call that shit hole of a city, then and now, a WMD, the you scare pretty darn easily.
Are you really the last person on the plant that believes the WMD line?
Man, that canard was planted by Iranian intelligence and our stupid CIA bought it and used it to invade Iraq, just like Iran wanted. Best part: We gave CIA director George Tenant a Medal of Honor for it! What a country!