Bernanke Has ALREADY Failed

[CaptainObvious]

Quote from Illum:

He did ok, but yea it looks like he lost. I blame the failure for two reasons. One they didn't fully nationalize the banks. They should have dealt it. Two, the stimulus was a complete waste. No vision in it, and instead of taking a couple months and hammering out a nationwide plan, they just funded old pork. I remember an old economist from the Depression era in an article saying stimulus was most important. Listen to the old people. Would love to see a follow up.

Edit - And by old people I don't mean 50-60 somethings. I believe the baby boomers are a complete failure.

As a "Boomer" I take issue with that.
Actually, everyone has some shit in their game. The "old people" as you call them have been, and still are concerned with one thing...getting their SSN check. They know, and have known, the system is going broke. Many of these people also retired with company funded pension plans, which we all know are long gone. If anyone could have afforded a cut in their SSN check it was them.
Then we come to you youngsters. Your starry eyed naivety is almost as astounding as that of my generation, almost. You just keep bending over and taking it when you should be rioting in the streets. You are so completely fucked I don't think you even realize how bad it's going to be 10 years out.
And then there's my generation. We tried to change the world, be all things to all people, all over the f'n world. All of course in a kinder, gentler way. Problem is, we bled the golden goose dry in the process, and like the youngsters of today, were naive enough to believe the world would be appreciative. How stupid is that?
So, while we all point fingers at each other, the chosen few continue to rape and plunder, stuffing their pockets with as much as they can...and the shell game continues.

 

[WaveStrider]

Quote from fhl:

A collapsed financial system was averted? Just how do you know this for sure? Oh, I know. The people that told you that unemployment would reach 8% w/o the stimulus said so.

Your making up things that you don't know to justify continuing something that we do know.

Sorry, no sale.

Agreed.

But wasn't that what Paulson sold the TARP with? If he doesn't get $700B to do what he wants with, the world will end?

Paulson led the charge...

 

[david666]

Quote from libertad:

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Firstly all assets work at the right price....

Has anyone in govt. fully attempted to describe what would have happened exactly without intervention ?

Or is it just that politico scare tactics have been used....?


And who exactly has benefited from spent funds to date ?

Was it US citizens ?

Was it the likes of GS, BAC....the USSA of Banks ?

This is very clear....

Also what is clear is who has not benefited....

Those who saved are not getting the benefit of price adjustments.....and are in fact being taxed even more....

All that has happened to date is the support of the inefficient, unwise, politico connected enterprises.....

And in fact.....it could be argued that the govt. has only made it much worse ....by piling more debt into paying off the losers and creating nothing sustainably worthwhile.....

Japan....Japan....Japan.....

Without the useless Fed politicos....the debt to pay would be much smaller.....leaving a smaller hole to get out of....

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ie. AIG rescue bailed out who ?

ie...US far better off with Toyota ...others buying the best parts of GM.....

ie....better off without those that created the problems in the first place ....?

I do not agree with your debt argument one bit. Our debt was over 120% of gdp following world war II, and we still have not fully paid it back. (There is a reason why everyone makes fun of Finland for being one of the few countries to actually pay back ALL of its debt). Its not necessary for the US to pay back its debt.l

Only 2 years in the last 60 has there not been a deficit. The first, i forget which president, but the budget was balanced. The second was under Clinton, and its not because he was a great president but becuase he was a democrat with a republican congress and nothing got passed.

My point being is that there will always be a national debt. I am tired of arugments that our children will have to pay it back, they wont and neither will their children. The debt will always be there, it always has.


NOW, if you want to say the interest we pay on the debt, thats a different story. We pay way too much in interest.

Why a bailout for AIG? well, I have formulated my own theory. It is not well known but AIG had excutive insurance, meaning if any C level suite employee was personally sued, AIG would cover ALL costs. I do believe every big company pushed for a rescue of AIG. This meant they could go on with their happy ways with no consequences.

 

[libertad]

Quote from david666:

I do not agree with your debt argument one bit. Our debt was over 120% of gdp following world war II, and we still have not fully paid it back. (There is a reason why everyone makes fun of Finland for being one of the few countries to actually pay back ALL of its debt). Its not necessary for the US to pay back its debt.l

Only 2 years in the last 60 has there not been a deficit. The first, i forget which president, but the budget was balanced. The second was under Clinton, and its not because he was a great president but becuase he was a democrat with a republican congress and nothing got passed.

My point being is that there will always be a national debt. I am tired of arugments that our children will have to pay it back, they wont and neither will their children. The debt will always be there, it always has.


NOW, if you want to say the interest we pay on the debt, thats a different story. We pay way too much in interest.

Why a bailout for AIG? well, I have formulated my own theory. It is not well known but AIG had excutive insurance, meaning if any C level suite employee was personally sued, AIG would cover ALL costs. I do believe every big company pushed for a rescue of AIG. This meant they could go on with their happy ways with no consequences.

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What is clear is that valuable assets have been utilized inefficiently via the politicos.....costs that are totally uneccessary in that no sustainable enterprise has been created.....

What is clear is that the politico Fascist system is flawed and is set up to benefit the few....

This requires structural change.....none of which is in serious consideration....
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So what does the future hold.....a greater govt take from a diminishing mistreated and mismanaged resource.....

Pathetic .....

 

[Cutten]

In order to fail, success had to be an option. No central banker or anyone else, could have stopped this recession. Therefore bernanke did not fail, he was just powerless to prevent something inevitable.

King Canute went to the sea shore and tried to turn back the tide by commanding it to stop coming in. Generations of presidents, prime ministers, and central bankers go to an economy entering recession and try to stop it happening by monetary or fiscal policy. These efforts are about as useful and likely to succeed as King Canute's. You cannot stop a recession, it's as simple as that - a recession will stop of its own accord once previous excess and bad investments have been liquidated, and the economy has shifted its focus sufficiently back to productive activity. The latter will happen quickest when the market is allowed to clear swiftly and efficiently, and the process will be slowed by market distortions, red tape, extra taxes, and other attempts to "fix" things. Politicians and voters need to learn to curb their instinct to "do something". Unfortunately they are too poorly educated to do so, and it's against their nature. Hence, recessions drag on longer than needed. This is not Ben Bernanke's fault, it is people's fault for being dumb and ignorant.

 

[libertad]

Quote from Cutten:

In order to fail, success had to be an option. No central banker or anyone else, could have stopped this recession. Therefore bernanke did not fail, he was just powerless to prevent something inevitable.

King Canute went to the sea shore and tried to turn back the tide by commanding it to stop coming in. Generations of presidents, prime ministers, and central bankers go to an economy entering recession and try to stop it happening by monetary or fiscal policy. These efforts are about as useful and likely to succeed as King Canute's. You cannot stop a recession, it's as simple as that - a recession will stop of its own accord once previous excess and bad investments have been liquidated, and the economy has shifted its focus sufficiently back to productive activity. The latter will happen quickest when the market is allowed to clear swiftly and efficiently, and the process will be slowed by market distortions, red tape, extra taxes, and other attempts to "fix" things. Politicians and voters need to learn to curb their instinct to "do something". Unfortunately they are too poorly educated to do so, and it's against their nature. Hence, recessions drag on longer than needed. This is not Ben Bernanke's fault, it is people's fault for being dumb and ignorant.

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Wrong.....



Lots of money needlessly wasted......