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Bernanke Is Clueless
- Thread starter AAAintheBeltway
- Start date
I'm amazed at the level of support for Bankruptcy Ben here. I honestly had no idea that many Fed staffers read ET.
I know there are those out there who are delighting in the suffering of house flippers, and those who have been shut out of the market and hope this will bring prices back to where you can afford them. Unfortunately, you will have a long wait. It will take years to unravel the mess Bankruptcy Ben is making.
For those who see this as a much-needed dose of the old-time religion to the economy, guess again. The single worst thing for government finances is a recession. Decifits soar, revenues go south and there is unbearable pressure for socialistic bailouts. How do you think FDR got the New Deal in place?
There are worst things than Wall Street assholes and irresponsible borrowers making money. We are on the verge of seeing that first hand.
I know there are those out there who are delighting in the suffering of house flippers, and those who have been shut out of the market and hope this will bring prices back to where you can afford them. Unfortunately, you will have a long wait. It will take years to unravel the mess Bankruptcy Ben is making.
For those who see this as a much-needed dose of the old-time religion to the economy, guess again. The single worst thing for government finances is a recession. Decifits soar, revenues go south and there is unbearable pressure for socialistic bailouts. How do you think FDR got the New Deal in place?
There are worst things than Wall Street assholes and irresponsible borrowers making money. We are on the verge of seeing that first hand.
Quote from sjfan:
No. That's not correct. "The Federal Reserve's most critical role is to keep the economy healthy through the proper application of monetary policy." (http://www.frbsf.org/publications/federalreserve/fedinbrief/roles.html). Inflation is but one aspect of it.
Moreover, the Fed's actions in the current credit crisis not to save speculators, but to ensure that that liquidity is still orderly enough for corporations and other legitimate consumers of credit to have access borrowing. The credit world, unlike equity, is massively important from a day-to-day perspective. Many healthy corporations draw on bank loans, revolvers, and debt for critical operating necessities.
so running down real rates to seriously negative level was keeping economy healthy?
Personally, basing it on pure intellect, I find Bernanke to be far superior to Greenspan. Greenspan created this mess and Bernanke inherited this "conundrum" aka pile of sh**. How Bernanke will perform as the head of the Fed is yet to be seen. To blame the current rout on an individual who's hardly responsible is just inane.
An interesting article
http://www.briefing.com/GeneralCont...nvestor&ArticleId=NS20070813145714TakingStock
An interesting article
http://www.briefing.com/GeneralCont...nvestor&ArticleId=NS20070813145714TakingStock
Quote from CommunistMonkey:
If you bail out idiots who take too much risk they'll just take extra risk next time around.
If Greenspan had a spine he's have solved the liquidity issues caused by LTCM but fucked all the investors. Instead he bailed them out. They consequently took more risk in the dot com bubble and needed a another bailout. He bailed those guys out and then they took more risk in this credit/mortgage/housing bubble. Do you have any idea how fucked we are if Bernake bails these idiots out and let's them think it's ok to take that much more risk the next time around?
Speculators speculate. When they win the get richer, when they lose they're supposed to get poorer. His incompentency, Greespan somehow figured that speculators who lost deserved to be richer too and we're all poorer for his lack of vision.
This is the best comment in the post. The rest of them just whining in general. For all you idiots out there, read quoted post please. The Fed is not here to help the speculators get rich. Everyone need to be responsible for their own actions. The market is fine, it can absorb losses.
If you going to blame anyone for creating this, blame the CEOs and the managers taking all these risks.
Quote from thecalip:
This is the most intelligent comment in this thread. The rest of them just whining in general. For all you idiots out there, read quoted post please. The Fed is not here to help the speculators get rich. Everyone need to be responsible for their own actions. The market is fine, it can absorb losses.
If you going to blame anyone for creating this, blame the CEOs and the managers taking all these risks.
Quote from AAAintheBeltway:
I'm amazed at the level of support for Bankruptcy Ben here. I honestly had no idea that many Fed staffers read ET.
I know there are those out there who are delighting in the suffering of house flippers, and those who have been shut out of the market and hope this will bring prices back to where you can afford them. Unfortunately, you will have a long wait. It will take years to unravel the mess Bankruptcy Ben is making.
For those who see this as a much-needed dose of the old-time religion to the economy, guess again. The single worst thing for government finances is a recession. Decifits soar, revenues go south and there is unbearable pressure for socialistic bailouts. How do you think FDR got the New Deal in place?
There are worst things than Wall Street assholes and irresponsible borrowers making money. We are on the verge of seeing that first hand.
margin call flashing?
you're so pathetic, desperate long
used leverage 4:1?
let's know how much money you lost before posting another BS
B will step in when market correct 15%, right now US market is roughly break even for the year.
The first Green Span year is 87, you know what happened,
The first Green Span year is 87, you know what happened,
Quote from AAAintheBeltway:
So you agree that Bernanke is a weak Chairman? I guarantee you that Paul Volcker didn't sit around listening to Board members whining.
I get your drift. Unfortunately, it's wrong.
You have no idea what you're talking about, but that's obvious from your other posts. You are talking about a system set up almost a 100 years ago specifically to function this way. Yet you and most of ET somehow manage to pick out the individual who is put in front of the public eye as the representative and make him as the sole and only scapegoat or the hero. Because it is so logical to have something like the US national money system decided upon by one person. It's so naive, it's retarded. It's like going into a Korean owned deli at night and blaming the Mexican at the counter for the high prices of Ben & Jerry's.
The chairman cannot have a personal financial agenda because he cannot hold any other position, especially at a financial institution. He is meant to be a bureaucrat. Ever wonder why that is? If I have a personal financial agenda, why would I want to be in the spotlight making these decisions and explaining them? It's smarter to put someone else in place and have the sheep speculate about how "stupid" he is when he "makes decisions". So why don't you look up your hero Paul Volcker and investigate exactly who benefited and whose expense during his contraction of the money supply.
Seriously, anyone who did not expect the Fed to step up and start injecting liquidity must be completely ignorant about the financial elite. Yeah, entities like BSC, GS, C, BAC, as well as non-US major banks. These can exert major power & influence and you can bet your ass that they will in this situation. As they should, after all, their duty is to ther shareholders and I do not care who you are, cause if you were a shareholder, you wouldn't give a fat baby's d*ck about the free market settling itself out, it's all about your money.