Bernanke Is Clueless
- Thread starter AAAintheBeltway
- Start date
neither is it their job to deliberately set up rules that can only lead to bubbles and exaggerated speculation, or to pass laws that benefit their special interest donators at the expense of the public, or to engage in profligate spending and staggering debt creation.
but they do it anyway, with full knowledge and intent. and it's disingenous to argue that, having done whatever they could to assist J6P into the hole he's in, they should wash their hands of it upon finding a sudden respect for their Constitutional boundaries.
AAA,
Let's see. You blame Bernanke for inheriting what has unanimously been called a real estate bubble. You want him to lower rates when inflation is still a big threat, the economy is still growing at a good clip, we're at near full employment, and, most importantly, the dollar has been on a major slide against every major currency?
You rag on Ben for being too much of an academic, while your "policy advice" is based on emotional knee-jerk reflex and very little on academic rigor. Why ask the Fed to kill a fly with a howitzer? Lowering rates to solve a narrow problem will have adverse effects across the entire economy. If there is an intervention -- and I don't support one in the first place -- let it be Congress who legislates a bailout, since they're supposedly the arm of the People and are the ones who should react to your "don't let Joe Sixpack lose the house he shouldn't have bought in the first place" appeal. At least congressional legislation can be more targeted and minimize the adverse impact on other aspects of the economy. Interest rate changes, on the other hand, should only be reserved for issues dealing with inflation, GDP growth, and exchange rates.
I'll take Bernanke over Greenspan -- or you for that matter -- any day.
Let's see. You blame Bernanke for inheriting what has unanimously been called a real estate bubble. You want him to lower rates when inflation is still a big threat, the economy is still growing at a good clip, we're at near full employment, and, most importantly, the dollar has been on a major slide against every major currency?
You rag on Ben for being too much of an academic, while your "policy advice" is based on emotional knee-jerk reflex and very little on academic rigor. Why ask the Fed to kill a fly with a howitzer? Lowering rates to solve a narrow problem will have adverse effects across the entire economy. If there is an intervention -- and I don't support one in the first place -- let it be Congress who legislates a bailout, since they're supposedly the arm of the People and are the ones who should react to your "don't let Joe Sixpack lose the house he shouldn't have bought in the first place" appeal. At least congressional legislation can be more targeted and minimize the adverse impact on other aspects of the economy. Interest rate changes, on the other hand, should only be reserved for issues dealing with inflation, GDP growth, and exchange rates.
I'll take Bernanke over Greenspan -- or you for that matter -- any day.
How exactly has Bernanke failed? He hasn't even been on the job very long. Doesn't the mortgage industry have more to do with the recent market downturn than Bernanke? Douche bags like you will find any reason to beat up a Bush appointee, no matter how absurd.
in july, the fed head was talking about subprime being contained.....
as he lies awake tonite counting dots on the ceiling, me thinks he misspoke.....
Meantime the rest of the world is coming to the conclusion that US consumers cant pay back the loans taken out to buy rent houses and plastic crap from China
as he lies awake tonite counting dots on the ceiling, me thinks he misspoke.....
Meantime the rest of the world is coming to the conclusion that US consumers cant pay back the loans taken out to buy rent houses and plastic crap from China
How do you like Ben now?
My focus is not on saving undisciplined borrowers. It is on preventing a freeze-up in the debt markets that could have far-reaching consequences, consequences that might not be so easy to unwind. We had 17 rate increases, a more or less inverted curve, a housing sector clearly in distress and most of our inflation is related to China driving up commodity prices or idiotic congressional ethanol policy, not easy money.
A lot of the members here have never really experienced a deep recession, one that decimates entire industries. I have, and I don't wish that experience on anyone. I would rather risk a future speculative increase in inflation if that is what it takes to contain this immediate risk. Personally, I think the risk of inflation is minimal.
You clearly haven't been reading my posts in Politics and Religion.
