Bernanke Should Be Impeached

[Landis82]

Quote from detective:

Bernanke is an inflationist. We will have the pleasure to pump $8 gas, drink $10 gallon of milk, and eat crappy $100 steaks in the future thanks to his money printing.

Once again, you show everyone here at ET that you have no clue whatsoever.

Before the so-called "Emergency Rate Cut" after Martin Luther King Day, Fed Funds were trading nearly 2 points ABOVE the yield on the 2-year Treasury Note!

For the 1200th time, that is NOT PUMPING a ton of money into the system.

As it is, Fed Funds (3.00%) are still trading a full point above the yield on the 2-year (1.91%), and they were actually trading at a point and a half OVER prior to Jan. 22nd when Fed Funds were at 3.5%.

If anything, Bernanke has been extremely slow to "ease".

Anyone hear of a "Coupan Pass" being orchestrated by the Fed lately???

Not me.

 

[Pa(b)st Prime]

Quote from Thunderdog:

An idea whose time has come. And I agree with gnome: Greenspan first.

Not to argue on Greenspan's behalf. Scum. Certainly. However at least Greenspan made rate cuts against the backdrop of $250 gold, $30 oil, a record high dollar, 9/11 and the absolute devastation of U.S. equities. Now of course we know it was that prolonged shift to accommodative policy that caused all those afore mentioned markets to shift 180. The economic threat of 2001-2002 was much more bona fide deflation than 2008.

Since Greenspan is no longer Chairman he can't be impeached. So I say hang 'im. Or maybe a showy multi crucifiction in the Capital Mall. Cramer and Steve Leisman right along side. Working poor can bring their kids along and tell the family “this is what happens to men who cause pasta to break a buck fifty per pound.”

 

[Landis82]

Quote from Pa(b)st Prime:

Not to argue on Greenspan's behalf. Scum. Certainly. However at least Greenspan made rate cuts against the backdrop of $250 gold, $30 oil, a record high dollar, 9/11 and the absolute devastation of U.S. equities. Now of course we know it was that prolonged shift to accommodative policy that caused all those afore mentioned markets to shift 180. The economic threat of 2001-2002 was much more bona fide deflation than 2008.

Since Greenspan is no longer Chairman he can't be impeached. So I say hang 'im. Or maybe a showy multi crucifiction in the Capital Mall. Cramer and Steve Leisman right along side. Working poor can bring their kids along and tell the family “this is what happens to men who cause pasta to break a buck fifty per pound.”

 

[Pa(b)st Prime]

Quote from Hydroblunt:

Impeach? LOL.

You need to get your head out of your a$$ and realize that you know a lot less than you realize.

Can't impreach the Fed chair or anyone at the Fed. It is a PRIVATE INSTITUTION.

And besides the point, anyone who thinks Bernanke or Greenspan or whatever sole individual that happens to have the title of Fed Chair has any real power over the US dollar, is only showing how naive they truly are.

At the end of it all, you only have yourself and your ignorance to blame.

Perhaps you're too young to remember when Henry Gonzalez introduced an impeachment resolution against Volker.

http://scholar.lib.vt.edu/theses/available/etd-0305100-180653/unrestricted/Ch7.pdf

 

[Sky123987]

Quote from makloda:

If the Fed did what many here on ET suggest (i.e. nothing: hold rates steady) the US would possibly looking at going down the road of Japan post 1990. What's the lesser of two evils?

+1

 

[Hydroblunt]

Quote from Pa(b)st Prime:

Perhaps you're too young to remember when Henry Gonzalez introduced an impeachment resolution against Volker.

http://scholar.lib.vt.edu/theses/available/etd-0305100-180653/unrestricted/Ch7.pdf

You should read the document you posted, which is very cool by the way, and then try understand what I am saying.

The Federal Reserve is about as federal as Federal Express. It is a PRIVATE CENTRAL BANK. It's 12 member banks, all of which are corporations and have private shareholders.
Any impeachment proceedings are frivolous, and will serve no real purpose except to create a dog & pony show.
To go further into it, you should check the readily public available info regarding the board of the Fed and the process by which its actions are decided. That's just in case you cannot get out of your head that the Federal Chairman has very little, if any, real power. Does the Fed Chairman have any equity stake in the Fed? No. So what makes you think he has any real power? Because Volker used to preach a high fed funds rate policy which were on course with the Fed's actions?

Bottom line, it's just naive to think that one man would be given that much power for limited term and be put into the public spotlight.

 

[kashirin]

Quote from Hydroblunt:

You should read the document you posted, which is very cool by the way, and then try understand what I am saying.

The Federal Reserve is about as federal as Federal Express. It is a PRIVATE CENTRAL BANK. It's 12 member banks, all of which are corporations and have private shareholders.
Any impeachment proceedings are frivolous, and will serve no real purpose except to create a dog & pony show.
To go further into it, you should check the readily public available info regarding the board of the Fed and the process by which its actions are decided. That's just in case you cannot get out of your head that the Federal Chairman has very little, if any, real power. Does the Fed Chairman have any equity stake in the Fed? No. So what makes you think he has any real power? Because Volker used to preach a high fed funds rate policy which were on course with the Fed's actions?

Bottom line, it's just naive to think that one man would be given that much power for limited term and be put into the public spotlight.

I guess you're naive. doesn't matter if it's private or not - USA can abolish Fed reserve in one day. Of course, it will require mega crisis. And it's probably gonna be hapen - sooner or later. In its 100 year history Fed reserve has not shown any ability to manage crisises

 

[number22]

Quote from Landis82:

Anyone hear of a "Coupan Pass" being orchestrated by the Fed lately???

Not me.

Wasn't these so called Auctions a form of "Coupon Pass", another new fancy term?

Banks used its high yield treasuries to bid for new round of liquidities; in process to switch for new lower yield treasuries.

 

[sumosam]

Quote from kashirin:

I guess you're naive. doesn't matter if it's private or not - USA can abolish Fed reserve in one day. Of course, it will require mega crisis. And it's probably gonna be hapen - sooner or later. In its 100 year history Fed reserve has not shown any ability to manage crisises

JFK tried...not so easy.

 

[sukhen]

Sorry for my ignorance. Is there any country running without any central bank or monetary authority?