Congresswoman Grills Ben Bernanke

Discussion in 'Politics' started by CannabisInCanada, Jun 8, 2009.

  1. [ame=]YouTube - Congresswoman Kaptur Grills Federal Reserve Chair Bernanke[/ame]
  2. good video.

  3. I watched this segment and a large chunk of that hearing on Cspan a few hours ago. The impression I got from the whole things was this: legislators and their constituencies are hurting a lot. This is a recession and shit is really tough. People can lose their homes, businesses, etc.

    Bernanke is just a punching bag for the legislators to lay into. What they don't seem to understand is that the economy is bigger than Bernanke and the Fed; it's bigger than any set of policies. Bernanke seems to be an incredibly smart man on all issues economic and I think for the most part he just goes over the congressmen's heads. It doesn't really matter what Bernanke says, as long as people in a given constituency are hurting, congresspeople are going to bitch him out in these types of meetings.

    The economic situation in this country is grim and I believe Bernanke is doing the best he can with the cards he is dealt. Does that mean things will be peachy so long as he's in charge? Hell no, but it doesn't matter who's in charge or what the policies are, our country would be hurting in any case. The only thing up for debate is what policies make us hurt the least.
  4. Bernanke is doing the best he can for Obama only. There is no way he expects his inflationary prosperity to last beyond the next election cycle, short of a miracle.

    Bernanke's policies hurt Americans the most because they are short term in scope. Obama and his crew will be long gone while we suffer from his bailouts.
  5. IT would take almost 1.25 quadrillion to sop up all the toxic derivatives. 1.4 trillion is childs play. You can thank Alan Greenspan for turning our economy into a casino, with glass steagle. The collapse is inevitable, and it is being done deliberatly.
  6. Yup, I have a feeling that obama won't have a 2nd term and feds will be hang!
  7. I assume you mean by repealing glass steagall. And obviously in a corporatocracy that's an awful idea. But as all of these crazy bubbles are being created and deflated our dollars are being de-valued constantly. It gave banks way too much power, private banks - including the Fed.

    Write to your congressmen and urge them to vote for HR1207, a bill to audit the federal reserve so we can see what they've been doing all this time in secrecy. There's already almost 200 co-sponsors on the bill, along with Dr. Ron Paul who introduced it.
  8. I disagree. The Fed ruins our money by devaluing the currency. Among other things, this hurts the poor and middle class the most. What little money they have is now worth shit, which greatens the gap of poverty. Obama talks about being a middle class working man hero, but if he really were he would do something about the ridiculous monetary policy of this country. Alas, he's just like the rest of them.'

    BTW Marcy Kaptur represents my congressional district lol
  9. I feel that people with the opinion Mist has are looking in the short term, bubbles come and go, many presidents and... secret private bank chairmans... deal with them, but this particular incarnation of the fed is experimentally pumping trillions into the economy while the president is recklessly spending trillions more on bailouts, 60 billion on additional bailouts to the same people... it's ridiculous.

    Think of the children!
  10. I mean, I can appreciate the situation's fucked up completely, but as crazy as you might think it sounds, I think not doing it would hurt us just as bad in terms of businesses collapsing, capital not being distributed etc. I just haven't heard any good alternatives so I'm just pinning my hopes on the man with the plan...
  11. The problem is all the alternatives are too extreme for the general population to get behind. At least the way it is now. Perhaps when we start seeing the repercussions a few years down the road things will be different.
  12. Either we destroy the central bank, or we create competition.

    "The problem is all the alternatives are too extreme for the general population to get behind. At least the way it is now. Perhaps when we start seeing the repercussions a few years down the road things will be different."

    The problem really is we've seen this problem before. Russia and South Korea took control of the incompetent and started over from the bottom up and they were fine. Further we still havent learned from our own historical lessons ie, Long Term Capital Management (1998) --FED shouldve let it fail!

  13. I say think of the now. What is going on now depends on us that are willing to find what is right. Our predecessors and THOSE still in office has the duty to do what is right. (for our children?)
    and you are right, audit the reserve--better yet conclude that the reserve doesnt have a place unless it warrants competition.
  14. ^ Wholly agreed. :)

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