Posted on 07/21/2009 8:13:45 PM PDT by Globalist Goon
Alan Grayson grills Ben Bernanke on Foreign Lending 07/21/2009
Barney Frank shut him off.Hum_______________________?
Where did half a trillion dollars go?Ben and Barney don’t add up?
The congressman’s reaction at the end is priceless.
I watched the hearing today on cspan and abc said everything was great tonite.That is outright total misinformation and deceit.The hearing revealed so much but was controlled by yours truly,Barney Frank.Paul was the nail and Grayson was the hammer.
Grayson is a buffoon who understands nothing. On the other hand, he may be the next Barney Frank, so Barney is glad to have the opportunity to cut him off.
Grayson habitually confuses the Fed with the Treasury Department. It’s the Treasury that is handing out the bailout money, not the Fed. The Fed just controls the money supply.
Bernanke has done a rather remarkable job of preventing the house of cards from collapsing so far.
Grayson, on the other hand, has the claim to fame that he stuffed a $50 million hurricane center into the cap and trade bill, and is now bragging at every opportunity that he brought pork home to his district. Apparently, he figures that the average voter will not notice that the cap and trade bill was doomed from the start, and it’s not a difficult fete to add pork to a bill that everyone knows is going to go down in flames anyway.
Grayson easily defeated my local congressman, Ric Keller, who was a true conservative, unlike Grayson. Unfortunately, Grayson seems to have a lot of energy, even if he is an idiot, so he will probably get re-elected.
The 1/2 trillion handed out, that is the subject of this clip, is not tarp funds, it is the feds, His Most Gracious Highness Bernanke says so and then said he had authority under the 1913 act. Did you listen to the questions and answers.
Older Grayson BBQ’s:
Alan Grayson: Is Anyone Minding the Store at the Federal Reserve? __ July 19, 2009
http://www.youtube.com/watch?v=yKRSQmBemnA
Alan Grayson, AIG, and Insurance Experts: When do you say enough is enough? __ May 14, 2009
http://www.youtube.com/watch?v=QzRJ-5hLGx0
Alan Grayson Questions CEO Edward Liddy on AIG Cover-up __ March 18, 2009
http://www.youtube.com/watch?v=6HYq6kdseV8
$1.2 Trillion Slush Fund: Congressman Alan Grayson Grills Fed Vice Chair Donald Kohn __ January 13, 2009
http://www.youtube.com/watch?v=Mj0JAfq4esk
Not necessarily a shoo-in, it’s still a GOP leaning district. There’s a lot of big name Republicans lining up to potentially take him down. Grayson won solely because of the False Messiah’s coattails, and Keller had some problems (including breaking a term-limits pledge).
Thanks for your perspective. My sympathies on your predicament down in Fla. since you have to put up with this loony lefty. Anyway, I’ve seen a lot of Freepers quoting him on threads. They don’t seem all that interested in knowing what a loon this guy is. Hopefully you get some relief next year.
He did not hand it out. It was a currency swap. We gave them some of our money. They gave us some of their money. As Bernanke stated, they’ve been doing it for generations. It’s not something he invented. If you want the dollar to be the pre-eminent international currency, then you’ve got to intervene in foreign money markets when there is a monetary disruption. Otherwise, the value of your currency will fluctuate wildly, and no one will want to hold it.
Grayson’s question: “Do you know who got the money?” was easily answered by Bernanke: The 14 central banks. That should have been self-evident to Grayson, but it wasn’t because he has no clue what the Fed does or how it works. So he asks the next question, who ultimately got the money?
That is an assinine question. First, it makes no difference because we weren’t the lender, the foreign central banks were. It makes no difference to us whether they repay the money. The foreign central bank is certainly good for it, and they are the party who owes us. Second, it’s a nonsensical question because money is fungible. You can’t say which money was lent to which party. All you know is that they loaned it out.
I’ve seen Grayson make that mistake in other contexts. There was an earlier video where Grayson castigated an auditor because she could not say “who got the money” when the Fed increased its balance sheet by $3 trillion.
Does he not understand that when the Fed increases its balance sheet by $3 trillion, it is in general buying $3 trillion of federal securities, not loaning money to private businesses? It’s the Treasury that is handing out the bailout money, not the Fed. When the Fed buys securities, it doesn’t matter “who got the money.” In fact, it’s impossible to say who got the money. When you buy shares of stock in IBM, you don’t know who sold it to you, nor do you care. All you know or care about is that you paid your broker, and your broker bought shares for you and put them in your portfolio.
So Grayson makes you think he’s a genius, but in fact he’s a fool and an opportunist who plays off the ignorance of the voters.
The fact that you don’t look at the record doesn’t mean it doesn’t exist. I have an economics degree. Graduated in 1980. We studied how they did these transactions even back then. It was a well established commonly used monetary tool even then.
Let’s get this straight. Grayson is just a dirtbag lawyer with no scruples.
Lets get this straight your original comments had nothing to do with the statements made by Bernanke.
BS 1975, double major accounting and real estate, minor industrial engineering, I started MBA program before I graduated with the BS.
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