Skip to comments.Why Bernanke Should Be Thanked
Posted on 01/31/2014 6:38:36 AM PST by SeekAndFind
Ben S. Bernanke ascended to the chairmanship of the Federal Reserve eight years ago as a little-known albeit distinguished Princeton economics professor who had notched just three years of federal public service.
When he takes his leave this week, having presided over his final meeting of the Feds policy-making committee, he will depart as one of the finest chairmen in the institutions hundred year history, having played a central role in averting a financial meltdown and lifting the nation out of recession.
(Excerpt) Read more at nytimes.com ...
But, he HAS made me some cash in my 401K through this BS manipulation - which is going to reverse and then be confiscated by Mother Government!
And let’s not forget our friend, ‘It Who Shall Not Be Named,’ lurking in the shadows - INFLATION!
Thanks for making our money worthless, A-hole.
RE: It Who Shall Not Be Named, lurking in the shadows - INFLATION!
Bernanke’s apologists are praising him for our “tame” inflation. Velocity of Money ( the rate at which money in the banks are flowing to the businesses ) is SLOW.
Even Larry Kudlow concedes this.
The Rattner is an expurt?
The Rattner is an exspurt?
The FED printed money to ease credit because of the high unemployment. That's what they are supposed to do by law.
It's Congress that borrowed money to the hilt and overspent. Not the FED. In fact the FED owned very few treasury bills prior to the banking crisis in 2008. Yet Congress had still managed to rack up massive debt.
It's the President/Congress that approved lowering the trade tariffs which has resulted in offshoring our industries and putting 100 million Americans on food stamps. Not the FED.
The FED did make one mistake that led to the banking crisis. They lowered the bank reserve rate so that there was no room in the system to respond to a liquidity crisis. That's why they had to go to Congress for emergency approval to extend more credit to the banks. But it was the President/Congress that had opened the country to competition from international banks that didn't have to play by our rules. And it was Congress that repealed Glass-Steagall and allowed the banks to get more risky. And it was Congress that refused to give the FDIC authority to regulate the credit default swaps.
It's not the FED, it's congress.
Frankly my dear, I don’t give a damn.
All Freepers should buy as much real-estate (rental property) as you can before inflation hits.
After it does they will all have the same payments, but your rents collected will significantly increase.
Anyone who says “but dealing with tenants is so hard” then just don’t bother. If it was easy, everyone would be doing it.
Miller 14% in only 17 months
(values add to more than 100% because each chairman's term set a new lower baseline for the dollar's value. Two consecutive 50% losses would total to 75%.)
RE: The FED printed money to ease credit because of the high unemployment. That’s what they are supposed to do by law
They should change the FED mandate to only ONE — Stable Money.
Unemployment should be fiscal, tax and other policy issues, which should be the purview of Congress and the Executive branch.
If inflation is merely bad like the 1970s. If we get real hyperinflation I wouldn't be surprised to see the feral government reset mortgage values higher to protect the bank like the opposite of forced short sales and cram down on mortgage values. Borrow $100k, pay for a while and hope to enjoy the results of hyperinflation and suddenly Congress decides that you should owe $1,000,000 to keep you from making a windfall from inflation.
“But, he HAS made me some cash in my 401K through this BS manipulation”
Asset inflation as the value of dollars drops.
What drug is this guy on? I need me some. :-)
“lifting the nation out of recession”
Yeah, “lifting” the nation out of recession and into depression.
How long do you suppose the bread lines would be without the food stamp system?
Of course. I know it’s just on paper. I’m well diversified. ;)
“Of course. I know its just on paper. Im well diversified. ;)”
If you are in the system, you are in danger
I know that, too. :)
While I don’t agree with the full article I do think Bernanke did a fantastic job through the financial crisis and fighting the deflation that Greenspan put into place. Given his knowledge of the Great Depression and the fact that the Fed tightened way too soon in 37-38 led us to not make that same disastrous mistake again.