A candid Bernanke

Discussion in 'News / Current Events' started by Earth Wind and Fire, Aug 5, 2013.

  1. Earth Wind and Fire

    Earth Wind and Fire
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    David Wessel has just published a fantasy piece in the Wall Street Journal that asks the question “what if Bernanke could be blunt” in his Congressional testimony later this week. Here are the first two things that Wessel envisions a blunt Bernanke as telling Congress:

    One. [T]he U.S. is doing a heck of a lot better than the rest of the developed world.

    Two. You in Congress are hurting the economy now by allowing the sequester to stick and hurting the economy in the future by refusing to deal with long-term deficits. The Fed is trying to offset this, but there’s only so much we can do.


    http://neweconomicperspectives.org/...had-the-character-to-be-candid.html#more-5811
     
  2. Revmitchell

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    The sequester is not hurting the economy. In fact if anything it is helping it. Keeping spending down is what is needed not adding to it.
     
  3. InTheLight

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    Speaking of fantasy pieces, here's a quote from the article:

    The myth is that: “You in Congress are hurting the economy now by allowing the sequester to stick and hurting the economy in the future by refusing to deal with long-term deficits.” The first clause is true. The second clause is false...

    Even our moderate recovery, however, has been enough to produce a sharp fall in the federal budget deficit. Indeed, the fall has been far too rapid and is slowing our recovery. A candid Bernanke would explain to Congress that their insistence on debt hysteria is the leading problem slowing the U.S. recovery and that the Fed cannot counteract the harm that Congress and Obama are doing when they inflict austerity.
     
  4. Earth Wind and Fire

    Earth Wind and Fire
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    So who determines what gets cut & what doesn't?
     
  5. Earth Wind and Fire

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    I would also say this comment is a bit of a stretch.... "The U.S. is doing a heck of a lot better than the rest of the developed world."
     
  6. InTheLight

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    Yeah, I thought that too, but then I figured the author meant the U.S. is doing better at recovering from the recession than other countries. I think that is true.
     
  7. Revmitchell

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    Apparently Obama is
     
  8. Earth Wind and Fire

    Earth Wind and Fire
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    I think the author is biased towards a Progressive worldview intent on no fiscal restraints, and thats the gist of his artical. The US is not growing the economy (thus a stagnent one) because we are not creating jobs & this Obama Health Care thing proves the present anministration has its head in the sand.

    I will give you an example I viewed on a Sunday TV Program. This Democratic party politician gets grilled by a hard hitting reporter. This prospective candidate for Frank Lautenburg's vacated Senate seat in NJ asks the guy what he has done for getting jobs into the state & he responds that they already spent 22 Million on "Research" ..... so she comes right back with

    "Research" ?!? hows that equate to creating jobs....then, so how many real jobs were in fact created? This political practically choked......well uh, we dont have those figures. :laugh:

    The Reporters name is Linda Schmidt (she is my new hero)....will be watching for her.
     
  9. church mouse guy

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    Bernanke is undermining the economy by printing so much worthless money. He can't turn the printing press off. It would be great if he were to resign.

    I can't see how the US is doing better than some European countries, such as Germany and Switzerland. We have the highest corporate tax rates in the world and the economy has been stagnant since Obama took over. Bernanke has actually made things worse by setting up the stage for inflation as soon as people get jobs. Look at the inflation in the stock market, gold, and oil. We should have let the banks and the auto companies fail.

    As for the idea that the sequester is hurting anything, that is like saying that the fire is going out so pour some more gasoline on it. The government is borrowing money just to squander it and even if Obama is only cutting good things and allowing his cronies to get fat off government contracts, still reducing spending is the only thing that we have going for us.

    The Democrat Party is stuck on Keynesian economics and the Democrats have no idea what should be done to bring about prosperity.

    It is my hope that Bernanke will go back to Russia but they probably wouldn't want a guy like him in their country anymore.
     
  10. Revmitchell

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    He can't other wise the true economy would be revealed and the dems could not win the next election and Obama would be shown for who he is.
     
  11. Revmitchell

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    He can't other wise the true economy would be revealed and the dems could not win the next election and Obama would be shown for who he is.
     
  12. InTheLight

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    What inflation in gold and oil? Oil is at $108 a barrel; one year ago it was at....$108 a barrel. Gold has fallen from $1790 an ounce last October to $1305 today. If there was truly going to be inflation because the Fed is "printing money" why is gold decreasing in value?

    His term is expiring.
     
  13. Earth Wind and Fire

    Earth Wind and Fire
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    Then there is the proverbial accident waiting to h:eek::eek:appen.
     
  14. church mouse guy

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    Democrats are Keynesian and have no idea how to improve the economy. They have the highest corporate taxes in the world and they want to raise taxes on everyone. Oil is kept so high that the price of gasoline has doubled since Obama the Great became President. The Democrat press is silent on this issue but they followed gasoline prices daily under Bush. Gold is way too high for what it is worth. And you did not bother to explain why the stock market is so high but the economy is in such a deep and long recession.

    We have proven reserves of 100 years of oil at the current rate of consumption and it is thought that the earth has a possible 500 year supply. Yet the Democrats refused to exploit this resource, preferring instead to make life miserable for the lower classes, for whom the Ivy League enthralled Democrats have no use.

    Following Keynes, a reprobate, the Democrats only want to continually prime the pump. The pump does not need to be primed. It needs to be pumped.

    Bernanke is a major reason why the Feds should not be allowed to print money. He has actually fueled the recession as no one is fooled by what he has done.
     

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