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bucheon bum
Joined: 16 Jan 2003
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 Posted: Thu Aug 20, 2009 2:01 pm Post subject: A Hero to Some, Bernake Can't Shake Critics |
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From the NY Times
I know there is SO much love for the man on this forum, that I thought I should post this article.
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As central bankers and economists from around the world gather on Thursday for the Fed�s annual retreat in Jackson Hole, Wyo., most are likely to welcome Mr. Bernanke as a conquering hero. In Washington and on Wall Street, it would be a surprise if President Obama did not nominate Mr. Bernanke for a second term, even though he is a Republican and was appointed by President George W. Bush.
But the White House has remained silent. And despite Mr. Bernanke�s credibility in financial circles, both he and the Fed as an institution have come under political fire from lawmakers in both parties over the handling of particular bailouts and the scope of the Fed�s power. |
The article is pretty tame & lame actually, and not critical of him whatsoever. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Thu Aug 20, 2009 2:05 pm Post subject: |
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| I also recommend clicking on comments, especially the "Editors Selections." A few of them are good criticisms of Bernake. |
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E_athlete
Joined: 09 Jun 2009
Location: Korea sparkling
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| Posted: Thu Aug 20, 2009 2:05 pm Post subject: |
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| But economists say Mr. Bernanke�s most important accomplishment was to create staggering amounts of money out of thin air. |
Is this sarcasm? |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Aug 20, 2009 2:06 pm Post subject: |
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| Ah. Where to start. I've lost interest, really. Too much nonsense. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Thu Aug 20, 2009 2:09 pm Post subject: |
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| E_athlete wrote: |
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| But economists say Mr. Bernanke�s most important accomplishment was to create staggering amounts of money out of thin air. |
Is this sarcasm? |
Sadly, I don't think so. |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Thu Aug 20, 2009 5:13 pm Post subject: |
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| Who cares what professional economists think about Bernanke. What do they know? The consensus of the hagwon monkeys who post at Dave's ESL cafe is that Bernanke is a complete failure. Obviously teaching English at a Hagwon in Korea for a year or two gives insights that just can't be matched by having spent one's entire adult life studying economics. Besides Bernanke isn't even a libertarian and doesn't realize that government is to blame for everything. Furthermore, as someone has noted, he doesn't do drugs but if he did do drugs he might get something right. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Aug 20, 2009 5:16 pm Post subject: |
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| jaykimf wrote: |
| Who cares what professional economists think about Bernanke. What do they know? The consensus of the hagwon monkeys who post at Dave's ESL cafe is that Bernanke is a complete failure. Obviously teaching English at a Hagwon in Korea for a year or two gives insights that just can't be matched by having spent one's entire adult life studying economics. Besides Bernanke isn't even a libertarian and doesn't realize that government is to blame for everything. Furthermore, as someone has noted, he doesn't do drugs but if he did do drugs he might get something right. |
My, now who could you be referring to? |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Thu Aug 20, 2009 5:20 pm Post subject: |
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| mises wrote: |
| jaykimf wrote: |
| Who cares what professional economists think about Bernanke. What do they know? The consensus of the hagwon monkeys who post at Dave's ESL cafe is that Bernanke is a complete failure. Obviously teaching English at a Hagwon in Korea for a year or two gives insights that just can't be matched by having spent one's entire adult life studying economics. Besides Bernanke isn't even a libertarian and doesn't realize that government is to blame for everything. Furthermore, as someone has noted, he doesn't do drugs but if he did do drugs he might get something right. |
My, now who could you be referring to? |
not you |
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asmith
Joined: 18 Jun 2009
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| Posted: Thu Aug 20, 2009 9:58 pm Post subject: |
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Bernanke is an idiot. He's in over his head.
But--the truth be told--he's painted into a corner. If he raises interest rates, then we could end up defaulting on our debt.
If he keeps interest rates where they are now, we print tons of money for the Goldman gang to steal.
What's an idiot from the Ivy-League Mafia to do? |
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Sergio Stefanuto
Joined: 14 May 2009
Location: UK
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| Posted: Thu Aug 20, 2009 10:33 pm Post subject: |
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| bucheon bum wrote: |
| E_athlete wrote: |
| Quote: |
| But economists say Mr. Bernanke�s most important accomplishment was to create staggering amounts of money out of thin air. |
Is this sarcasm? |
Sadly, I don't think so. |
Takes a lot to make me speechless |
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ubermenzch
Joined: 09 Jun 2008
Location: bundang, south korea
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| Posted: Thu Aug 20, 2009 11:08 pm Post subject: |
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| jaykimf wrote: |
| Who cares what professional economists think about Bernanke. What do they know? The consensus of the hagwon monkeys who post at Dave's ESL cafe is that Bernanke is a complete failure. Obviously teaching English at a Hagwon in Korea for a year or two gives insights that just can't be matched by having spent one's entire adult life studying economics. Besides Bernanke isn't even a libertarian and doesn't realize that government is to blame for everything. Furthermore, as someone has noted, he doesn't do drugs but if he did do drugs he might get something right. |
Isn't the story of the last 10 years the story of the collective failure of the professional economists and the professional politicians and the professional journalists? |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Aug 25, 2009 4:52 am Post subject: |
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Obama is keeping him.
I'm sure Summers is pissseeeddddd. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Tue Aug 25, 2009 5:07 am Post subject: |
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| jaykimf wrote: |
| Who cares what professional economists think about Bernanke. What do they know? The consensus of the hagwon monkeys who post at Dave's ESL cafe is that Bernanke is a complete failure. Obviously teaching English at a Hagwon in Korea for a year or two gives insights that just can't be matched by having spent one's entire adult life studying economics. Besides Bernanke isn't even a libertarian and doesn't realize that government is to blame for everything. Furthermore, as someone has noted, he doesn't do drugs but if he did do drugs he might get something right. |
The only failure here is you, the most useless poster on here. And that's not even mentioning your smug arrogance on all things you are wrong about. Seriously, how many logical fallacies can you cram into a single post?
You don't even know what the Fed is. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Tue Aug 25, 2009 5:12 am Post subject: |
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| asmith wrote: |
Bernanke is an idiot. He's in over his head.
But--the truth be told--he's painted into a corner. If he raises interest rates, then we could end up defaulting on our debt.
If he keeps interest rates where they are now, we print tons of money for the Goldman gang to steal.
What's an idiot from the Ivy-League Mafia to do? |
Pretty much. The dollar is toast no matter what.
Here's a nice article that sums it up:
http://www.24hgold.com/english/contributor.aspx?contributor=Sam%20Mathid&article=1377621848G10020
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All money must eventually head back to the country of its issuance. That is the only way ultimately that value can be realized. Now is the time for that value to be realized, whilst there still is any. The trillions of U.S.$'s in the world are returning home. As that money washes up into the US economy so it will continue to drive U.S. domestic prices higher and higher, placing ever greater strain on the economy, which is already at breaking point.
The period wherein the U.S. dollar was the official reserve currency of the western world is now over. That will neither be announced nor admitted by any government until they have finally dumped the dollars that they own. It is in everyone's interest to maintain the facade, at the moment. In reality they want almost anything except U.S.$'s in their reserves.
Bernanke must dramatically raise interest rates to strengthen the U.S. dollar, that is a MUST. Of course that will mean the collapse of the whole U.S. real estate market within a month. That would lead to the absurd and sad situation of millions of empty houses within sight of millions of families living in cars and tents. Such an interest rise would take a Volcker on steroids which Bernanke most certainly is not, so of course he hasn't raised interest rates, and he won't. |
Last edited by visitorq on Tue Aug 25, 2009 5:12 am; edited 1 time in total |
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mises
Joined: 05 Nov 2007
Location: retired
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