Federal Reserve = Epic Fail

Some gaming news gets moved from here to the forum above
User avatar
Mad_Dugan
Hyperbole much?
Posts: 4556
Joined: Wed Nov 14, 2007 11:55 pm
Location: Insane
Contact:

Re: Federal Reserve = Epic Fail

Post by Mad_Dugan » Sat Nov 21, 2009 6:43 pm

My use of the term "smart reporters" means smarter than other reporters, not that they are exceptionally intelligent.
Sometimes the appropriate response to reality is to go insane. - Philip K. Dick
The good thing about science is that it’s true whether or not you believe in it. - Neil DeGrasse Tyson
Reality is that which, when you stop believing in it, doesn’t go away. - Philip K. Dick
It is far better to grasp the universe as it really is than to persist in delusion, however satisfying and reassuring. - Carl Sagan
Don't believe everything you read on the Internet - Abraham Lincoln
User avatar
ToteBag
Posts: 2498
Joined: Mon Feb 02, 2009 8:34 pm
Location: Tea Party.

Re: Federal Reserve = Epic Fail

Post by ToteBag » Sat Nov 21, 2009 9:03 pm

So there aren't any...except Zakaria, he's pretty smart...
War is Peace
Freedom is Slavery
Ignorance is Strength
Who controls the past, controls the future: who controls the present controls the past.
Thoughtcrime does not entail death: thoughtcrime is death.

lɐɔıʇsıʇɐʇs ʇou sı ʎʇıuɐs___
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Sun Nov 22, 2009 5:35 pm

Analysis: Fed Under Fire As Public Anger Mounts

Image

WASHINGTON — Suddenly the Federal Reserve is everybody's punching bag.

Strip the Fed of its bank regulation powers, some in Congress are demanding. Get probing audits of its behind-the-scenes operations, others say.

The chairman of the Federal Reserve Board is always fair game for criticism and second-guessing, usually over interest rate actions. But this year the criticism is much broader as Congress responds to widespread public anger that the Fed bailed out Wall Street but not ordinary Americans, and with unemployment in double digits.

Former Fed Chairman William McChesney Martin Jr. famously said that the central bank's job was to yank away the punchbowl just when everybody is starting to party. And while Fed Chairman Ben Bernanke has signaled the Fed will keep interest rates low for now, a round of higher rates inevitably will come.

The Fed finds itself both the punchbowl keeper and the punching bag. Imagine the outcry when it does begin to crank up rates – perhaps just ahead of next year's midterm elections.

Fireworks seem likely at Senate confirmation hearings early next month on President Barack Obama's nomination of Bernanke to a second four-year term as chairman.

Many economists and Fed watchers say congressional efforts to rein in the Fed's powers could interfere with the central bank's ability to help guide the fragile economy to recovery.

The Fed's very independence and its unique ability among U.S. institutions to create money out of thin air enabled it to act quickly to stabilize the nation's financial system after it froze up last September after the bankruptcy of the Lehman Brothers investment house, Fed backers say.

"It might have been the Fed's finest moment when it had to jump into the market," said David M. Jones, a former Fed economist and president of DMJ Advisors, a Denver-based consulting firm. "We still have to wait to see how effective the Fed is in its exit strategy and whether it can keep inflation in check. But this badgering by Congress, even if there is populist sentiment, is inappropriate."

The Fed's aggressive intervention also set the stage for the current criticism. Many lawmakers question whether the Fed's money machine has mainly benefited financial markets and not the broader economy. Lawmakers are also peeved that the central bank acted without congressional involvement when it brokered the 2008 sale of failed investment bank Bear Stearns and engineered the rescue of insurer American International Group.

Bernanke, first appointed by President George W. Bush, has worked closely with both Treasury Secretary Timothy Geithner and Bush Treasury Secretary Henry Paulson in confronting the worst financial crisis in decades. Geithner also has gotten his share of congressional wrath, mainly for his administering of the $700 billion bank bailout fund.

"In the past, the Federal Reserve was held in very high esteem," said Rep. Ron Paul, R-Texas, a libertarian who twice ran quixotic presidential campaigns and remains a darling of skeptics of Washington. Now, it's "the source of our problem," suggests Paul, author of the best-seller "End the Fed."

Usually an outlier, Paul suddenly has found an army of at least 307 House colleagues and 30 senators marching behind his legislation to subject the Fed to intense scrutiny by Congress' Government Accountability Office. The House Financial Services Committee endorsed Paul's approach 43-26 last week over objections from its chairman, Rep. Barney Frank, D-Mass.

The bill would authorize Congress to audit not only the Fed's lending programs but its basic decisions to set monetary policy by raising or lowering interest rates. Paul has been introducing a version every year since the early 1980s, but this is the first time it has garnered any serious attention.

Senate Banking Committee Chairman Chris Dodd, D-Conn., who will preside over Bernanke's confirmation hearings, has proposed legislation that would strip the Fed of its bank-regulation authority and give the Senate a role in selecting the 12 regional Federal Reserve bank presidents.

Dodd says his measure would return the Fed to its core mission of setting monetary policy, claiming it proved itself "an abysmal failure" by not cracking down on risky lending practices that led to the financial meltdown.

Dodd is in an extremely tight battle for re-election, even though he has served in Congress for 35 years.

"I don't think it ever hurts to have a member of Congress stand up and denounce the Fed. There is a lot of anger out there, and this is basically a therapeutic gesture," said Ross Baker, a political scientist at Rutgers University.

Still, Baker said, it probably isn't wise to tamper with the formula that makes the Fed "very much an anomaly in American government. It's independent, it has to be. You don't want the Fed to be under the control of the president. And it kind of sits out there – not in the executive branch, not in the legislative branch, not in the judicial branch. Sort of its own little element in the separation-of-powers constellation."

While the Fed is subject to some congressional oversight, its decisions don't have to be ratified by the president or Congress. Fed officials are not paid with money appropriated by Congress.

Should Bernanke be worried?

"Not only should be worried, he's clearly ratcheted up his game in terms of his communications with Congress," said Norman Ornstein, a senior fellow at the American Enterprise Institute.

Ornstein said the Fed bashing this time is different from before, with "a broader base of support. And it's coming from people who in the past would not have hit the Fed. There's a lot of populist anger out there – on the left, in the center and on the right. And politicians are responsive to that."

___

EDITOR'S NOTE: Tom Raum covers economics and politics for The Associated Press.

(This version CORRECTS to show that Ron Paul twice ran for president, as Libertarian Party candidate in 1988 and in 2008 as a Republican seeking the party nomination.)

Source: http://www.huffingtonpost.com/2009/11/2 ... 66761.html
SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Thu Dec 03, 2009 3:14 am

Senator moves to slow Bernanke's Fed confirmation

Image

WASHINGTON (Reuters) - U.S. Senator Bernie Sanders said on Wednesday that he was placing a hold on Ben Bernanke's nomination for a second term as Federal Reserve chairman, a move that could slow the confirmation process.

If the hold is not withdrawn, the move by Sanders, an independent from Vermont, means that Senate leaders will not be able to bring up the nomination for a vote by unanimous consent. Instead, they may need to garner 60 votes in order to consider the nomination.

In a statement, Sanders blasted Bernanke, whose current term expires on January 31, for doing too little to help ordinary Americans, while going too easy on big financial institutions.

"The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing," Sanders said. "It's time for him to go."

President Barack Obama nominated the former Princeton University economics professor to another term as central bank chief in August, praising his handling of the worst financial crisis since the 1930s.

Many lawmakers, however, are upset at the large-scale bailouts of financial firms the Fed helped engineer. Many also accuse the Fed of having failed to stem the risky lending practices that helped fuel the financial crisis.

Bernanke is set to testify to the Senate Banking Committee on Thursday. The panel would need to approve his nomination before sending it before the full Senate for a final confirming vote.

With the Senate tied up with health-care reform, it may be difficult to schedule any procedural votes on the nomination before year end.

(Reporting by Tim Ahmann and Donna Smith; Editing by Leslie Adler)

Source: http://www.reuters.com/article/newsOne/ ... 8H20091203
SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Sun Dec 06, 2009 12:38 am

I've heard some rumors that the Fed might End this month... I am curious if they are true or not ... only time will tell... tune in to find out XD
SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Neelpos
Error 404: Title not found
Posts: 11117
Joined: Sat May 10, 2008 6:47 pm
Location: Southern California

Re: Federal Reserve = Epic Fail

Post by Neelpos » Sun Dec 06, 2009 12:40 am

so has the UFO disclosure happened yet?
kingscrub wrote:HEY NEELPOS WHY DONT YOU SHOVE THAT RETARDED SMILEYFACE AVATAR UP YOUR ASS.
User avatar
Pretentious
Posts: 391
Joined: Fri Sep 18, 2009 2:06 am

Re: Federal Reserve = Epic Fail

Post by Pretentious » Sun Dec 06, 2009 3:24 pm

neelpos wrote:so has the UFO disclosure happened yet?
Mad_Dugan wrote:People with this type of belief will not acknowledge this as evidence discounting said belief.
They did not use logic to form their belief, so logic will not easily break them of it.
"You can't see how brain age changed the industry? You clearly need to play the game, because you're retarded." -a1dan
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Mon Dec 07, 2009 4:28 am

LOL you guys...

I heard its going to happend between now and Dec. 15.

Also this is the bank Fed Fail thread your in the wrong thread... my friends :)

But its coming, this is one of the domino's that must fall before Disclosure happens.
SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Rat-morningstar
sexy Belgian god
<b><u>sexy Belgian god</u></b>
Posts: 9263
Joined: Mon Dec 10, 2007 9:47 am
Location: belgium

Re: Federal Reserve = Epic Fail

Post by Rat-morningstar » Mon Dec 07, 2009 4:02 pm

i've set my callendar for dec. 15

see you guys then ...
Image
User avatar
ToteBag
Posts: 2498
Joined: Mon Feb 02, 2009 8:34 pm
Location: Tea Party.

Re: Federal Reserve = Epic Fail

Post by ToteBag » Mon Dec 07, 2009 4:32 pm

Speaking of Dominoes what's the deal with the alien abduction reference on their pizza boxes...do they know something we don't...?
War is Peace
Freedom is Slavery
Ignorance is Strength
Who controls the past, controls the future: who controls the present controls the past.
Thoughtcrime does not entail death: thoughtcrime is death.

lɐɔıʇsıʇɐʇs ʇou sı ʎʇıuɐs___
User avatar
Neelpos
Error 404: Title not found
Posts: 11117
Joined: Sat May 10, 2008 6:47 pm
Location: Southern California

Re: Federal Reserve = Epic Fail

Post by Neelpos » Mon Dec 07, 2009 5:46 pm

Nightwolf wrote:your in the wrong thread... my friends :)
I know :D
kingscrub wrote:HEY NEELPOS WHY DONT YOU SHOVE THAT RETARDED SMILEYFACE AVATAR UP YOUR ASS.
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Mon Dec 14, 2009 5:12 pm

SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Bogey
Posts: 5287
Joined: Wed Sep 08, 2004 10:46 pm
Location: Interzone

Re: Federal Reserve = Epic Fail

Post by Bogey » Mon Dec 14, 2009 7:14 pm

Thank God we didn't elect Ron Paul.
This user has left the joe.to community. His posts are retained in memoriam.
User avatar
Nightwolf
Posts: 4059
Joined: Thu Jan 31, 2008 12:55 am

Re: Federal Reserve = Epic Fail

Post by Nightwolf » Mon Dec 14, 2009 10:50 pm

Also because of the change thats gonna come, on the 16th theres going to be a "banking holiday".
SurNim wrote:SPREAD THE LOVE! OR DIE!
Mass Arrests > Suppressed Technologies Released > Finally ET Disclosure
Mass Arrests currently in progress... :toot:
Why.j2 wrote:Keep Try.
User avatar
Bogey
Posts: 5287
Joined: Wed Sep 08, 2004 10:46 pm
Location: Interzone

Re: Federal Reserve = Epic Fail

Post by Bogey » Tue Dec 15, 2009 12:11 am

Okay.
This user has left the joe.to community. His posts are retained in memoriam.
Post Reply