Skip to comments.Bernanke Endorses Obama
Posted on 10/20/2008 8:35:10 PM PDT by Alter Kaker
Ben Bernanke apparently wants four more years as Federal Reserve Chairman. At least that's a reasonable conclusion after Mr. Bernanke all but submitted his job application to Barack Obama yesterday by endorsing the Democratic version of fiscal "stimulus."
While the Fed chief said any stimulus should be "well targeted," even a general endorsement amounts to a political green light. Mr. Bernanke certainly knows that Mr. Obama and Democrats on Capitol Hill are talking about some $300 billion in new "stimulus" spending, while President Bush and Republicans are resisting. And by saying any help should "limit longer-term effects" on the federal deficit, he had to know he was reinforcing Democratic opposition to permanent tax cuts.
(Excerpt) Read more at online.wsj.com ...
u b series?
He just performed a fiscal Lewinsky on him.
Ah, that explains the OCTOBER SURPRISE!!!
Ah, that explains the OCTOBER SURPRISE!!!
Ah, that explains the OCTOBER SURPRISE!!!
What did you say?
...And bent the rest of us over and didn't even ask for a kiss.
Back when he was first starting out at the Fed, Bernanke made a remark about his concerns over “wealth distribution,” that was rather similar to Obama’s ill-fated blurt. This is no surprise.
Anyone who believes that this “financial crisis” wasn’t orchestrated by the global Communist and Socialist organizations hasn’t been paying attention. DUmmies. This “depression” was designed to get “That One” into the Oval Office.
This is unprecedented and unethical - the fix, literally, is in. This raises the specter that the markets were manipulated for politically.
This is unprecedented and unethical - the fix, literally, is in. This raises the specter that the markets were manipulated for political purposes.
Look for Greenspan and Paulson to join them soon.
The Republic is bleeding... what is the line in the sand?
Indeed, this is unheard of.
Everything was unheard of until the Chicago Machine put Obama on the track.
Bush was against the House plan and sided with Obama/Paulson/RATs in that meeting.
Bush’s appointments SUCK!
ping. Funny stuff.
i do not know.
i was one fooled by alan greenspan.
now, i’m very disappointed in ben bernanke.
he was chosen, we were told, because he wrote his ph.d and specialized in the great depression.
none of that seems relevant now.
Impeach him. Huge conflict of interests.
O B A M A C R O N I E S E N G I N E E R E D T H E F I N A N C I A L C R I S I S.
You just made me think of part of R. Lee Ermy’s “motivational speech” from Full Metal Jacket.
Bush, why did you appoint this Greenspan clone?
>> That is like being endorsed by the Black Death.
LOL - Team Obama is praying W. doesn’t endorse him too.
No. Ken Adelman, the former Rumsfeld adviserwho helped screw up the initial invasion of Iraq and who wrote a Washington Post Op/Ed predicting in which he said "I believe that demolishing Hussein's military power and liberating Iraq would be a cakewalk" just endorsed Obama.
That's being endorsed by the Black Death.
Maybe he is using his vast knowledge of the depression to help create another one.
You can’t be serial.
Bernanke is an academic. He has no grounding in politics or how his comments can move markets.
He needs to learn a few things from Greenspan. Alan Greenspan could talk for 5 hours in front of Congress and say absolutely nothing. He was the master.
He would use complex economic terms that meant nothing to anyone and at the end of his diatribe, the congresscritters would be afraid to ask questions for fear of looking stupid..or worse...being bored to sleep.
In the absence of Milton Friedman’s call for the abolishing of the Federal Reserve, Greenspan was the next best thing.
You're obviously insane.
I’m not a conspiracy nut, but I have a hard time arguing that this ACORN, CRA caused crisis a month before the election is not a conspiracy.
The Fed will be more than happy to hand out reparations.
After they take their cut, that is.
“Maybe he is using his vast knowledge of the depression to help create another one.”
He’s certainly tryin’ his best to bring it on...what a “zero” this guy is....wow, a “zero” endorsing a “zero”. Who woulda thought?
And you are a doodyhead. So there. nya, nya, nya, nya, na, na.
Let’s hear something besides 3rd grade name calling.
What is your opinion here on serious economic issues? We might actually be on equal footing here for a change and you won’t have to do a google search when I post something.
Let’s just talk man to man.
That makes two of us Eric. This was all too convenient. I don’t do conspiracies either. That’s why I’m not buying all this birth certificate stuff and such. If the stuff exists, get it out there. Otherwise, shut up! Now on the other hand, the Calypso Louie “mothership” thing.... LOL!
The One certainly was calm and collected about it when it hhappened, wasn’t he?
“none of that seems relevant now”
Not sure why Bush would have put him in place. However, knowing some of the causes of the Great Depression would 1) help prevent another, or 2) help you start another.
Ben Bernanke apparently wants four more years as Federal Reserve Chairman. At least that’s a reasonable conclusion after Mr. Bernanke all but submitted his job application to Barack Obama yesterday by endorsing the Democratic version of fiscal “stimulus.””
Oh oh, this guy won’t be happy:
(A couple years old, and a little too long, but some funny bits about Bernanke. Besides, it’s a nice parody of a great Police song :-)
It was a well orchestrated conspiracy.
GO VOTE FOR McCain or complain for the next four years, if we make it that long! :(
Obama keeps building up his BUSH ADMINISTRATION. We really need McCain to win so we can have real change.
Alan Greenspan was so far and away the worst Fed Reserve chairman in history that the idea we're even debating this seems laughable. He created the internet bubble by absurdly inflating the financial markets with artificially cheap money and deliberately propped up the housing bubble in 2002, in order to make up for the collapse of the internet bubble.
That would have by itself secured his standing as worst Fed Chairman ever.
However, Greenspan went well beyond that, by (1) urging low income homeowners to choose adjustable rate mortgages (brilliant advice), (2) urging seniors to invest their savings in the stock market, (3) thoroughly politicized his office by supporting Clinton's tax increases, etc.
If there were any justice in this world, Greenspan would be rotting away in a federal minimum security jail cell, longing for conjugal visits from Andrea Mitchell.
I guess I'll have to rent that one again. The first part of Jacket is great; the rest of the film tends to drag.
Here is a GREAT booklet written by Garet Garrett back in 1938. A conservative view on FDR and the New Deal. The entire thing is like a playbook for Obama’s 1984 (opps - Freudian slip - 2008!) It is truly frightening and should be read by every conservative wishing to see the future. (So much of it has already come to pass - again!)
Here are some excerpts - he is writing about FDR getting elected and the New Deal:
....And so the first problem was solved. The seat of government was captured by ballot, according to law.
TO SEIZE ECONOMIC POWER
This was the critical problem. The brilliant solution of it will doubtless make a classic chapter in the textbooks of revolutionary technic. In a highly evolved money economy, such as this one, the shortest and surest road. to economic power would be what? It would be control of money, banking, and credit. The New Deal knew that answer. It knew also the steps and how to take them, and above all, it knew its opportunity.
It arrived at the seat of government in the midst of that well known phenomenon called a banking crisis, such as comes at the end of every great depression. It is like the crisis of a fever. When the banks begin to fail, pulling one another down, that is the worst that can happen. If the patient does not die then he will recover. We were not going to die. The same thing had happened to us before, once or twice in every twenty years, and always before the cure had brought itself to pass as it was bound to do again.
In his inaugural address, March 4, 1933, the President declared that the people had “asked for discipline and direction under leadership”; that he would seek to bring speedy action “within my Constitutional authority”; and that he hoped the “normal balance of executive and legislative authority” could be maintained, and then said: “But in the event that Congress shall fail... and in the event that the national emergency is still critical... I shall ask Congress for the one remaining instrument to meet the crisis broad executive power to make war against the emergency, as great as the power that would be given to me if we were in fact invaded by a foreign foe.”
It is true that people wanted action. It is true that they were in a mood to accept any pain-killer, and damn the normal balance of authority between the executive and legislative authority. That was an emotional state of mind perfectly suited to a revolutionary purpose, and the President took advantage of it to make the first startling exposition of New Deal philosophy.
Note his assertion of the leadership principle over any other. Discipline under leadership. Note the threat to Congress “in the event that Congress shall fail.” But who was to say if the Congress had failed? The leader, of course. If in his judgment the Congress failed, then, with the people behind him, he would demand war powers to deal with an economic emergency.
The word emergency was then understood to mean what the dictionaries said it meant namely, a sudden juncture of events demanding immediate action. It was supposed to refer only to the panic and the banking crisis, both temporary.
But what it meant to the President, as nobody then knew, was a very different thing. Writing a year later, in his book, On Our Way, he said: “Strictly speaking, the banking crisis lasted only one week.... But the full meaning of that word emergency related to far more than banks; it covered the whole economic and therefore the whole social structure of the country. It was an emergency that went to the roots of our agriculture, our commerce, our industry; it was an emergency that has existed for a whole generation in its underlying causes and for three-and-one-half years in its visible effects.
It could be cured only by a complete reorganization and measured control of the economic structure....It called for a long series of new laws, new administrative agencies. It required separate measures affecting different subjects; but all of them component parts of a fairly definite broad plan.”
So, what the New Deal really intended to do, what it meant to do within the Constitution if possible, with the collaboration of Congress if Congress did not fail, but with war powers if necessary, was to reorganize and control the “whole economic and therefore the whole social structure of the country.” And therein lay the meaning the only consistent meaning of a series of acts touching money, banking and credit which, debated as monetary policy, made no sense whatever.
why can’t Bush take all his friends to that dust-bowl ranch of his while we adults try to get McCain elected and stop the tide of marxism?
i’ve got to check him out.
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