Here's a picture of how well the Fed has done its job:
Posted on 08/27/2011 5:30:25 AM PDT by Kaslin
Dear Ben,
Well, well, well, Mr. Bernanke, tucked away in your speech was a statement that I knew was true all the time, but the world thought differently.
Thanks for finally fessin’ up. “Most of the economic policies that support robust economic growth in the long run are outside the province of a central bank.”
That’s right, Ben.
Your job is not to drive stock markets higher, not to finance the well being of the European banks, and not to maintain the too big to fail corporations.
The mandate of the Federal Reserve, as I understand it, is fairly simple. The Fed should promote full employment and create price stability by keeping inflation low.
So, Ben, how’s that going?
For a moment in your speech, I was taken (really taken) by the inevitability of events.
“How activity will stabilize and begin to grow again…households will strengthen their balance sheets…businesses will invest in new capital…European colleagues will address the crisis”
Yes, Ben, and 2+2 = 4, night follows day, and my 10-year-old grandson will eventually attend high school.
For an instant, I thought you were going to break out with the theme song from “Annie.” (Let me hear you, Ben, nice and loud)
“The sun’ll come out tomorrow, bet your bottom dollar that tomorrow there’ll be sun.”
Yes, Ben, eventually the sun will come out and help our miserable economy.
Until then, my problemis dealing with the pain and suffering you’ve created in an attempt to alter the business cycle.
You spent quite a bit of time in your speech educating us about “recessions have typically sown the seeds of their own recoveries…as the business cycle bottoms out.”
Unfortunately, you failed to mention the cycle must run its natural course, and contraction (failure) is part of the cyclical process.
Begrudgingly, I think you are learning the old expression “don’t mess with mother nature” can also be applied to the business cycle.
Failure and contraction is a very significant part of REAL recovery, and real recovery means “these developments create a virtuous circle of rising incomes and profits.” I look forward to that time, Ben.
However, I’m afraid it will be along time coming.
Just when I think you’re on the right track, you dangle a new carrot and tell me to stay tuned until September (just like Obama) when you’ll tell me what you really think.
Oh, well, I guess I can wait…(tomorrow, tomorrow, I love ya, tomorrow!)
Sincerely,
Bill
P.S. – Thanks for all the intrigue, Ben. It made for a very exciting week.
If business cycles eventually bottom, then why did POTUS borrow a trillion from my grandchildren to pay off his cronies in the name of stimulus?,
Good article (doesn’t go far enough). Thanks for posting.
DEFUND socialist collectives, foreign and domestic.
Crosby, 1968
It’s been a long time comin’
It’s goin’ to be a long time gone.
Appears to be a long time,
Yes, a long, long, log time
Before the dawn.
Turn, turn any corner.
Hear, you must hear what the people say,
You know there’s something that’s goin’ on here,
That surely, surely, surely won’t stand the light of day.
And it appears to be a long,
Such a long, long, long time before the dawn.
Speak out, you got to speak out against
The madness, you got to speak your mind,
If you dare.
But don’t try to get you rself elected.
If you do you had better cut your hair.
‘Cause it appears to be a long time,
Before the dawn.
It’s been a long time comin’,
It’s been a long time gone.
But you know, the darkest hour,
Is always just before the dawn.
And it appears to be a long time,
Such a long, long, long time before the dawn.
ELIMINATE the FED.
Music to read this post by...
http://www.youtube.com/watch?v=_PFCgAhZEO8
Time to fire up the ‘ol helicopter.
Because he's a corrupt bastard interested only in his re-election?
POTUS was rewarding his friends and punishing his enemies.
Why all the name-calling? It wasn’t anything personal against your grandchildren. They just wanted the money.
“If business cycles eventually bottom, then why did POTUS borrow a trillion from my grandchildren to pay off his cronies in the name of stimulus?,:
The real answer (they would say) is, of course, to stimuate demand, as the ruling class pretends that “the business cycle” does not even exist. They claim to believe in Keynesian Economic Theory and practice modern macroeconomics. The little people are supposed to pretend that the side-benefit to the ruling class of this practice sustaining their political (and econimic) power does not exist. The entire charade of separating economics, politics, and sociology into separate disciplines serves to confuse most people and sustain the existing power structure.
Whatever you may think of Perry, his remarks (treacherous...er, treasonous to print moey at this stage) highlighted this truth, and it was something you are just not supposed to say.
reparations
Many people jumped on Rick Perry’s about the Fed printing more money going into the 2012 elections would be almost treasonous.
Apparently it was a shot across the bow about who the new sheriff in town might be...
What is truly amazing to me is that in the face of the failure of QE1 and QE2 plus the trillions sent to Europe to rescue their (read Bilderburgs and Soros) banks, the act of paying any interest on any reserve funds banks have at the Fed, and the failure of near zero interest rate not stimulating anything but the banks and Wall Street, that the fools at the Fed still think it is their responsibility to continue to prop up a house of cards built on shifting sand. I know that their intervention avoided a banking system collapse, thereby side stepping a depression, but at what cost? In EVERY economic system, there are winners and there are losers. All this administration and the Fed have accomplished is embellishing the bank accounts of the ruling class at the expense of the country class because they KNOW that double or triple digit inflation for the US and Europe are just around the corner. And trust me, they care more about their rear ends for today than your rear end for tomorrow. Everything, and I mean absolutely everything that has been foisted upon us since 2007 has been according to a plan that was concocted years ago to rob us of our Liberty and Freedom. The talk about the “unseen hand of the market†but I keep having this feeling deep in my gut and the total nonsense of what they (the government, the Fed, and the ruling class) are doing to make it better by making it worse, that is another set of Masters these clowns owe allegiance to. It is certainly not this country, it’s people, it’s principles as laid out by our Founders nor it’s Constitution.
Ben has shot his wad: the only thing left is print more money!
“I know that their intervention avoided a banking system collapse, thereby side stepping a depression, but at what cost?”
Actually, TARP didnt cost much, in fact if the govt didnt divert $100 billion for auto maker bailouts and other cronies, it would have been a net winner. It’s like what Buffett just did with BofA, the govt invested in banks at the cyclical lows in valuation. This propped them up at a critical time, but the govt got much of its funding money back when banks stabilized.
But if you bailout wall street, the natural question is “If a wall street banker can get a bailout, why cant I?” ... and THAT’S where the real cost comes in, bailing everyone else out in the recession, from state govts to long-term unemployed, to - the biggest cots - PROPPING UP BIG GOVT ... $5 TRILLION in Obama debt and counting.
More cowbell!
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