Look at who paid for the signs.
Posted on 01/15/2013 5:23:41 AM PST by Sir Napsalot
Federal Reserve Chairman Ben Bernanke criticized the debt ceiling as an unusual device that can be used to prevent the United States from paying it’s bills, as he suggested that the country would be better off if the debt limit did not exist.
“I think it would be a good thing if we didn’t have [the debt ceiling],” Bernanke told students at the University of Michigan today. “I don’t think that’s going to happen. I think it’s going to be around.” Those remarks put Bernanke in agreement with Treasury Secretary Tim Geithner, who has said that Congress should eliminate the debt ceiling.
The conversation began when Bernanke was asked if the debt ceiling had any “practical value” as a matter of fiscal policy. “No, it doesn’t really have — it’s got symbolic value, I guess, but . . . no other countries in the world have this particular institution,” he said.
“If the Congress is approving spending and it’s approving taxing, and those two things are not equal,” Bernanke continued, “the way to addres it is by having a sensible plan for spending and a sensible plan for revenue and make decisions about how big the government should be or how small it should be.”
(Excerpt) Read more at washingtonexaminer.com ...
A: Not Ben.
It's coming folks, prepare accordingly...
5.56mm
Yes 0dumbo is making an argument for the repubs [who won't even make an argument on their own.]
The reason we require a budget is to avoid committing too much money that will subsequently result in a needed debt ceiling increase.
So dammit, require a passed budget BEFORE any debt ceiling talks. Just damn! It isn't that hard!!
RNC called last night and I let him have it, politely. No way in hell am I going to give to the Rs who just don't fight for me. I did tell him that if the Tea Party ever organizes a TPNC and calls that my checkbook will be open...
Bernanke was appointed Fed Chairman by President George W. Bush. He was a major contributor to the Bush legacy of deficit spending and financial irresponsibility. Geithner was appointed President of the Federal Reserve Bank of New York during the Bush administration. He began his career at Kissinger Associates (remember Henry Kissinger and the Nixon administration?).
As bad as Obama’s economic policies are, some key players in this drama were put on stage by Republicans, not Democrats. The blame for this economic disaster belongs to both parties.
The appropriations power, granted to the House of Representatives by the Constitution, gives Boehner and the Republican House the ability to fix this mess anytime they choose. They can simply pass a responsible balanced budget and debt ceiling bill and then go home. If Reid’s Senate does not pass the budget, the government is not funded and the fault lies with the Senate. If the Senate passes and the president vetoes, the shutdown is his fault. Bernanke and the Fed have absolutely no Constitutional authority in the debt ceiling and spending debate. The fact the House does not use its power and acquiesces to Harry Reid’s refusal to pass a budget suggests the Republicans are happy with the current situation.
Obama, Reid, Pelosi, Bernanke, and Geithner are all irresponsible. They are enabled by the Republicans. It is long past time for Speaker Boehner and the House Republicans to use the appropriations power to do the responsible thing. Our founding fathers would be shocked to see the people’s House failing to check the tyranny of the Senate and the Executive. Why the absence of responsible behavior by the Speaker and his majority?
Yet most all of them in congress have voted for continuing resolutions to keep kicking the can down the road.
Get rid of the debt ceiling? No, get rid of Bernanke: he has no practical value.
Well played adorno.
If the Dems win the house in ‘14 this will happen ten minutes after Pelosi takes the gavel.
I think that is why the treasury recently shot down the idea of the trillion dollar platinum coin.
Why collect taxes?
“United States from paying it’s bills”
wwe are so screwed if the “journalists” can’t use contractions correctly. Should be “its” bills dummies
http://www.elearnenglishlanguage.com/difficulties/its.html
First, Bernanke and Geithner had zero to do with the continued deficit spending. That was all Congress and Obama.
Second, both Geithner and Bernanke were absolutely masterful in guiding us through the financial crisis of 2007-08. You might not like TARP and the other things they did at the time but they were the right things to do and they worked. Bernanke has also done a great job through accommodative monetary policy which is the exact right prescription for the massive asset deflation we have been experiencing over the last 4 years.
We have huge fiscal issue that will cause a financial collapse in the future if not addressed. But those were caused by our pathetic Congress (GOP and Dems alike) and our radical socialist president not Geithner and Bernanke.
“If the Dems win the house in ‘14 this will happen ten minutes after Pelosi takes the gavel.”
LOL! If they do take the house, your assets will belong to the FSA in less than five.
Bernanke says it has a symbolic value... since it has been raised every time we bump up against it (by both parties controlling Congress) he’s right. Congress will raise it again in February. It accomplishes nothing and is meaningless.
“If the Congress is approving spending ....”
The problem is indexed entitlements that put spending increases on autopilot. Let’s get rid of indexation, and also the concept of “entitlement,” and make ALL spending subject to the annual budget process.
The working model for this, and a perfectly sensible first step, would be the recent Republican proposal to block grant Medicaid and turn it over to the states.
A trillion here and a trillion there, and pretty soon we’re talking real money.
And the enslavement of our posterity.
At least that bit of posterity that we haven’t paid the abortionists to slaughter.
We’re witnessing a slow-motion national suicide, economically and physically.
Bernanke to Congress: Do your job, Pay the Bills
by Bill McBride on 1/14/2013 05:35:00 PM
Fed Chairman Ben Bernanke was very clear. The “debt ceiling” is about paying the bills, not about new spending. He urged congress to do their job, raise the debt ceiling, and pay the bills. His preference was to abolish the “debt ceiling” since it is redundant.
From the WSJ: Bernanke Calls on Congress to Raise Debt Ceiling
“It’s very, very important that Congress take the necessary action to raise the debt ceiling to avoid the situation where the government doesn’t pay its bills,” said Mr. Bernanke ... “Raising the debt ceiling gives the government the ability to pay its existing bills–it doesn’t create new spending,” he said.
At another point, Bernanke said the “debt ceiling” has “symbolic value”, but he prefers eliminating it. He was very clear that Congress should do their job and raise the debt ceiling.
Bernanke also expressed concern about the long run sustainability of the debt (over decades), but that we also shouldn’t cut the deficit too quickly and impact the “fragile recovery”. He thought the fiscal cliff deal would subtract about 1.5% from GDP this year.
CR Note: As I’ve noted before, the “debt ceiling” sounds virtuous, but it is really just about paying the bills. Not paying the bills is reckless and irresponsible.
By stalling, Congress is scaring people and is probably already negatively impacting the economy. Congress should do their job. Today. I remain confident Congress will authorize paying the bills, but this delaying is embarrassing.
Read more at http://www.calculatedriskblog.com/2013/01/bernanke-to-congress-do-your-job-pay.html#5zBbhrQKq2cDXoAF.99
Look at who paid for the signs.
Since it’s never been enforced, in my memory, it has no practical value.
Geithner wasn't the Treasury Secretary in 2007-8. TARP was pushed by Bush and Paulson. So was the auto bailout. I don't consider the handling of the fiscal crisis to be masterful. It is just more kicking the can down the road and bailing out the big banks and insurance companies. Instead of being held accountable, the taxpayer picked up the tab. The huge Porkulus bill and increased spending has led to an additional $6 trillion being added to the national debt in four years. We will pay a fearful price for this "masterful handling" of the fiscal crisis.
The Fed has exceeded its authority and is operating without the proper oversight and control. Holding interest rates artificially low is helping to debase our currency and will eventually lead to the rest of world going to a different reserve currency. Once that happens, Goodbye USA, Hello Weimar Republic.
Bernanke is looking more like Karl Marx every day. Coincidence? I think not.
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