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The future may be bleak for Ben Bernanke
Times of London ^
| 02/05/08
| Gerard Baker
Posted on 02/04/2008 4:19:34 PM PST by TigerLikesRooster
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But Mr McCain is also likely to lean heavily on some big hitters, such as Phil Gramm, the former Texas senator and likely Treasury Secretary in a McCain administration If I remember correctly, Phil Gramm was a big advocate for open border policy, and tangled up with Enron scandal.
On another note, I don't think it is bad for Bernanke to step aside sooner than later. I think nobody can fundamentally reverse the current situation. Why stay around and become a convenient scapegoat?
To: TigerLikesRooster
2
posted on
02/04/2008 4:23:03 PM PST
by
BGHater
("Ron Paul won every debate!" Rudy Giuliani)
To: TigerLikesRooster
3
posted on
02/04/2008 4:24:02 PM PST
by
Perdogg
(Romney for President, because election DO have consequences)
To: TigerLikesRooster
Greenspan dropped the load in his lap. He hasn’t done bad at all. Especially when you consider Greenspan actively campaigning against him to help secure his own personal legacy.
4
posted on
02/04/2008 4:24:38 PM PST
by
kinoxi
To: TigerLikesRooster
bernanke was a pretty bad pick. Greenspan also made mistakes but times were good when he acted like a supply sider.
We need Steve Forbes...I’m not saying he should actually run the system but he would know who to put up there.
5
posted on
02/04/2008 4:26:07 PM PST
by
ari-freedom
(Jim Robinson "Free Republic’s goal is to elect conservatives. Romney is NO conservative")
To: TigerLikesRooster; Uncle Ike; RSmithOpt; jiggyboy; Professional; 2banana; Travis McGee
6
posted on
02/04/2008 4:26:19 PM PST
by
TigerLikesRooster
(kim jong-il, chia head, ppogri, In Grim Reaper we trust)
To: TigerLikesRooster
If Bernanke can keep us out of recession, I'd say he's doing an excellent job.
Mr Bernanke has come in for some stinging criticism in the past few months
Of course. It's an election year. The Dems and MSM have succeeded in steering the news from Iraq to the economy. No surprise that one of their targets will be Bernanke for some months to come.
7
posted on
02/04/2008 4:29:02 PM PST
by
what's up
To: kinoxi
We’re in a pretty big mess right now. Monetary policy is the real problem which caused the subprime meltdown and the high price of oil. It won’t be fixed by tax cuts or other legislative efforts.
You don’t want Ron Paul either because he would shrink the economy big time.
8
posted on
02/04/2008 4:31:29 PM PST
by
ari-freedom
(Jim Robinson "Free Republic’s goal is to elect conservatives. Romney is NO conservative")
To: TigerLikesRooster
I still think Bernanke will help steer the US economy from falling into a recession. I think he has been a little slow to cut and put himself in a situation where he had to make a large emergency cut. I am not sure why the author was so surprised about the 3/4 point cut. Ben managed to save the US markets from making one of the largest drops in history which would have resulted in billions of dollars lost by investors. Foreign markets had fallen heavily the past two days and had Ben not cut, our market would have fallen 1000 points or more that day.
Ben has been much maligned, but in several months when the markets are back at record levels and the economy is still growing, Ben will be the toast of the town.
9
posted on
02/04/2008 4:33:08 PM PST
by
Always Right
(Was it over when the Germans bombed Pearl Harbor?)
To: kinoxi
Greenspan dropped the load in his lap. He hasnt done bad at all. True enough, but Bernanke did invert the yield curve like all central bankers do, but shouldn't. Bernanke said it was irrelevant. He was wrong. Bernanke also said subprime was contained, and he was wrong about that, too. As far as being behind the curve, that's a common trait of all central bankers.
Greenspan is an attention whore. He should shut his mouth and retire with grace.
10
posted on
02/04/2008 4:33:21 PM PST
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: kinoxi
Greenspan dropped the load in his lap. He hasnt done bad at all. Especially when you consider Greenspan actively campaigning against him to help secure his own personal legacy. Yep, Alan needs to put a sock in it. It was on his watch when all these bad sub-prime loans were being made and Alan did nothing to curb overheated housing market.
11
posted on
02/04/2008 4:35:12 PM PST
by
Always Right
(Was it over when the Germans bombed Pearl Harbor?)
To: ari-freedom
Bernanke had this steaming pile dropped into his lap when he took the position. I take that into consideration before judging him on his ‘failures’ which incidentally haven’t occurred. The economy is not in free fall. If he can get through the next 6 months without a recessionary label attached, he’ll be there for a long time I hope.
12
posted on
02/04/2008 4:37:46 PM PST
by
kinoxi
To: Always Right
they both messed up. Greenspan was doing pretty good until the mid 90’s
13
posted on
02/04/2008 4:38:12 PM PST
by
ari-freedom
(Jim Robinson "Free Republic’s goal is to elect conservatives. Romney is NO conservative")
To: Moonman62
Greenspan is an attention whore.
He seems to be intentionally screwing with the current administrators in an attempt to salvage his own legacy. Just my opinion.
14
posted on
02/04/2008 4:42:06 PM PST
by
kinoxi
To: kinoxi
the basic basic problem is the same as in all command economies. You either get too much or too little when the government or fed decides for the market.
15
posted on
02/04/2008 4:42:23 PM PST
by
ari-freedom
(Jim Robinson "Free Republic’s goal is to elect conservatives. Romney is NO conservative")
To: ari-freedom
I think the dividing line would be his “ irrational exuberation speech.” Up to that point, he was doing fine. After that, he went to the “dark side.”:-)
16
posted on
02/04/2008 4:43:46 PM PST
by
TigerLikesRooster
(kim jong-il, chia head, ppogri, In Grim Reaper we trust)
To: ari-freedom
Ben’s biggest problem is he delayed needed rate cuts hoping other things would work. He wanted the Treasury’s bailout plan to save the subprime crisis, so he only cut 1/4 point in December instead of 1/2. Then in January, he was hoping the ‘stimulus’ package would save the economy so he delayed cutting until the market was on the verge on a huge crisis. In both cases he was wrong, and the markets were not impressed. But at least I think he has finally rectified it with 1.25 point cut in a week. If he was a little more proactive, he would not of had to be that aggressive.
17
posted on
02/04/2008 4:47:00 PM PST
by
Always Right
(Was it over when the Germans bombed Pearl Harbor?)
To: ari-freedom
I read in that Greenspan had pulled all of his personal money out of the stock market. I started buying real estate in 2000. The system works well when people like Greenspan aren’t in power. I made out good through due diligence so I can’t personally complain, but to see the overall market in his aftermath is disturbing to say the least.
18
posted on
02/04/2008 4:48:18 PM PST
by
kinoxi
To: ari-freedom
Self serving Fed Chairmen should be liable for prosecution.
19
posted on
02/04/2008 4:52:28 PM PST
by
kinoxi
To: Perdogg
He was just as involved but quickly quit politics just before the s#$% hit the fan. Wendy Graham was on the board of Enron while Phil Graham sponsored legislation for Enron to operated as an unregulated commodities trader.
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