Posted on 09/17/2008 4:07:40 PM PDT by kenn5
NAPLES, Fla. — Several months ago, economist David Hale had a private meeting with Federal Reserve Chairman Ben Bernanke, who was trying to ward off a recession by lowering interest rates and increasing the money supply in the economy.
The problem with that approach is that the value of the dollar plunged against foreign currencies, causing crude oil prices to skyrocket because oil is pegged to the dollar. It affected food prices, gasoline and family budgets.
"Ben, you are playing a very unique role in world economic history," Hale recalled telling Bernanke, an expert in the Great Depression. "You are the first central bank governor of the United States to preside over a recession with no decline in commodity prices."
(Excerpt) Read more at chicagotribune.com ...
how ‘bout that alan greenspan?
turns the out-of-control train over to ben bernanke
and alan jumps off the train!
With all the gov’t buyout/bailouts - how about they assign each taxpayer a portion of the equity of the companies they’re bailing out - it’s our money anyway.
...could give us a start on private SS
he he he
I scan all the foreign channels, they all use the same stock footage of the money printing machines of the treasury going full tilt as part of their worldwide $ crash coverage.
Academic economists have no business running the Federal Reserve.
Academic economists have no business running the Federal Reserve.
Send me ALL of the dollars that you have that you think are worthless. I’ll pay the shipping costs!
LLS
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Greenspan was just a ticket-taker. The train was run by liberals. My grandmother, who, as far as I know never earned a degree in economics, gave me what is still the most sage piece of economic advice I ever received: There is no such thing as a free lunch.
“If the Feds would quit bailing out every Tom, Dick and Harry Democrat controlled corporation”
Someone has to pay the salaries of the children of Congress critters.
Understatement of the day
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