Bernanke's 'Essays'

WorldNetDaily ^ | September 21, 2009 | WorldNetDaily

[Son House]

This misunderstanding indicates that Bernanke is unlikely to recognize the problematic nature of stopping the deleveraging process that has seen TOTLL, total loans and leases by the commercial banks, fall from $7.2 trillion to $6.8 trillion in the three months from June through August.

The third is point is the explanation for Bernanke's focus on the banks rather than the consumer or even the private and commercial mortgage holders. ...While those who understand that the problem is too much debt, not too little money, will rightly be skeptical of both Bernanke's historical diagnosis and current prescriptions, this does explain some of his otherwise inexplicable actions in supporting loan modification programs that help the banks rather than the defaulting homeowner.

The fourth is the recognition that the Federal Reserve is not omnipotent and that Bernanke's ability to act is rigidly constrained by the economic circumstances. As the quoted paragraph about the Austrian banking problems of the 1920s shows, Bernanke is perfectly aware of the way that merging failing banks with still-solvent ones imperils the entire banking system, and yet the Federal Reserve and the FDIC have been addressing the failures of Bear Sterns, Washington Mutual, Merrill Lynch, Wachovia, and dozens of smaller banks in exactly the same way.

The debt deflation scenario must play out eventually, and the sooner that Ben Bernanke and the Federal Reserve accept this and work to speed up the process rather than fight it, the better off the American public will be. It is far too late to save the banks, as they sealed their fate when they increased the average amount of loans and leases per bank from $71.4 million in 1980 to $854.2 million today.

[Son House]

With all the bad economic numbers that just keep coming out, can't say I trust anyone in charge

[screaminsunshine]

Two options. Bankruptcy af all government programs or hyperinflation when the Ponzi busts. If Madoff was allowed to print free money his scam could of continued forever. Bernake is the legal Madoff.

[PGalt]

But, unfortunately, law by no means confines itself to its proper functions. And when it has exceeded its proper functions, it has not done so merely in some inconsequential and debatable matters. The law has gone further than this; it has acted in direct opposition to its own purpose. The law has been used to destroy its own objective: It has been applied to annihilating the justice that it was supposed to maintain; to limiting and destroying rights which its real purpose was to respect. The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted plunder into a right, in order to protect plunder. And it has converted lawful defense into a crime, in order to punish lawful defense.

It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.

"The Law" - Frederic Bastiat 1801-1850

[screaminsunshine]

And the Republicans and Democrats spend all of their time fighting over splitting the loot.

[PGalt]

Yeah, a lot of us are sick of the “good statist” / “bad statist” routine by these plunderers.