Posted on 02/03/2010 2:21:34 AM PST by xtinct
Former presidential candidate Steve Forbes blamed the Federal Reserve for sparking the recession and said President Obama has hindered the recovery.
In a speech yesterday to the Boston College Chief Executives Club, the editor in chief of Forbes magazine said the economic crisis was avoidable.
It was the result of a series of mistakes starting with the Federal Reserve, and not a sudden outburst of greed, he said. The Fed ginned up the monetary printing press and kept interest rates artificially low.
The result, he said, caused cataclysmic events including the bursting of the commodities and housing bubbles that sent the economy into a tailspin.
When an institution as powerful and important as the Fed makes a huge mistake like that, strange and bad things happen, he said.
bttt
When an institution as powerful and important as the Fed makes a huge mistake like that, strange and bad things happen, he said.
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Set up a system something like Milton Friedman suggested with steady growth in the money supply based on economic growth. Presto. No more Fed caused disasters.
Imagine how sound this economy would be right now if we followed “agitator” Steve Forbes economic policies all these years.
One of Forbes columnists and a money manager is Obama’s closest advisors and earliest funders. Closer than Axelrod. Another reason I dropped Forbes. Forbes and AA made this guy wealthy and helped get O elected.
Move Your Money Out of Big Banks -- Support Local Credit Unions & Small Banks
Ok, Freeper HTML astute, let's see a picture (animated would be nice) of 0bama in the spider's web.
LOL! SOT
*So the first thing you should ask yourself if it really was a mistake or if it was intentional*
weeellll....look at whom the admistration has on it’s payroll (how many “former” Federal Reserve people, again? )
...first we had a ‘supersecret’ House meeting over ‘security’ back in March 2008,
then we had Fannie/Freddy Dance http://www.cnbc.com/id/25573566
and babyIndy joined in
http://articles.latimes.com/2008/jul/08/business/fi-indymac8
Schumer and his “leaked”memo causing a run on said bank
http://www.rightpundits.com/?p=1726
note the comment at the above, “What was a manageable financial challenge that we were emerging from...[in Jul 2008]”
and how many taking heads actually gave people advice to ‘walk away’ from their loans? and what agencies engineered those loans with their ‘downpayment’ programs (although they managed to get those ‘downpayments’ back, by bullying sellers into paying those for the buyer in the form of ‘cash-backs’)
Zero was about as down in the polls as he is now - never let a good crisis go to waste, eh?
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