Dilbert_X
The X stands for
+1,810|6076|eXtreme to the maX
The govt can impose some sensible regulation, not too hard really.
Русский военный корабль, иди на хуй!
LividBovine
The Year of the Cow!
+175|6349|MN
Here it is.
"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)
ATG
Banned
+5,233|6499|Global Command

JohnG@lt wrote:

This is my warning to you. If you have investments in stock dump them as soon as you can. Because of the populist bullshit they're talking about blocking Bernanke's appointment to the Fed. If they successfully block his appointment it will send shock waves through the stock market, starting with bank stocks. Pull out now and if he is re-appointed on Jan 31, feel free to jump back in. Until then? Hold your breath because I see another crash coming.
The crash is coming because the banks took almost free money from the Fed and used it to play the market.

Also, watch for GE stock to crash hard; they have invested BILLIONS in al gores ponzi scheme carbon credit racket and with a doa cap and trade bill they will lose it all.

LOL, fuck 'em.



There will be some really bad news coming out soon.

But as always, once the politicians get the fuck out of our way we will function just fine.



OBAMA SAID; " only government can solve a crysis of this magnitude. "


I say again, only a government can cause a problem of this magnitude.


Anybody who thinks this cycle of boom and bust we have been in for 150 years is an accident is just dumb.


I call it; the periodic harvest of wealth.
11 Bravo
Banned
+965|5207|Cleveland, Ohio

ATG wrote:

only a government can cause a problem of this magnitude.
im sure the people living beyond their means...buying houses they cant afford and cars they cant afford....racking up credit cards.  but ya that has nothing to do with it.
Flaming_Maniac
prince of insufficient light
+2,490|6677|67.222.138.85
Boom and bust is product of the natural cycles of a free market.
LividBovine
The Year of the Cow!
+175|6349|MN

11 Bravo wrote:

ATG wrote:

only a government can cause a problem of this magnitude.
im sure the people living beyond their means...buying houses they cant afford and cars they cant afford....racking up credit cards.  but ya that has nothing to do with it.
Yes, all that too of course.
"The President does not have power under the Constitution to unilaterally authorize a military attack in a situation that does not involve stopping an actual or imminent threat to the nation" - Barack Obama (a freshman senator from Illinios)
Spark
liquid fluoride thorium reactor
+874|6644|Canberra, AUS

LividBovine wrote:

11 Bravo wrote:

ATG wrote:

only a government can cause a problem of this magnitude.
im sure the people living beyond their means...buying houses they cant afford and cars they cant afford....racking up credit cards.  but ya that has nothing to do with it.
Yes, all that too of course.
clearly all government agents
The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
Jay
Bork! Bork! Bork!
+2,006|5328|London, England

Diesel_dyk wrote:

Stock market crash if Bernanke's appointment is held up.

Sounds like a scare tactic just like the bailouts, I say call their bluff, and clean house. I for once would like to see them follow through on the threats. If for anything, just to see what happens, I bet the stock market would go down and then surprise surprise get talked right back up again. But before all this happens I bet the Goldman Sachs ant trail carrying money bags leading to congress will be in full swing.

I sometimes wonder if this saber rattling isn't really a shake down for graft.
Not a scare tactic at all. This isn't something I read on Fox or the WSJ or anything like that. It's just a gut feeling that I personally have. I don't think the laymen fully understands or appreciates how much the Fed Chairman has an effect on the economy. You may not like Bernanke, hell I'm not a huge fan myself, but he's done a good job getting us through this deficit. If the Senate starts using populist politics now to win a few votes it's going to have a devastating impact on the economy. There's already enough anti-business rhetoric as it is. If they follow through on this it's going to cause mass mayhem on the stock market. Why? As I said above, the market, and business in general, needs a stable environment in order to flourish and grow. What's coming out of Washington right now is destabilizing.

Last edited by JohnG@lt (2010-01-23 21:41:04)

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
11 Bravo
Banned
+965|5207|Cleveland, Ohio
Jay
Bork! Bork! Bork!
+2,006|5328|London, England
I wonder if being a cock sucker gave him his speech impediment.


(for you foreign types, he's gay)
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
FEOS
Bellicose Yankee Air Pirate
+1,182|6381|'Murka

No need to get one's panties in a wad.

Bernanke apparently has the votes needed for confirmation.

CNBC staff and wire reports
updated 8:40 p.m. CT, Sat., Jan. 23, 2010

Fed Chairman Ben Bernanke likely has enough votes to overcome a filibuster and gain approval for a second term, according to several leading senators and an analysis by CNBC of how lawmakers will likely vote.

The analysis also showed Bernanke would win confirmation with bipartisan support, although he will likely register more opposition than any Fed chairman in recent history.

Calls by CNBC to all 100 senators over the past two days found 36 in favor and 18 opposed, with the remaining undeclared. But if the vote of the undeclared 46 senators is the same by party as those who have declared, Bernanke would garner 67 votes in favor, more than the 60 votes needed to overcome a filibuster. He needs 51 to win approval. The CNBC tally shows 71 percent of Democrats and 62 percent of Republicans currently supporting Bernanke.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein

Doing the popular thing is not always right. Doing the right thing is not always popular
Phrozenbot
Member
+632|6585|do not disturb

Watch Ben Bernanke get re-appointed and stocks slide anyways this year. Wasn't the government stimulus supposed to create millions of jobs already?
PureFodder
Member
+225|6255
So if they vote in Bernanke, a guy so bad at his job he didn't even notice an $8 trillion housing bubble, then future investments are likely to be fine. If they replace him with someone who can compitently do the job, this is bad!?

Explain how that makes sense?
Spark
liquid fluoride thorium reactor
+874|6644|Canberra, AUS

PureFodder wrote:

So if they vote in Bernanke, a guy so bad at his job he didn't even notice an $8 trillion housing bubble, then future investments are likely to be fine. If they replace him with someone who can compitently do the job, this is bad!?

Explain how that makes sense?
Oh, he noticed. He, like the rest of us, was just too punch-drunk over the associated money binge to care.
The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
Dilbert_X
The X stands for
+1,810|6076|eXtreme to the maX
Stocks are due to slide, they rebounded way too far.
Русский военный корабль, иди на хуй!
Phrozenbot
Member
+632|6585|do not disturb

PureFodder wrote:

So if they vote in Bernanke, a guy so bad at his job he didn't even notice an $8 trillion housing bubble, then future investments are likely to be fine. If they replace him with someone who can compitently do the job, this is bad!?

Explain how that makes sense?


Because apparently he is the expert on the Great Depression. He's incompetent, and works in Wall Street's best interest, not for the rest of us 'plebeians'.

If stocks slide, which they will, it's because they are overvalued.
Braddock
Agitator
+916|6260|Éire

JohnG@lt wrote:

This is my warning to you. If you have investments in stock dump them as soon as you can. Because of the populist bullshit they're talking about blocking Bernanke's appointment to the Fed. If they successfully block his appointment it will send shock waves through the stock market, starting with bank stocks. Pull out now and if he is re-appointed on Jan 31, feel free to jump back in. Until then? Hold your breath because I see another crash coming.
The word on the street is this thread has already started to send shockwaves through the stock market! Pull out quick!!!
Jay
Bork! Bork! Bork!
+2,006|5328|London, England

Phrozenbot wrote:

PureFodder wrote:

So if they vote in Bernanke, a guy so bad at his job he didn't even notice an $8 trillion housing bubble, then future investments are likely to be fine. If they replace him with someone who can compitently do the job, this is bad!?

Explain how that makes sense?
http://www.youtube.com/watch?v=HQ79Pt2GNJo

Because apparently he is the expert on the Great Depression. He's incompetent, and works in Wall Street's best interest, not for the rest of us 'plebeians'.

If stocks slide, which they will, it's because they are overvalued.
Let's put your arguments in perspective here. It really doesn't matter who the chairman of the Fed is or whether he does a good job or not because you think the Fed is evil and needs to be abolished anyway I don't like the Fed but Bernanke has done a pretty fantastic job with the hand he was dealt. His job is to make sure the value of the dollar remains stable and that the banks don't freeze up their lending and exacerbate problems. He did a good job on both counts. If we, as some predict, run into serious hyperinflation in the near future I'll definitely change my opinion of him but as of now he's done about as well as any other Fed chairman.

Would I like to see the Fed abolished? I'm still undecided. However, we do live in reality and judging the man and the job he does outside of ideology is usually the best way to go about things. He didn't create the Fed and he doesn't have the power to abolish it. Within those boundaries he's done a good job.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
Phrozenbot
Member
+632|6585|do not disturb

JohnG@lt wrote:

Let's put your arguments in perspective here. It really doesn't matter who the chairman of the Fed is or whether he does a good job or not because you think the Fed is evil and needs to be abolished anyway I don't like the Fed but Bernanke has done a pretty fantastic job with the hand he was dealt. His job is to make sure the value of the dollar remains stable and that the banks don't freeze up their lending and exacerbate problems. He did a good job on both counts. If we, as some predict, run into serious hyperinflation in the near future I'll definitely change my opinion of him but as of now he's done about as well as any other Fed chairman.

Would I like to see the Fed abolished? I'm still undecided. However, we do live in reality and judging the man and the job he does outside of ideology is usually the best way to go about things. He didn't create the Fed and he doesn't have the power to abolish it. Within those boundaries he's done a good job.
I understand as chairman, he has had many difficulties to deal with to say the least, but I disagree on how well he has handled it. Certainly as an Austrian, I oppose central banking strongly, but while it exists, I can feel content with a sound chairman. So let's go down the record for Benny.

* He missed the housing bubble. Either that, or lied about the situation to keep things calm. His words do echo throughout the world, so yes I understand he does play a large role in socio-economics. However, it doesn't bode too well for me. He denied a housing bubble, then said it was only a small issue in the subprime market, and then said it would be contained and wouldn't have any serious impact on the economy.

* He has lied to congress. If I'm not mistaken, Presidents have been impeached for that in the past, what makes Bernanke exempt from perjury?

* Him and Henry Paulson have been spouting 'strong dollar' for a long time, and the dollar has since slide from it's 120 high on the USD index. I know most of the money supply creation is done through bank lending via fractional reserve lending, but lowering interest rates didn't help.

* The reason why we have such a bubble economy is because interest rates are too low anyways, and now it's basically free. Is he trying to create a monster dollar-carry trade? I don't see that ending pretty at all. He should have raised interest rates, despite it having a crushing effect on the economy.

That is just a rough run down of how I feel about him. I could go on, but I think you get the idea. He certainly is a well spoken man, and highly educated, but his school of thought is inherently wrong. Some of the senators who disagree with appointing him may feel so based on the fact we don't know where some of the Fed money has went, so we can't really judge on him entirely. I know Rep. Grayson feels that way.
PureFodder
Member
+225|6255
So they guy either missed the housing bubble or chose to do nothing about it. He didn't talk about it before he became FED chair, or after it. Presumably he therefore didn't care about it if he had seen it before getting the position. Generally speaking, the guy did a crappy job as an economist. Why anyone would want him as FED chair is beyond me.
Jay
Bork! Bork! Bork!
+2,006|5328|London, England

PureFodder wrote:

So they guy either missed the housing bubble or chose to do nothing about it. He didn't talk about it before he became FED chair, or after it. Presumably he therefore didn't care about it if he had seen it before getting the position. Generally speaking, the guy did a crappy job as an economist. Why anyone would want him as FED chair is beyond me.
No, he didn't ignore it, and he didn't miss it. There just wasn't a whole lot that he could do about it. He doesn't have regulatory powers beyond setting the discount window rate. The Fed honestly doesn't do a whole lot but it's a bogeyman to a lot of people because of it's perceived mythical powers.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
eleven bravo
Member
+1,399|5229|foggy bottom
Tu Stultus Es
Diesel_dyk
Object in mirror will feel larger than it appears
+178|5964|Truthistan

JohnG@lt wrote:

Diesel_dyk wrote:

Stock market crash if Bernanke's appointment is held up.

Sounds like a scare tactic just like the bailouts, I say call their bluff, and clean house. I for once would like to see them follow through on the threats. If for anything, just to see what happens, I bet the stock market would go down and then surprise surprise get talked right back up again. But before all this happens I bet the Goldman Sachs ant trail carrying money bags leading to congress will be in full swing.

I sometimes wonder if this saber rattling isn't really a shake down for graft.
Not a scare tactic at all. This isn't something I read on Fox or the WSJ or anything like that. It's just a gut feeling that I personally have. I don't think the laymen fully understands or appreciates how much the Fed Chairman has an effect on the economy. You may not like Bernanke, hell I'm not a huge fan myself, but he's done a good job getting us through this deficit. If the Senate starts using populist politics now to win a few votes it's going to have a devastating impact on the economy. There's already enough anti-business rhetoric as it is. If they follow through on this it's going to cause mass mayhem on the stock market. Why? As I said above, the market, and business in general, needs a stable environment in order to flourish and grow. What's coming out of Washington right now is destabilizing.
I wasn't saying a scare tactic from you... What I was saying was that the politicans are saber rattling to get more graft, and the banks are trying to scare the public to pressure the politicans to react and so the politicans get their graft and the banks get their leader, they won't be reformed and make big bucks.

One point I would raise with you comment is that I don't think the rhetoric is anti-business, its anti-bank and anti-wall street. There's a big difference there. And from what I see its the banks that are taking the anti-business stance when they threaten that the economy will crash and business will be hurt if they don't get their way. Yet, they are taking free money from the Fed asnd using it to invest in things like commodities to drive up input costs while at the same time loans for businesses are drying up.

I would agree that the what is being said is destabilizing, but any real reform of the financial system is going to be destabilizing at least for a time, and the degree to which the stocks fall is a matter of how overly inflated they have gotten. Anyway, its going to be like chasing vultures off of a carcass, eventually they will settle back down. I for one would welcome the mayhem because if you can't fix it when times are good and you can't fix it when times are bad, then when can you fix it?

Plus, the Fed is just a union of banks and Bernanke is the union leader, everything he does is in the interest of the big banks, not for the economy, not for mainstreet and not for real businesses. The Fed/Bernanke is culpable in what occurred in 2008, they let the banks run the bubble and then the solution was to save them from their risk taking. In fact, I've posted in the past about how Bernenke got into office February 1, 2006 and in march of 2006 the Fed stopped reporting on M3 money, http://www.federalreserve.gov/Releases/h6/discm3.htm and M3 is all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. M3 is where the paper CDOs, credit default swaps and all the paper junk that inflated exponentially.
And look at the chart on this page, http://en.wikipedia.org/wiki/File:Compo … upply2.svg M3 was becoming exponential in growth when the reporting stopped. The first thing Bernenake did when he got in was to stop reporting that information, in otherwords he buried it so that the banks could carry on takng on risk without alarming the public, until the inevitable collapse... That's Bernanke acting in the interest of the banks and he's hardly the type of person that deserves reappointment fopr anything other than a position as a union leader looking out for his membership. 

So Bernanke didn't just "miss it" or "ignore it" he actively caused it

IMO he deserves a jail cell, and if this were China he would probably be executed for his role in recking the economy. But since this has become upside down land, he'll probably get a medal because looking out for the interests of big banks has now become synomous with the public/national interest.

And then there is the stink about geithners role in all this... and paulson

IMO PBO needs to turn against the goldman sachs crowd. I would fire bernanke and geithner and all the incumbants in the senate. But none of that will happen because that would mean doing the right thing for the country that will benefit the public.
ATG
Banned
+5,233|6499|Global Command

eleven bravo wrote:

http://www.dailyfinance.com/story/ge-posts-strong-q4-sees-better-2010/19326571/
Post a link to a news story without a comment of your own is uninteresting, uninspired and a waste of time.
11 Bravo
Banned
+965|5207|Cleveland, Ohio

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