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Wall Street Journal HIT & RUN on Dr. Paul

Bernanke Heads to Congress Battling Calls to Tame the Fed
WSJ.com | July 20, 2009

Federal Reserve Chairman Ben Bernanke helped steer the economy away from what he calls "Depression 2.0." Now he's trying to defend the Fed itself.

As Mr. Bernanke heads to Capitol Hill today for two days of testimony on the economy, the central bank is fending off attacks on many fronts from critics who want to rein in its power and autonomy.

Rallying one charge is Ron Paul, an iconoclastic Texas Republican who wants to abolish the central bank entirely. Mr. Paul's economic ideas sometimes make him the target of ridicule -- in the new film "Bruno," shock comedian Sacha Baron Cohen tries to seduce the startled congressman in a hidden-camera scene while discussing economic theory.

Federal Reserve Chairman Ben Bernanke will spend two days at Capitol Hill testifying on the economy.

Still, Mr. Paul has persuaded nearly two-thirds of the House to co-sponsor a bill requiring far-reaching congressional audits of the Fed. Audits would show "that it's the Fed that has caused all the mischief" in the U.S. economy, Mr. Paul says.

President Barack Obama has proposed giving the Fed some new powers to oversee financial institutions -- but he also wants to limit its authority to make emergency loans like the ones used to bail out American International Group Inc. and Bear Stearns. Meanwhile, the Fed is being pushed to rethink its structure amid concerns that bank-industry executives have too much influence in its actions.

Many Fed critics blame it for the economic crisis. They say it failed as a bank regulator and also fueled a bubble by keeping interest rates too low for years. They also feel Mr. Bernanke, who became chairman in 2006, stretched the Fed's powers too far by bailing out firms like AIG, pushing Bank of America to complete its Merrill Lynch takeover, and pumping hundreds of billions of dollars into the financial system.

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The Wall Street Journal is still around? I thought people no longer trusted Wall Street...so why would anybody read it and take it seriously at this point in monetary history?

reedr3v's picture

First, from what highly selective list did they

choose these 46 "independent" economists? Second, why are personal irrelevancies about Ron Paul or his supporters featured, while only professional experience of Bernanke and his minions are mentioned?

The bias in this article is obvious, but people are so used to this type of slanted editorial they may not pick up on it.

Consider the source of this article...Wall Street !

I would just love to ask these guys:

{snip } "Mr. Bernanke has plenty of support -- 43 of 46 private economists surveyed by WSJ.com say he should be reappointed. Mr. Obama, though he hasn't tipped his hand on reappointment, recently has said Mr. Bernanke has done a "fine job under very difficult circumstances."

My question: If the value destruction of the dollar since 1913 { 96% } has been beneficial to the prosperity of the nation, or destructive?

Simple answer: Wages and prices are so completely out of whack right now that the once mighty USA has been reduced to a laughing stock.{ Reference Chinese students recently laughing at our Treasury secretary.}


CNBC talked about HR1207

At lunch today CNBC was broadcasting Bernanke's testimony. After that, Michelle Caruso-Cabrera asked a couple House members about "Ron Paul's audit the Federal Reserve bill".

That's the first time a non-Fox news show mentioned it...


This was actually the

This was actually the printed front page story of the WSJ

Ventura 2012

Jon Hilsenrath

One of two authors of that hitpiece. Check out his PR act for the financial sector's 'sky will fall unless you bail us out' blackmail scheme termed TARP


"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799

Scathing peer critique of Jon Hilsenrath

As for The Wall Street Journal's Jon Hilsenrath, he literally plays dumb -- and succeeds. Hilsenrath focuses on the lousy data available to study outsourcing. The data is indeed lousy, but Hilsenrath suggests that we're dealing with formidable mysteries or intrinsic unknowables, like space-time theory. We're not. The multinationals know exactly how much manufacturing and services work they've outsourced over exactly what time period. Any well-run company has this info at its fingertips. Fortunately for the outsourcers, their massive Washington lobbying has paid off, and the U.S. government doesn't require them to disclose this information.

Maybe Hilsenrath could play smart instead and focus on the real data story. And maybe Belson could transfer to the editorial page, where he seems to belong -- assuming he can crack the already overcrowded ranks of outright globalization shills at The Times.


"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799

photoshopwiz's picture

WSJ ~ eat our dust!

First they ignore you,

then they ridicule you,

then they fight you, <---- we are here!

then you win.

~ Mahatma Gandhi


Excellent point.

Excellent point.

"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799

ANother failure of Rupert Murdoch's

Why do people still buy this rag?

_ _ _ _ _ _ _ _ _ _
Start getting freedom today by dumping Federal Reserve Notes, Stocks, Banks and anything made outside the USA. Buy precious metals, real estate, businesses, food and guns and get your business community to use local or sound currenc

More than 250 prominent

More than 250 prominent economists recently signed a statement warning that the Fed's independence is at risk. Mr. Bernanke's predecessor, Alan Greenspan, calls Mr. Paul's bill in particular a "serious problem" that could "change the [Fed's] deliberations process and significantly lower the quality of what comes out of the system."

Wow, we are a BIG threat to them :D, this is awesome!

Teach a man to fish and you feed him for the rest of his life.
Teach a man to phish and he'll clean out your bank account.

Just an example of the Feds PR

they recently hired to fight against HR 1207!

"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

What was the point of adding

What was the point of adding the Bruno movie in the article??

a Deliberate attempt to portray Ron Paul as...

someone worthy of ridicule -- specifically while being interviewed about his opinion on economic matters. What a tool this writer is.

You mean it's unprofessional for someone who writes for one of the biggest mainstream "financial rags" to illustrate a point by mentioning a scene in a comedy movie?

I agree -

it just gives this disgusting excuse for a human being more air time - and Here???

I also find it disgusting what today's society finds "funny" and pay for it to boot.

To discredit the individual

To discredit the individual most responsible for dragging the Fed kicking and screaming into the bright light of an audit.

"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799

Which is why they got to fire Jesse Benton....

...He's just a plant. That whole Bruno film thing never would have happened except Jesse set him and probably Bob Barr up. Jesse gets the axe.

The idiot Sen. Chuck Schumer

The idiot Sen. Chuck Schumer should be smacked hard....the false dichotomy...either the Fed secrecy or Gov stupidity. Where do the NYers find this SOB. kick him out

Chuckie is the same guy who found nothing wrong with ...

the government massacre at Waco. Chuckie leaves silver trails behind him as he slithers across the ground.

in the new film "Bruno,"

in the new film "Bruno," shock comedian Sacha Baron Cohen tries to seduce the startled congressman in a hidden-camera scene while discussing economic theory.

In much the same way Paulson pulled down our collective pants in order to take one for the international banking cartel.

"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799

well put

"never keynes a running system"

Napolitano: "We need Ron Paul now!"

We need to go to that site

We need to go to that site and leave comments since its such an influential financial newspaper. last time we did that on a hit piece with forbes they came out with a pro campaighn for liberty pro ron paul anti fed article. we totally showed up the media whore who slammed ron paul.

The WSJ is just another dying rag of paper and ink.

You would think by now that these dinasaurs (newspapers) would get the big picture and if they can't write the truth, atleast stop writing. The lies spewed from this rag only fuel thierr demise as people are indeed waking up and see the transparency of thier lies. The creed of the criminal class is deny, deny, deny, but that was then and this is now.

I don't get it

I can see why you want to put blame on Murdoch, since he is supposed to be some media overlord and certainly a influential figure.
But how come Freedom Watch on Fox and sometimes Glenn Beck paint a very different picture? Doesn't Rupert control his whole Empire? Does he want to control all points of view? I cannot believe that any one individual is in control of everything some of his employees say or do. If that was possible, totalitarismus wasn't such a failure.

"never keynes a running system"

Napolitano: "We need Ron Paul now!"

WSJ sold out its objectivity

to become another weapon within Mr. Murdock's financial PR arsenal.

"Banking establishments are more dangerous than standing armies."
Thomas Jefferson, 1799


After Murdoch bought the paper the anti-RP spin was heavy and consistent. They put RP in a bad light while ignoring him on important issues.

I asked the WSJ to knock it off or I would drop my subscription. I no longer subscribe...

It will be a great day when the WSJ goes Q

What a disgrace to mention the movie when talking about a subject that could decide the fate of this nation.

Wall Street Journal.....

....Let them have it. All these Fed mouth pieces get to hear where we REALLY want to get our news. They are just all pure shams ....