Bernanke's trillion-dollar decision
Submitted by meekandmild on Sat, 10/24/2009 - 13:52
The biggest decision of the economic recovery will be made in the next six months, and Barack Obama will have almost nothing to do with it.
Forget the debate over TARP, and never mind the questions about a second stimulus. This decision is about when to pull out $1 trillion that’s propping up the U.S. banking system. And it will be Federal Reserve Chairman Ben Bernanke and his Fed colleagues who make the call.
That’s hard enough for a White House that knows its political fortunes rise and fall with the economy.
What’s worse is that Bernanke and Obama – like many presidents and Fed chairmen past – won’t necessarily have the same goals for this trillion-dollar decision.
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Incredible!
If I abandoned my child I would be arrested.
Congress abandoned their responsibility and gave it over to a cartel.
Who is at fault... Congress or the powerful banking cartel.
This is truly horrendous.
Thanks congress for selling us out!
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Leave Us Alone and Bring the Troops Home
Pain coming to the market soon
$1 Trillion equals 100 Billion shares of $10 stock...however The estimates are that the Fed and Treasury has $2 Trillion in the market...they are the market..if/when they leave, the Dow will be at 3000.....and the SPX at 350 ....and at the the sucker...s rally that just lured people back in will wipe out what they have left....then they push the "save America" with a new $2 trillion "Employ America Act" coming 1st Quarter 2010......when this passes..the world wide Treasury and Dollar Reserve sell off will begin......caveat emptor
Quotes like: “Any chairman
Quotes like:
“Any chairman of the Fed will do what’s right for the country, not what’s right for the administration,” said Ernest Patrikis, a partner at the law firm White & Case who spent 30 years at the New York Fed. “That’s his job – that’s why he’s apolitical.”
Mark Gertler, a professor of economics at New York University, says the lesson of history is that politicians should not interfere with the central bank. “If the Fed doesn’t act independently, the economy is endangered,” said Gertler. “It would be dangerous if the administration appeared to be interfering with the Fed.”
along with the with the "tough, in control" looking picture of Bernanke, sure looks like something a PR agency for the Fed would place, and a lazy journalist would simply regurgitate without questioning.
Not that I disagree that a central bank needs to be independent, but the whole purpose of auditing it, is to show people that even a well run, independent Central bank like the Fed, does things that most people simply won't stand for. Hence, audit it, then end it! is the mantra, not audit it, then leave it in place, only now with political meddling.