Comments on: Economists give Bernanke his lowest rating ever.

By: Marie

Marie — Thu, 07 Feb 2008 15:32:04 +0000

I see that I used a poor phrase in #23. Bush has not employed a guns and butter approach – but a guns and tax cut approach.

By: Marie

Marie — Thu, 07 Feb 2008 15:09:43 +0000

I am no defender of Bernancke, but to blame him for the economic crisis seems unfair. Our economy has been headed toward the dumper for a long time and Bernancke is the unfortunate head of the Fed at this time. His skills and analysis are not for me to rate. To state the obvious, Bush’s economic policies have been disastrous.
The problem began in the 80’s, I believe, with Reagan’s administration. GHW Bush exacerbated the problem.
The economy of the 90’s was great, but it was not realistically sound. The passage of NAFTA didn’t help.
We’ve had downturns before, but the guns and butter approach of GW Bush, coupled with the Grover Norquist tactics, has locked us into what looks like a long and depressing period.

By: Doc Rock

Doc Rock — Thu, 07 Feb 2008 11:49:44 +0000

This’s why he’s no longer the “CEO of Princeton’s Economics Department”?

It’s not just monetarist policies that’re causing our slide into Recession (and ultimate spiral into Depression), but, rather, it is the diastrous no-tax, spend-wildly, starve-the-beast, trickle-down, crony-capitalist policies of the Cheney-Bushites that Greenspan-Bernanke have been guilty at most of complicity in that lie at the heart of our economic woes.

By: VerbalKint

VerbalKint — Thu, 07 Feb 2008 08:18:51 +0000

It won’t be long before Greenspan is remembered as the worst Fed chairman in history. Bernanke will just be a footnote.

Speaking of ineffective scapegoats, whoever hears anything about the war czar anymore?

By: katy

katy — Thu, 07 Feb 2008 06:17:53 +0000

thank you, X …
i hear a tiny bell ringing up there…
i’ll check that name further…
…

pessimist – i like that name… i think…
reminds me of me… maybe…

i am mostly pessimistic…
makes those positive things more special and surprising…
when they happen…

it’s very late…

By: PessimisticIdealismisOptimisticRealism

PessimisticIdealismisOptimisticRealism — Thu, 07 Feb 2008 05:20:05 +0000

Yeah, the fed didn’t immediatly take us off of the gold standard. Except in times of war. They did so During WW2 as well as Vietnam.

By: Xisithrus

Xisithrus — Thu, 07 Feb 2008 05:02:46 +0000

Well, it was Nixon that took us got rid of the gold back in 1971

By the early 1970s, as the Vietnam War accelerated inflation, the United States was running not just a balance of payments deficit but also a trade deficit (for the first time in the twentieth century). The crucial turning point was 1970, which saw U.S. gold coverage of the paper dollar deteriorate from 55% to 22%. This, in the view of neoclassical economists, represented the point where holders of the dollar had lost faith in the U.S. ability to cut its budget and trade deficits.

In 1971 more and more dollars were being printed in Washington, then being pumped overseas, to pay for the nation’s military expenditures and private investments. In the first six months of 1971, assets for $22 billion fled the United States.

http://en.wikipedia.org/wiki/Nixon_Shock

Nixon didnt start the Vietnam war, of course, but his dragging it out didnt help inflation any.

Katy, maybe you mean Volcker?

By: PessimisticIdealismisOptimisticRealism

PessimisticIdealismisOptimisticRealism — Thu, 07 Feb 2008 04:57:56 +0000

The Fed is the problem. Fiat money systems are inherently flawed and their only purpose is to create a plutocracy. The banking interests have always known this, which is why Andrew Jackson said “If we ever let there be a central bank than one day our children’s children will wake up and realize that all of our prosperity has been taken from us” Woodrow Wilson, the president responsible for letting this unconstitutional act be passed realized his grave mistake and was haunted by it in his later years, saying on his death bed that he had allowed an unstoppable and dreadful chain to be put on the American people.
The appeal of a fiat money system, that is one with no actual backing, is that when congress wants to appropriate say $500 Billion for an unjust war then all they have to do is go to the fed and say “Print me some money.” They don’t have to raise taxes to provide their campaign contributors with pork. They don’t have to raise taxes at all. In fact they can lower them, which is wildly popular among those too ignorant to realize that the decrease in taxes isn’t going to benefit them in the long run. But the problem is that soon enough the dollar is worth far far less. The dollar is worth 1/14th what it was worth before the fed…
One person working used to be able to provide the American dream. Now it takes two working 40+ a week 50 weeks out of the year. Does this not seem wrong to you?
Another point that I did not realize until I started researching this topic is that in Roman times an ounce of gold could buy you a toga, a belt, some sandals, and food at a restaurant. Today an once of gold will buy you a suit a belt some shoes and dinner. It has not lost it’s worth in 2000+ years.
The fed charges interest on money that it prints out of thin air. We pay that interest because we have no other option.
Just become aware of this whole fraud that is the foundation of our society because only with awareness will we have the chance to bring about change.

See below for links to information

http://www.gold-eagle.com/editorials_04/greene032104.html
http://en.wikipedia.org/wiki/Federal_Reserve
news.goldseek.com/GoldSeek/1095269452.php
http://www.fdrs.org/banking_history.html

And some good documentaries

Money, Banking and the Federal Reserve
FIAT EMPIRE – Why the Federal Reserve Violates the U.S. Constitution
History of the Federal Reserve

And finally for those who want to know even more, some books

The creature from Jekyll Island – G Edward Griffin

The Case Against the Fed – Murray N. Rothbard

A History of Money and Banking in the United States: The Colonial Era to World War II – Murray N. Rothbard

What Has Government Done to Our Money? Case for the 100 Percent Gold Dollar – Murray N. Rothbard

By: evil_framers_of_the_constitution

evil_framers_of_the_constitution — Thu, 07 Feb 2008 04:07:33 +0000

This is nice try on the WaR Street Junket’s part, but BUSH is being blamed and will continue to be blamed.
It’s amazing that they try and blame a guy on the job for, what, a year…when they have been gutting the economy for 7.
Go ahead trolls, pick a day in 2005 when the dow went up 280 points, and then blame Clinton. No one is listening anymore.

What?

huh?

Can’t hear you?

Bush ruined what? the economy? WINNER!

By: jb

jb — Thu, 07 Feb 2008 03:40:15 +0000

This $hit started with Raygun and we will never recapture our old manufacturing economy completely. All the money and power is being concentrated at the very top and those folks won’t ever get their hands dirty. But, Bernake does have a nifty beard.

By: RUCerious

RUCerious — Thu, 07 Feb 2008 02:59:50 +0000

That rating looks right – a minus 75 out of 100.

By: Merlin

Merlin — Thu, 07 Feb 2008 02:51:05 +0000

Comment by whatevah â€” February 6, 2008 @ 9:42 pm

If itâ€™s McInsane, heâ€™s already down the crapper due to his Bush idolatry and this illegal amoral war.

At this point in time, I believe I could win the presidency against McBush! And so could Donald Duck. The rethugs platform is so horrific that either C or O will destroy them in Nov. I can’t imagine what a debate will look like.

By: whatevah

whatevah — Thu, 07 Feb 2008 02:44:30 +0000

60% of americans realize that we’re already in a Recession; just like BushCo staving off the inevitable by not calling Iraq a “civil war”, they’re playing games with the people and refusing to call it what it is. If 60% of americans know this, what kind of flaming idiots do we have in this whte house?

By: whatevah

whatevah — Thu, 07 Feb 2008 02:42:13 +0000

The “R” word will absolutely tank the GOP and their candidate. If it’s McInsane, he’s already down the crapper due to his Bush idolatry and this illegal amoral war.

By: phred42

phred42 — Thu, 07 Feb 2008 02:42:10 +0000

Just another Reich-wing Bush appointed Stooge.

He wasn’t put in that position because he’s brilliant. Shouldn’t be a surprise.

By: Longo

Longo — Thu, 07 Feb 2008 02:38:24 +0000

Of course Bernanke has some culpability for this mess. If he didn’t see this shit train coming, then he’s just as blinded by free market fundamentalism as the rest of the corporatists who are using the “invisible hand” to rob all of us blind!

By: Snowball

Snowball — Thu, 07 Feb 2008 02:37:23 +0000

This recession will be the death nell for the rethugs come Nov. They are thrashing about trying to push anything that will prevent from happening what is already here.

Comment by Merlin â€” February 6, 2008 @ 9:26 pm

Yup, with Republicans blocking the stimulus package because they don’t want to extend it to veterans and the elderly while pushing to make permanent tax giveaways to the wealthy, their electoral fortunes are looking mighty dim.

By: Merlin

Merlin — Thu, 07 Feb 2008 02:26:42 +0000

Comment by Snowball â€” February 6, 2008 @ 9:05 pm

I believe that the blame game won’t go over with the general public. It is too late. And besides, how many people know who Bernanke is or what he does? If their pocketbook is squeezed, BushCo will get the blame. And well they should!

This recession will be the death nell for the rethugs come Nov. They are thrashing about trying to push anything that will prevent from happening what is already here.

By: GSD

GSD — Thu, 07 Feb 2008 02:20:36 +0000

What is Ben Bernanke going to use to save the US economy? SPITBALLS?

-Zell Miller

By: Snowball

Snowball — Thu, 07 Feb 2008 02:05:57 +0000

Of course Rupert’s WSJ blames it on Bernanke. Even though this is the predictable result of seven years of malfeasance and mismanagement, it just couldn’t be GWB’s fault. I’m reminded of a book about NAZI Germany I read called “They Thought They Were Free” that consists of interviews with people that lived through that era. One former Hitler supporter said that they were constantly told that anything that went wrong was the fault of a subordinate who was promptly punished. Nothing was ever the fault of Hitler or the party.