An inaugural entry into an ongoing catalogue of benighted statements of the obvious to everyone else.
Bernanke Says He Failed to See Financial Flaws
WASHINGTON — Ben S. Bernanke,
who told Congress in 2007 that the subprime mortgage crisis was “likely
to be contained,” said Thursday that he had failed to recognize flaws
in the financial system that amplified the housing downturn and led to
an economic disaster.
To remove first post, remove entire topic.
An inaugural entry into an ongoing catalogue of benighted statements of the obvious to everyone else.
Bernanke Says He Failed to See Financial Flaws
WASHINGTON — Ben S. Bernanke,
who told Congress in 2007 that the subprime mortgage crisis was “likely
to be contained,” said Thursday that he had failed to recognize flaws
in the financial system that amplified the housing downturn and led to
an economic disaster.
Wow, shit got changed into garbage in the title!! Maybe the mods can loan that program to the Feds, they are in need of such alchemy with mountains of manure they own.
Wow, shit got changed into garbage in the title!! Maybe the mods can loan that program to the Feds, they are in need of such alchemy with mountains of manure they own.
Yeah that word is a ringer, the system changes it automatically.
The FED didnt know the debt to which the banks had cheated and hid and swindled.
U.S. dollars have value only to the extent that they are strictly
limited in supply. But the U.S. government has a technology, called a
printing press (or, today, its electronic equivalent), that allows it to
produce as many U.S. dollars as it wishes at essentially no cost. By
increasing the number of U.S. dollars in circulation, or even by
credibly threatening to do so, the U.S. government can also reduce the
value of a dollar in terms of goods and services, which is equivalent to
raising the prices in dollars of those goods and services. We conclude
that, under a paper-money system, a determined government can always
generate higher spending and hence positive inflation.
- Ben Bernanke, 2001
So Ben, you say U.S dollars are strictly limited in supply. How many USD's are there on this planet?
Quote Originally Posted by wallstreetcappers:
Yeah that word is a ringer, the system changes it automatically.
The FED didnt know the debt to which the banks had cheated and hid and swindled.
U.S. dollars have value only to the extent that they are strictly
limited in supply. But the U.S. government has a technology, called a
printing press (or, today, its electronic equivalent), that allows it to
produce as many U.S. dollars as it wishes at essentially no cost. By
increasing the number of U.S. dollars in circulation, or even by
credibly threatening to do so, the U.S. government can also reduce the
value of a dollar in terms of goods and services, which is equivalent to
raising the prices in dollars of those goods and services. We conclude
that, under a paper-money system, a determined government can always
generate higher spending and hence positive inflation.
- Ben Bernanke, 2001
So Ben, you say U.S dollars are strictly limited in supply. How many USD's are there on this planet?
The FED didnt know the debt to which the banks had cheated and hid and swindled.
So, is deflation a threat to the economic health of the United States?
Not to leave you in suspense, I believe that the chance of significant
deflation in the United States in the foreseeable future is extremely
small, for two principal reasons. The first is the resilience and
structural stability of the U.S. economy itself. Over the years, the
U.S. economy has shown a remarkable ability to absorb shocks of all
kinds, to recover, and to continue to grow. Flexible and efficient
markets for labor and capital, an entrepreneurial tradition, and a
general willingness to tolerate and even embrace technological and
economic change all contribute to this resiliency. A particularly
important protective factor in the current environment is the strength
of our financial system: Despite the adverse shocks of the past year,
our banking system remains healthy and well-regulated, and firm and
household balance sheets are for the most part in good shape. Also
helpful is that inflation has recently been not only low but quite
stable, with one result being that inflation expectations seem well
anchored. For example, according to the University of Michigan survey
that underlies the index of consumer sentiment, the median expected rate
of inflation during the next five to ten years among those interviewed
was 2.9 percent in October 2002, as compared with 2.7 percent a year
earlier and 3.0 percent two years earlier--a stable record indeed.
The FED didnt know the debt to which the banks had cheated and hid and swindled.
So, is deflation a threat to the economic health of the United States?
Not to leave you in suspense, I believe that the chance of significant
deflation in the United States in the foreseeable future is extremely
small, for two principal reasons. The first is the resilience and
structural stability of the U.S. economy itself. Over the years, the
U.S. economy has shown a remarkable ability to absorb shocks of all
kinds, to recover, and to continue to grow. Flexible and efficient
markets for labor and capital, an entrepreneurial tradition, and a
general willingness to tolerate and even embrace technological and
economic change all contribute to this resiliency. A particularly
important protective factor in the current environment is the strength
of our financial system: Despite the adverse shocks of the past year,
our banking system remains healthy and well-regulated, and firm and
household balance sheets are for the most part in good shape. Also
helpful is that inflation has recently been not only low but quite
stable, with one result being that inflation expectations seem well
anchored. For example, according to the University of Michigan survey
that underlies the index of consumer sentiment, the median expected rate
of inflation during the next five to ten years among those interviewed
was 2.9 percent in October 2002, as compared with 2.7 percent a year
earlier and 3.0 percent two years earlier--a stable record indeed.
I will beg to differ about our banking system being healthy and well regulation. If losing as many banks as we already have (plenty more to come too, just be awake every Friday after 5 pm to hear them yell: "Bring out yer dead" to add to the total.).
Canada, on the other hand...sensible and cautious banking system. Not nearly as stupid, corrupt, and in hoock as the Too Big to Fail Too Big to Jail boys.
I will beg to differ about our banking system being healthy and well regulation. If losing as many banks as we already have (plenty more to come too, just be awake every Friday after 5 pm to hear them yell: "Bring out yer dead" to add to the total.).
Canada, on the other hand...sensible and cautious banking system. Not nearly as stupid, corrupt, and in hoock as the Too Big to Fail Too Big to Jail boys.
I will beg to differ about our banking system being healthy and well regulation. If losing as many banks as we already have (plenty more to come too, just be awake every Friday after 5 pm to hear them yell: "Bring out yer dead" to add to the total.).
Canada, on the other hand...sensible and cautious banking system. Not nearly as stupid, corrupt, and in hoock as the Too Big to Fail Too Big to Jail boys.
bullocks! buy everything now or be priced out forever!
the banks are in good shape, they hired Doc Emmitt Brown to do the accounting,,,,,,back to 2005
Quote Originally Posted by Vermeer:
I will beg to differ about our banking system being healthy and well regulation. If losing as many banks as we already have (plenty more to come too, just be awake every Friday after 5 pm to hear them yell: "Bring out yer dead" to add to the total.).
Canada, on the other hand...sensible and cautious banking system. Not nearly as stupid, corrupt, and in hoock as the Too Big to Fail Too Big to Jail boys.
bullocks! buy everything now or be priced out forever!
the banks are in good shape, they hired Doc Emmitt Brown to do the accounting,,,,,,back to 2005
Yup that ine has been going around ...we are witnessing "Too Big To Fail, Too Big to Jail" and they are allowing further fraud with their extend and pretend policies towards the banks.
However, one must keep in mind...
It is dangerous to be right in matters on which the established authorities are wrong.
~Voltaire
Yup that ine has been going around ...we are witnessing "Too Big To Fail, Too Big to Jail" and they are allowing further fraud with their extend and pretend policies towards the banks.
However, one must keep in mind...
It is dangerous to be right in matters on which the established authorities are wrong.
Fidel Castro's comment to a visiting US journalist that Cuba's economic system doesn't work is the strongest signal yet that the communist island is looking to private enterprise and foreign investment to bolster growth.
"The Cuban model doesn't even work for us anymore," Castro told journalist Jeffrey Goldberg after being asked if he believed it was something still worth exporting, according to a post yesterday on The Atlantic magazine's website. Castro didn't elaborate on his comment, Goldberg said.
This week's winner....
Fidel Castro's comment to a visiting US journalist that Cuba's economic system doesn't work is the strongest signal yet that the communist island is looking to private enterprise and foreign investment to bolster growth.
"The Cuban model doesn't even work for us anymore," Castro told journalist Jeffrey Goldberg after being asked if he believed it was something still worth exporting, according to a post yesterday on The Atlantic magazine's website. Castro didn't elaborate on his comment, Goldberg said.
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