Black People : Promotion of another gangster; Bernanke!!!This was the news for Bernanke

Discussion in 'Black People Open Forum' started by Putney Swope, Aug 25, 2009.

Thread Status:
Not open for further replies.
  1. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Joined:
    Jun 27, 2009
    Messages:
    1,355
    Likes Received:
    139
    Ratings:
    +139
    This was the news for Bernanke,
    just last month

    « It Wasn’t A ‘Coup’Headed to National Socialism »
    Bernanke under fire as lawmakers call for probe of Fed role in BofA merger
    By DCT | July 13, 2009
    Latest Daily Bell
    Issue 346 • Monday, July 13, 2009

    “If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations.”
    - Andrew Jackson

    House lawmakers are calling for an investigation of the Federal Reserve’s conduct in Bank of America Corp.’s takeover of Merrill Lynch & Co. before they consider granting more powers to the central bank. In a letter to President Barack Obama, 14 Republicans and three Democrats said there is a “considerable amount” of evidence that calls into question Federal Reserve Chairman Ben S. Bernanke’s testimony (pictured left) last month that the Fed didn’t put undue pressure on executives to carry out the takeover. The letter was released by Representative Scott Garrett, a New Jersey Republican on the House Financial Services Committee, which will consider the measure to expand the Fed’s authority. Obama wants to give the Fed more power to oversee the largest and most interconnected financial institutions as part of a plan to overhaul regulation. Lawmakers from both parties have raised concerns about giving the Fed additional oversight powers. - Bloomberg

    Dominant Social Theme: All must be held accountable.

    Free-Market Analysis: We’ve written the Federal Reserve is on the downswing and in a fairly big way. We traced the initial impetus to the Internet, which has exposed what central banking actually is (price-fixing) to tens of millions. The specific trigger mechanism is to be seen on the Internet where Federal Reserve Inspector General Elizabeth Coleman splutters through a lamentable confession that she has no idea where up to US$9 trillion in Federal Reserve disbursements ended up. These two youtube.com clips have some two million views between them and counting.

    Now comes this report that Ben Bernanke has antagonized Congress to the point where the Fed’s usual allies are coming undone. The Fed’s additional challenges include a concerted effort to have it audited in a serious fashion and a lawsuit from Bloomberg which the news services reports on as follows:

    Bloomberg requested details of Fed lending under the Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral. Arguments in the suit may be heard as soon as this month, according to the court docket. Bloomberg asked the Treasury in an FOIA request Jan. 28 for a detailed list of the securities it planned to guarantee for Citigroup and Bank of America. Bloomberg hasn’t received a response to the request.

    full story;
    http://www.forfreedomssake.com/blog...rs-call-for-probe-of-fed-role-in-bofa-merger/

    Now
    just one month later
    the president has decided to reapoint this criminal, due to the gtrand capitalist illusory bubble in the stock market,
    a dangerous rise that usually has occured here and in other capitalist nations just before a depression.

    Keep in mind the jerks (Robert Rubin, Larry Summers)that destroyed the safe guard against another depression in this nation; The Glass Steagall Act,
    were appointed to manage the nations finances in January 2009

    Now what do these three crooks have in common with Goldman Sachs???????
     
  2. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,006
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,014
    Despite Role in AIG Bailout, Senate Votes to Reappoint Bernanke
    Text size
    Kurt Nimmo
    Infowars.com
    January 28, 2010

    Alan Greenspan’s protege Ben Bernanke is about to be reappointed to a second four-term as the Federal Reserve boss.

    Earlier today, the Senate voted 77-23 to end debate on Bernanke after his supporters took to the floor and sang his praises and critics made ominous warnings. “To vote against confirmation could unnerve investors and exacerbate economic uncertainty in the marketplace, which is exactly what we do not need at this time,” said Sen. Robert Menendez, Democrat of New Jersey, according to The Wall Street Journal. “We need the wisdom of patience,” he said. “Let us not judge the man or the work prematurely.”



    Bernanke did nothing about the unsustainable build-up of leverage in the housing market. In fact, his Fed inflated the bubble that made it possible.

    He oversaw the bailout of Bear Stearns and AIG, a call that Congress and the American people should have made.

    Bernanke oversaw the massive expansion of the Fed’s balance sheet from about $900 billion to over $2 trillion.



    At the behest of international bankers, Helicopter Ben transcended monetary policy and bank supervision into the world of fiscal policy, financial speculation, and the resultant economic crisis we are now experiencing.

    He is a loyal friend of the banksters and has worked tirelessly to cover up where Fed money has gone and prevent Congress and the American people from looking at the Fed’s crooked books.


    A d v e r t i s e m e n t

    If the Senate follows through, Bernanke will be allowed to continue the bankster agenda designed to ruin the country and continue the move toward globalization, world government and the bankster plan for a planetary slave labor plantation indistinguishable from the one operating in China.

    “Bernanke fiddled while our markets burned,” said Republican Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee. “I believe that it is the duty of this body to hold accountable those regulators whose poor oversight of our financial institutions and markets helped produce the greatest economic crisis this country has experienced in eighty years.”

    Bernanke did more than merely fiddle while markets burned — he actively micromanaged the process.

    Treasury Secretary Timothy Geithner was grilled yesterday over the AIG deal that benefited Goldman Sachs and the banksters.

    Earlier this week we found out that Ben had things to hide. Sen. Jim Bunning, a Republican from Kentucky, said on CNBC that he has seen documents showing that Bernanke covered up the fact that his staff recommended the Fed not bailout AIG. A letter Bunning sent Monday to Banking Committee Chairman Chris Dodd also refers to an “[e]mail exchange regarding restructuring of assistance to AIG, initiated by Treasury Secretary Timothy Geithner” in March 2009.

    Only Dodd’s Banking Committee had access to the documents and they were kept close to the vest. Access only came after Bunning publicly complained that Dodd and Sen. Richard Shelby (R-Ala.) were the only members of the committee could see them, writes Ryan Grim. “On Monday, Bunning sent a letter to Dodd, asking him to subpoena the emails and other documents. Bunning and other committee members have thus far had to view the documents at the Federal Reserve and are bound by confidentiality from revealing


    http://www.infowars.com/despite-role-in-aig-bailout-senate-votes-to-reappoint-bernanke/
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,006
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,014
    The Road to Debt Peonage
    The Bernanke Disaster
    By MICHAEL HUDSON

    If the economy deteriorates in the L-shaped “hockey-stick” rut that many economists forecast, what political price will President Obama and the Democrats pay for having returned the financial keys to the Bush Republican appointees who gave away the store in the first place? Reappointing Federal Reserve Chairman Ben Bernanke may end up injuring not only the economy but also the Democratic Party for years to come. Recognizing this, Republicans made populist points by opposing his reappointment during the Senate confirmation hearings last Thursday, January 27 – the day after Obama’s State of the Union address.

    Once the Republicans were certain which way the vote would go, they were able to voice some nice populist sound bites for the mid-term elections this November. Jeff Sessions of Alabama and Sam Brownback of Kansas voted against Bernanke’s confirmation. Jim deMint of South Carolina warned that reappointing him would be “The biggest mistake that we’re going to make for a long time.” He added: “Confirming Bernanke is a continuation of the policies that brought our economy down.”

    Among Democrats running for re-election, Barbara Boxer of California pointed out that by spurring the asset-price inflation, the Fed’s pro-Bubble (that is, pro-debt policy) has crashed the economy, shrinking employment. The Fed is supposed to protect consumers, yet Bernanke is a vocal opponent of the Consumer Finance Products Agency, claiming that the deregulatory Fed alone should be the sole financial regulator.

    The hearings focused on the Fed’s role as Wall Street’s major lobbyist and deregulator. Despite the fact that its Charter starts off by directing it to promote full employment and stabilize prices, the Fed is anti-labor in practice. Alan Greenspan famously bragged that what has caused quiescence among labor union members when it comes to striking for higher wages – or even for better working conditions – is the fear of being fired and being unable to meet their mortgage and credit card payments. “One paycheck away from homelessness,” or a downgraded credit rating leading to soaring interest charges, has become a formula for labor management.

    As for its designated task in promoting price stability, the Fed’s easy-credit bubble has made asset-price inflation the path to wealth, not tangible capital investment. This has brought joy to bank marketing departments as homeowners, consumers, corporate raiders, states and localities run further and further into debt in an attempt to improve their position by debt leveraging. But the economy has all but neglected its industrial base and the employment goes with manufacturing. The Fed’s motto from Bubblemeister Alan Greenspan to Ben Bernanke has been “Asset-price inflation, good; wage and commodity price inflation, bad.”

    Obama supports Bernanke and his State of the Union address conspicuously avoided endorsing the Consumer Financial Products Agency that he earlier had claimed would be the centerpiece of financial reform. Wall Street lobbyists have turned him around. Their logic was the same mantra that Connecticut insurance industry’s Sen. Chris Dodd repeated at the confirmation hearings: Bernanke has “saved the economy.”

    How can the Fed be said to do this when the volume of debt is growing exponentially beyond the ability to pay? “Saving the debt” by bailing out creditors – by adding bad private-sector debts to the public sector’s balance sheet – is burdening the economy, not saving it. The policy only postpones the crisis while making the ultimate volume of debt that must be written off higher – and therefore more traumatic to write off, annulling a corresponding volume of savings on the other side of the balance sheet (because one party’s savings are another’s debts).

    What really is at issue is the economic philosophy that Bernanke will apply during the coming four years. Unfortunately, Bernanke’s questioners failed to ask relevant questions along these policy lines and the economic theory or rationale underlying his basic approach. What needed to be addressed was not just his deregulatory stance in the face of the Bubble Economy and exploding consumer fraud, or even the mistakes he has made. Republican Sen. Jim Bunning elicited only smirks and pained looked as Bernanke rested his chin on his hand, as if to say, “I’m going to be patient and let you rant.” The other Senators were almost apologetic.

    One popular (and thoroughly misleading) description of Bernanke that has been cited ad nauseam to promote his reappointment is that he is an expert on the causes of the Great Depression. If you are going to create a new crash, it certainly helps to understand the last one. But economic historians who have compared Bernanke’s writings to actual history have found that it is precisely his misunderstanding of the Depression that is leading him to repeat it.

    As a trickle-down apologist for high finance, Prof. Bernanke has drawn systematically wrong conclusions as to the causes of the Great Depression. The ideological prejudice behind his view is of course what got him his job in the first place, for as numerous observers have quipped, a precondition for being hired as Fed Chairman is that one does not understand how the financial system actually works. Instead of recognizing that deepening debt, low wages and the siphoning up of wealth to the top of the economic pyramid were primary causes of the Depression, Prof. Bernanke attributes the main problem simply to a lack of liquidity, causing low prices.

    As my Australian colleague Steve Keen recently has written in his Debtwatch No.4, the case against Bernanke should focus on his neoclassical approach that misses the fact that money is debt. He sees the financial problem as being too low a price level for assets to be collateralized for bank loans. And to Bernanke, “wealth” is synonymous with what banks will lend, under existing credit terms.

    In 1933, the economist Irving Fischer wrote a classic article, “The Debt-Deflation Theory of the Great Depression,” recanting the neoclassical view that had led him to lose his personal fortune in the 1929 stock market crash. He explained how the inability to pay debts was forcing bankruptcies, wiping out bank credit and spending power, shrinking markets and hence the incentive to invest and employ labor.

    Bernanke rejects this idea, or at least the travesty he paraphrases in his Essays on the Great Depression (Princeton, 2000, p. 24), as Prof. Keen quotes:

    “Fisher’ s idea was less influential in academic circles, though, because of the counterargument that debt-deflation represented no more than a redistribution from one group (debtors) to another (creditors). Absent implausibly large differences in marginal spending propensities among the groups, it was suggested, pure redistributions should have no significant macroeconomic effects.”

    All that a debt overhead does is transfer purchasing power from debtors to creditors. Bernanke is reminiscent here of Thomas Robert Malthus, whose Principles of Political Economy argued that landlords (Malthus’s own class) were necessary to maintain economic equilibrium in a way akin to trickle-down theorists through the ages. Where would English employment be, Malthus argued, without landlords spending their revenue on coachmen, fine clothes, butlers and servants? It was landlords spending their rental income (protected by England’s agricultural tariffs, the Corn Laws, until 1846) that kept buggy-makers and other suppliers working. And by the same logic, this is what wealthy Wall Street financiers do today with the money they make by lending to enable homeowners and savers to get rich making capital gains off asset-price inflation.

    The reality is that wealthy Wall Street financiers who make multi-million dollar salaries and bonuses spend their money on trophies: fine arts, luxury apartments or houses in gated communities, yachts, fancy handbags and high fashion, birthday parties. (“I see the yachts of the stock brokers; but where are those of their clients?”) This is not the kind of spending that reflects the “real” economy’s production profile.

    Bernanke sees no problem, unless rich people spend less of their gains on consumer goods and the products of labor than average wage earners. But of course this propensity to consume is precisely the point John Maynard Keynes made in his General Theory (1936). The wealthier people become, the lower a proportion of their income they consume – and the more they save.

    This falling propensity to consume is what worried Keynes about the future. He imagined that as economies saved more as their income levels rose, they would spend less on goods and services. So output and employment would not be able to keep pace – unless the government stepped in to make up the gap.

    Consumer spending is indeed falling, but not because economies are experiencing a higher net saving rate. The U.S. saving rate has fallen to zero – because despite the fact that gross savings remain high (about 18 percent), most is lent out to become other peoples’ debts. The effect is thus a wash on an economy-wide basis. (18 percent saving less 18 percent debt = zero net saving.)

    The problem is that workers and consumers have gone deeper and deeper into debt, saving less and less. This is just the opposite of what Keynes forecast. Only the wealthiest 10 percent or so of the population save more and more – mainly in the form of loans to the “bottom 90 percent.” Saving less, however, goes hand in hand with consuming less, because of the revenue that the financial sector drains out of the “real” economy’s circular flow (wage-earners spending their income to buy the goods they produce) as debt service. The financial sector is wrapped around the production-and-consumption economy. So an inability to consume is part and parcel of the debt problem. The basis of monetary policy throughout the world today therefore should be how to save economies from shrinking as a result of their exponentially growing debt overhead.

    Bernanke’s apologetics for finance capital: Economies seem to need more debt, not less

    Bernanke finds “declines in aggregate demand


    full article;
    http://www.counterpunch.org/

    EXACTLY HOW OLD IS BERNAKE'S DIRTY TRAIL??
    Michael Hudson on Bush adnministration ripoffs of the public"

    http://www.youtube.com/watch?v=By5KTMZYkSI
     
  4. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,006
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,014
    why would the president re apoint a man like this?
     
  5. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

    Country:
    United States
    Joined:
    Mar 21, 2001
    Messages:
    69,983
    Likes Received:
    3,978
    Gender:
    Male
    Occupation:
    BUSINESS owner
    Location:
    Da~WINDY*CITY //CHICAGO
    Ratings:
    +4,178
    I guess to close the doors on any doubt......
     
Loading...
Thread Status:
Not open for further replies.