Obama keeping Bernanke is him playing Chess right?

[LovinLife]

It has to be. :scared:

[DJ13]

1. .......

[Name removed]

2. Deleted message

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[FrenchieCat]

7. Obama got fucked just by following the last administration,

and he's getting fucked again now,
by those who would act as though
they didn't hear him state what he
would do before you decided whether to
vote for him or to keep your ass home,
or whatever.

Otherwise, considering you knew very well,
you voted to get fucked.
And look, you won!

[saracat]

10. Silliest response to a post ever.Why does Obama keep Berneke?

Surely those who think he should be retained are in the minority? Sanders put a hold on his nomination! And plenty of others are unhappy!

[ima_sinnic]

47. you really keep basically insisting people should not have voted for Obama

you act as if you'd rather he were not elected at all than to have to listen to anybody complain about him because they had to compromise and vote for the "lesser of two," er, "evils."
I believe you will not have this problem in the next go-round. Those who worked their butts off for him are largely bailing. At that time you can wish that the Democratic candidate had really been sincere in calling for "change."

[spiritual_gunfighter]

54. You are getting totally ridiculous Frenchie, stop now n/t

[PBS Poll-435]

3. Do you even have a vague cliff's notes version of history regarding the Fed and a new President?

Do ya?

[LovinLife]

4. Nope. Don't want one. This isn't the change I voted for. Bernanke is clearly pro wall st. NT

[PBS Poll-435]

5. The name of the game is "stability"

We are in an recovery now. Why risk messing with that? (It's how it has pretty much always been)

How do you think Clinton got Greenspan?

[Jim Sagle]

6. By selling out - the same way Obama decided to refoist Bernanke on us.

[PBS Poll-435]

8. What, specifically, is Bernanke and the Fed doing to you?

The Fed basically has 3 tools to influence the economy.

Sell/Buy US securities (Treasury Bonds, etc)
Regulate what percentage member banks must keep with regard to deposits and lending
Set the discount rate (the interest rate member banks charge each other for overnight loans to maintain the reserve requirement)


Interest rates are are at historical lows. The reserve requirement has not changed. The Fed purchased a bunch of US bonds. And they have been more bullish on an economic recovery than most.


What's your beef?

[rollingrock]

9. You make it sound so innocent

if they're so innocent, then why is the Fed so opposed to having their books audited?
why are they fighting tooth and nail against Grayson's bill to have them audited and make them transparent and accountable to the public? they are the FEDERAL reserve after all, aren't they? what are they trying to hide?

[saracat]

11. Bravo.Well put. Innocent indeed.

[PBS Poll-435]

12. The whole point of having a separate entity such as the Fed

Is to keep politics out of it.

[rollingrock]

14. You mean sort of like the banker bailouts?

the public has no right to know what the banks did with 700 billion tax payer dollars either, right? the bankers have the right to enrich themselves with millions of dollars in bonuses and raises and that's none of our business either right?

[PBS Poll-435]

15. Huh?

Grab a newspaper as soon as you can. The Fed can not seize taxpayer money. I think you mean the Department of the Treasury and its Capital Purchase Program (Under TARP)

Not all of the 700B was spent/distributed.

Most of the recipients have either paid it back (with dividends!) or have made specific plans on paying it back.

:wtf:

[rollingrock]

16. I didn't say it did have the power

you still haven't provided one valid reason for opposing an audit of the Federal reserve.

'keeping politics out of it' is not a valid or meaningful response to the question.

[PBS Poll-435]

18. Actually, "Keeping Politics Out of It" is a very meaningful response

The Fed is not part of the Federal Government. It was set up this way to avoid political pressure.

What would you say if Marsha Blackburn(R-TN) wanted to inspect the notes regarding a Supreme Court decision by a liberal Justice?

[rollingrock]

20. Say what?

what a ludicrous analogy. what the hell does the Supreme court have to do with it?

we are talking about the banking policies that have a direct impact on the economic health of the country. the public has every right to KNOW what those policies are.

[PBS Poll-435]

21. The Supreme Court was set up to be shielded from political pressure

As was the Fed with the urging of Alexander Hamilton.

And banking policies that affect everyday Americans are handled by the Comptroller of the Currency, the FDIC, the FTC, and the Department of the Treasury.

[rollingrock]

26. Free from political pressure?

you do realize, for example, that George W. Bush was APPOINTED to his first term of office by the Supreme Court, don't you? If you think the Supreme Court isn't subject to political pressure, then you are dreaming.

Nothing is free from political pressure. The Federal Reserve, like the Supreme Court, is subject to the politics of the men who run it or serve on it. Alan Greenspan was a follower of the right-wing lunatic Ayn Rand, for example and Greenspan's extremist libertarian views influenced all of his decisions at the federal reserve, decisions which ended up contributing to the near-collapse of the economy, something from which it may never recover in the long run (ie: the collapse of the dollar seems to be well on its way). I sure don't want people like that conducting their business in secret.

[PBS Poll-435]

27. No he was the winner by default.

The Supreme Court agreed that there was an equal-protection question. (7-2) The remedy was the issue. (5-4)

[rollingrock]

29. 'Winner by default' lol

according to who? Glen Beck? what the heck is that supposed to mean anyway?

you proven my point. the 2000 election was decided by the Supreme court decision to stop counting the votes. it was decided by politics, not the voters.

[PBS Poll-435]

31. 7/9 said that there was an equal protection argument. The remedy was the issue.

[avaistheone1]

43. Then why did the Supreme Court appoint George Bush president if the Court is supposed to be shielded

from political pressure?

[rollingrock]

17. If you believe that

I hear there's a bridge for sale in Brooklyn you might be interested in.

'Most of the recipients have either paid it back (with dividends!) or have made specific plans on paying it back.'


lol, yeah sure.

[PBS Poll-435]

19. What percentage of TARP was dedicated to the Capital Purchase Program?

700B was not given to banks.

[orwell]

13. Don't talk sense...

...when the crowd calls for blood.

Viva la Revolucion'

[Jim Sagle]

22. The 22 trillion dollars they pledged to the banks no strings attached.

The toxic assets they bought at full nominal value knowing that they weren't worth two shits much less two percent of that.

The open threat of martial law they used to muscle it all through.

The stonewalling on bank reform.

The threats made today to Social Security.

Please don't insult our intelligence with this Broderist filth.

[PBS Poll-435]

23. Really?

:rofl:

[Jim Sagle]

24. Not much of a response.

But then there isn't any case to be made for Bernanke, except the case that bank execs are spessssssshhhhhhul.

[PBS Poll-435]

25. Ok. The Fed is actually the Federal Reserve System

Regional banks(12). Your checkbook routing number depends on what "region" you are in. (I am in region '11')

-Snip-



Which bank execs, specifically, are you upset with?

[Jim Sagle]

28. Go google them, I'm not your admin assistant..

And I ain't got time for Geithnerite jibber jabber.

[PBS Poll-435]

30. Again, what, specifically, is your beef with the system in place? nt

[Jim Sagle]

32. I already told you in plain English.

[dionysus]

35. 22 trillion? man give me a hit of what you're smoking...

[Jim Sagle]

36. Watch and listen to Dylan Ratigan, and learn.

http://www.youtube.com/watch?v=t0LbeaQJoto

[ima_sinnic]

52. absolutely! double+1! (nt)

[Deja Q]

50. A "jobless recovery" is a misnomer... However,

I will remain patient. Most people won't.

[vaberella]

33. I dislike the guy. But the stock market actually listens to him.

If you bernanke says it's up---it will skyrocket. If bernanke says it looks bad----it drops to hell.

[waterscalm]

56. We are happy little peons when the stock market is happy. joy joy.

:(

[Hatchling]

34. I don't think he's been playing chess at all.

I think he's been playing Risk.:scared:

The primary object of the game is "world domination," or "to occupy every territory on the board and in so doing, eliminate all other players

[QC]

37. No, not chess. Or Risk.

[iceman66]

38. Maybe he was told to keep Bernanke or else.

[treestar]

39. So this Bernanke is someone we are supposed to hate?

Do we hate him more than Geithner?

Or Rahm?

[salguine]

40. I haven't read the chess analogy in quite a while. It seems the

Obama-Can-Do-No-Wrong crowd has even given up on that fantasy.

[polichick]

44. It's about time! nt

[natrat]

41. this won't end well

the finance regulation bill going through congress will create a permanent bailout for the top 20 or 30 financial firms at the discretion of the white house with no congressional input. This will not end well.

[HamdenRice]

42. Bernanke isn't Geithner and isn't Paulson. He's been one of the best Fed chairmen ever, but ...

explaining why is probably lost on this audience.

Let's just say that lots of people are screaming about how "trillions" were loaned to the "banksters" and not to regular folk, while not realizing that for the first time in 70 years, the Fed was turned into, basically, a wholesale bank, that made available almost all the inter-bank, consumer and business credit that was available during the crisis.

If you have a student loan, car note, credit card, mortgage, business line of credit or other loan, then there's a good chance it's because of Bernanke's radical reinvention of the Fed, based on his years and years of study of the Great Depression and how to avoid the next one.

[Deja Q]

51. Your viewpoint is accepted...

Trouble is, people with credit cards, did they expect their APR to go from 14 to 30%?

[HamdenRice]

53. Which is what the banks, not the Fed, did

[Enthusiast]

45. Must be. nt

[polichick]

46. Just protecting the status quo. nt

[vaberella]

48. You can snub it at much as you want...but many on DU you support this.

This is why I don't bother with these little snide comments---because the situations are cut in half now. Even people who may like to use this whole chess thing in a snide way, seemingly support the Pres in this move. But I'm not about to shout people out. They're already here.

[Deja Q]

49. At this point, I've got to say "No, it isn't". Unless,

the President can eloquently explain why keeping Bernanke will do the country good.

[ClarkUSA]

55. Says the person who posted an OP titled "Marc Rubio is the GOP Barack Obama"

:eyes:

[beyond cynical]

57. Not really...

Obama is in favor of low interest rates.

[phleshdef]

58. Bernanke is a unsung HERO in regards to the steps he took during the financial crisis.