Happening now: Sen. Sanders is question Fed Chairman, Ben Bernanke. You can watch live here:

[1776Forever]

http://www.c-span.org/Live-Video/C-SPAN3/

..............

Go Bernie! :yourock:

[Ichingcarpenter]

1. Protest Sign at OWS Boston Protest

(See this for the background of this image by WilliamBanzai7.)

Indeed, at the “Occupy Boston” protest outside the Federal Reserve Bank of Boston, protesters yelled their derision for the Fed:

Criticism of Fed One of Protester’s Core Platforms

Indeed, as David DeGraw points out, criticism of the Fed is one of the main motivations driving Anonymous to help organize the protests:

[1776Forever]

2. Bernanke talking about disparage between rich and poor - Question from Hinchey D - NY

Bernanke says he is putting out a proposed rule to help this issue. He said this will be out next week.

Agree that the OWS Demonstrates say this over and over - Can't be said enough! Kick

[Ichingcarpenter]

3. Thanks for the update...quotes from him

(October 20, 2005) "House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals."



(February 15, 2006)"Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."


(January 10, 2008) "The Federal Reserve is not currently forecasting a recession."

"One myth that’s out there is that what we’re doing is printing money. We’re not printing money."

"The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities."

(November 21, 2002) "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 no cost."

(March 28, 2007) "At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency."

(July, 2005) "We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."


(October 31, 2007) "It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions."



(November 15, 2005) "With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."




(January 18, 2008) " has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself."




Finally



"I wish I'd been omniscient and seen the crisis coming."

[1776Forever]

6. Wow when you read those it is chilling how disconnected Bernake is to the "real USA" - So Sad! n/t

[Ichingcarpenter]

7. Yeah .. my economic hardships were ahead of the curve

and I got hit earlier than most . I don't care for the Federal reserve since Greenspan.

[1776Forever]

9. I didn't realize those went back so far but I also was hit around 2004 in Florida - Lost home. We

had a bachelor son who developed MS in his late 30's with no insurance and we had to keep him going for 2 years and with no support it was very hard.

[1776Forever]

4. Sen. Sanders asking Bernanke why the Banks are allowed to charge up to 30% for credit cards.

Bernanke said (paraphrasing)"If the people knew what they were signing then I don't see a problem" - Really?

[banned from Kos]

5. Its amazing Bernanke is never asked about those fictitious

"foreign banks loans" in Congressional testimony.

Bernanke could smack that myth down quickly.

[1776Forever]

8. Were you referring to the European Loans we have done or Chinese/Japanese to us? Thanks n/t

[banned from Kos]

10. The Fed has provided emergency loans to US subsidiaries of

foreign owned banks. By law, any US chartered bank, regardless of HQ location, is a US bank.

But mainly I was talking Euro-banks.

[1776Forever]

11. Thank you - Yes I agree with that - We may not know the total truth for years. n/t

[banned from Kos]

12. Actually, the Dodd-Frank bill made the Fed detail their past loan transactions

which was miscast as an "audit" (the Fed has long been annually audited).