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Thread: Person of the year 2009- Ben Bernanke

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by obvious Child View Post
    The better question is are the benefits of a weak dollar greater then the costs of a weak dollar?

    That I have don't have an answer to.
    I think so. As a nation where people don't travel abroad much, where most of our debt is in our own currency, and where we have a huge trade deficit, I see lots of upsides to having a weaker dollar and very few downsides.
    Last edited by Kandahar; 12-17-09 at 04:07 AM.
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    Re: Person of the year 2009- Ben Bernanke

    Bernanke salvaged a flawed system, effectively saving the corporatist oligarchy from a lynch mob.

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    Re: Person of the year 2009- Ben Bernanke

    I'd just like to here the argument for everything falling apart. Everyone throws this around but I haven't heard an actual argument for it. How would everything have fallen apart without intervention?

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by phattonez View Post
    I'd just like to here the argument for everything falling apart. Everyone throws this around but I haven't heard an actual argument for it. How would everything have fallen apart without intervention?
    The day after Lehman died, what happened Tony?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by Kandahar View Post
    Can you please explain to the class why a weak dollar is a bad thing? No cheating by using Wikipedia or Google.
    Personally I hope the dollar gets even weaker. It'll create lots of jobs for Americans.
    "The Labor Department said Thursday that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week. That was a worse performance than the decline to 465,000 that economists had expected."

    Yes, things are just gangbusters up to this point.

    A weak dollar is terrible for this country, and we will soon understand why, very soon. This argument about exports is nonsense, as we do not export much of anything anymore, as the left has pushed out manufacturing, and the unions are destroying what little we have left. Sure, we will see short term success, but this short sighted thinking is what has us in this horrible hole we find ourselves in, today.

    Those who want to see a weaker dollar, I do not believe they understand the importance of the dollar around the world. There is a reason that the dollar has been the global currency of choice, and we are threatening that world wide trust and respect. When inflation comes, and it will, we will not be hearing this happy talk, believe that!

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by Goldenboy219 View Post
    The day after Lehman died, what happened Tony?
    Not exactly a proof. Can you offer anything more than a one-liner?

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by phattonez View Post
    Not exactly a proof. Can you offer anything more than a one-liner?
    I will give you Ben's own words.

    Bernanke's crisis started in 2007 with the mortgage meltdown; lenders began to fail. Bernanke cut interest rates repeatedly. In 2008, the Fed stopped the collapse of Bear Stearns by arranging a sale to another firm.

    But then came the end of Wall Street as we knew it. Mortgage giants Fannie Mae and Freddie Mac were seized by the government. On Sept. 14, Merrill Lynch was sold in distress. The next day, the 158-year-old investment bank Lehman Brothers failed

    "You didn't rescue Lehman Brothers. It set off a worldwide panic when it went bankrupt. And I wonder, looking back, whether you think that was a mistake," Pelley asked.

    "There were many people who said, 'Let 'em fail.' You know, 'It's not a problem. The markets will take care of it.' And I think I knew better than that. And Lehman proved that you cannot let a large internationally active firm fail in the middle of a financial crisis. Now was it a mistake? It wasn't a mistake for the following reason: we didn't have the option, we didn't have the tools. All the Federal Reserve can do is make loans against collateral," Bernanke replied.

    The day after Lehman, Bernanke's Fed did something astounding: it loaned $85 billion to a company that wasn't a bank at all - American International Group (AIG), the global insurance giant that was also involved in backing risky mortgage investments. Bernanke says, unlike Lehman, the Fed could make the loans based on good collateral in AIG's portfolio.

    "There have now been four rescues of AIG, $160 billion. Why is that necessary?" Pelley asked.

    "Let me just first say that of all the events and all of the things we've done in the last 18 months, the single one that makes me the angriest, that gives me the most angst, is the intervention with AIG. Here was a company that made all kinds of unconscionable bets. Then, when those bets went wrong, we had a situation where the failure of that company would have brought down the financial system," Bernanke said.

    "You say it makes you angry?" Pelley asked.

    "It makes me angry. I slammed the phone more than a few times on discussing AIG. I understand why the American people are angry. It's absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible bets, that was operating out of the sight of regulators, but which we have no choice but the stabilize, or else risk enormous impact, not just in the financial system, but on the whole U.S. economy," Bernanke explained.

    By September, Bernanke and then-Treasury Secretary Hank Paulson went to Capitol Hill to urge a massive bailout of the banking system.

    Asked how close of a call it was, Bernanke said, "It was very close. It was very close. The Congress passed the bill that gave Treasury the right to put capital into the banks in the first week of October. And it was in the second week of October that the crisis reached its peak. If we had not had those powers, we could have had a much, much worse outcome. So it was a very dangerous situation."

    "Was anyone on Capitol Hill skeptical? Did they push back at all, you know, 'Mr. Chairman, it's probably not quite that bad'?" Pelley asked.

    "Well, I do remember one conversation I had where I was addressing a caucus of congressmen. And a congressman said to me, 'Mr. Chairman, you know, I'm talking to bankers in my town. I'm talking to shopkeepers in my town. And they say things are normal. Nothing's going on. We don't see any problem.' And I turned to him and I said, 'You will,'" Bernanke recalled.
    Ben Bernanke's Greatest Challenge - 60 Minutes - CBS News

    You can continue on your own.
    Last edited by Kushinator; 12-17-09 at 12:07 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Person of the year 2009- Ben Bernanke

    All I see is him stating that everything would have gone to hell without the bailouts, but I don't see any argument for why that is so.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Person of the year 2009- Ben Bernanke

    The fed created this problem with their unreasonably low interest rates, the government then made this worse by forcing banks to share this wealth with the people, many of whom were not credit worthy. The banks, through insurance giants like AIG, then made terrible bets on these bundled mortgages, and this spread through the financial world like wildfire, creating the mother of all bubbles.

    This problem was building with Greenspan, and Bernanke knew exactly what the dangers were, as he had been in the fed before taking the lead, since 2002. He continued this practice all through his term, even knowing the dangers we faced with Fannie and Freddie, still he did nothing. I am sorry, I cannot imagine praising someone who either ignored all of these obvious danger signs, or was simply incompetent.
    Last edited by Jackboot; 12-17-09 at 12:26 PM.

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    Re: Person of the year 2009- Ben Bernanke

    Quote Originally Posted by Ethereal View Post
    Bernanke salvaged a flawed system, effectively saving the corporatist oligarchy from a lynch mob.
    If the people did not string them up when AIG sent taxpayer funds to foreign banks, they never will!

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