Monday
Jan172011
Bernanke No Longer Denies that the Purpose of QE2 Is to Drive Stock Prices Higher
Have you seen these Bernanke photos? They're from a slideshow put together by Time Magazine.
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Bernanke pulls a QE2 bait and switch...
Last November, after it started to become apparent that rates were moving in the wrong direction, Bernanke pulled a QE2 bait-and-switch, defending quantitative easing on other grounds:
- "This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion."
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QE2 for dummies...
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Related story...
See more photos from Time Magazine's intimate look at the Fed Chairman...
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Jan 17, 2011 at 1:01 AM
Reader Comments (5)
Apostolos Gletsos hailed as national hero as Greeks opposed to austerity measures take law into their own hands
http://www.guardian.co.uk/world/2011/jan/14/greek-mayor-bulldozes-toll-booth-barriers
http://www.youtube.com/watch?v=inn_-YAcVCQ&feature=youtu.be
THE biggest Wall Street scams is the retirement scam. Wall Street is behind the war against social security and defined benefit retirements. Wall Steet has been pushing 401k's, 403b's and 457 accounts for the last 20 years. They have also been pushing the 2% social security "individual" accounts. All of these accounts are meant to divert wages to Wall Street. Then, when stocks fall, the politicians have to "bailout" Wall Street because so many people are tied to it with their retirement savings.
When people attack defined benefit retirements from companies like GM and government agencies, they NEVER talk about what really happened. What really happened is that all those so call individual accounts dissappeared and the government had to spend trillions to bailout wall street. Those trillions would have covered any losses by defined benefit plans multiple fold. GM didn't go bankrupt because of retirements, they went bankrupt because of poor leadership from seat warmers like Jim Waggoner. If a defined retirement plan contributed to GM's failure, then good. That is more than what the Wall Street criminals like Ben Bernanke have been allowed to suffer. We, as a nation, must fight the Wall Street thieves. If we are going to attack defined benefit retirement plans we must make it illegal to gamble our retirements in bogus companies with bogus accounting.
Nobody ever talks about that.
Now with S.S. "broke", the obvious solution is to give back 2% of our contribution to "save the system", that and John Boehners vow to raise the retirement to 70 to pay for the wars.
Didn't the Goobermint tell us Iraq would pay for their own to be rid of Saddam? We also must never forget all the "borrowing" that has occurred by the "warm seats" from the pensions with no intent to repay.
We could hit the first clip and keep going to the last one. The guy that worked it up should get a FREE Case of Beer a week. The clip he did for the green lizard Ins. Co. aint got nothing on the clips on your site.......!