Friday
Dec042009
Chris Dodd's Opening Remarks Praise Bernanke: "I Believe You Are The Right Leader And You Deserve Another Term"
Video: Excellent recap of yesterday's confirmation hearings with quotes from Bernanke, Senators Bunning, Shelby, & Dodd's opening statement -- December 3, 2009 -- Runs 3 minutes
- "I believe you are the right leader for this moment in the nation's economic history and I believe your reappointment sends the right signal to markets."
- “Under your leadership, Mr. Chairman, the Federal Reserve has taken extraordinary actions to right the economy. …These efforts have played, in my view, a significant role in arresting the financial crisis and financial markets have begun to recover."
- “For that, Mr. Chairman, you and the Federal Reserve deserve, in my view, praise for your acumen and gratitude for your role in preventing a far worse outcome. And, I believe you deserve another term as chairman.”
Link to C-SPAN coverage with the full video from the hearings >>
Bunning Statement Emasculates The Fed And Bernanke >>
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Dec 4, 2009 at 12:34 PM
Reader Comments (27)
Bernanke faces fire at confirmation hearing
Central bank chairman gets support from some key senators, but even praise is qualified, while others offer harsh attacks.
Federal Reserve Chairman Ben Bernanke defended his leadership of the central bank and the actions it has taken to battle the financial crisis, pushing back against an increasingly vocal group of senators who are causing trouble for his renomination as chairman.
The Senate is likely to take action on Ben Bernanke's nomination to a second term as chairman of the Federal Reserve by year's end.
Sen. Chris Dodd (D-Conn.), the chairman of the Senate Banking Committee, said the Senate would hopefully begin hearings on Bernanke's renomination in the next few weeks, with an eye toward a confirmation vote by the end of 2009.
Chavez seeks to reassure on Venezuelan banks
Bernanke Fights For FED Powers
"Bank-Owned Senators Will Yell At Bank-Owned Bernanke Today" (filed in the "These are always productive" department)
http://wonkette.com/412508/bank-owned-senators-will-yell-at-bank-owned-bernanke-today
It is all part of the show. Those that yell the most will get the most contributions to be quiet. You can change the faces, but it is still the same game. I have been saying all along the Senate is the biggest problem we face.
“US$ will crash and than USA Coward fucked up bamboozled generation will scream in Hell”
Ken, why are you all freaked out all the time, things are exactly as they are meant to be by peer design. If you are truly prepared there is nothing to worry about.
You are operating on way to long of a loop, the herd will only react to fear or hunger. Settle in for the ride, and quit exposing your rear flank, a good tactician would already have you figured out. Deprive them that knowledge.
LOL
see this cartoon
http://www.dailypaul.com/node/117828#comments
The War on Poverty... the War on Drugs... the War on Terror... now we have the government's “War” on Main Street. How to improve the economy and why the government is taking the exact opposite actions to destroy Main Street as a bad case of the “Seen and the Unseen” strikes the Lehigh Valley.
Today President Obama will tour Allentown, Pennsylvania, in my home congressional district as part of a “Main Street Tour” to show his concern for economic plight of the masses. Many of the people I have spoken with while campaigning innately realize that government is at fault – or at least complain a lot about how the government should “fix” the economy. Unfortunately, many do not have enough of a grasp of economics to understand exactly how the government is ruining their lives and their childrens' lives.
http://towneforcongress.com/economy/the-governments-war-on-main-street-1
Tiger gets a pass by DB, like Barry Soetoro.
Come on DB, Tiger is a big part of our economy.
Okay, Gobias predicts that Tiger video of hole in one to surface soon.
He has good hair plugs, is that in the demoncrats new healthcare government takeover plan?
Of course you don't, that is part of the emasculation process you live under as a communitarian answering to the HOA.
FEDERAL RESERVE TERROR GANG="HOME GROWN FINANCIAL ALQAEDA"
AND YOU FUCKERS ARE TALIBAN.............
December 02, 2009
Senate to Bernanke: "In the Name of God, Go!"
by Fred Sheehan
On December 3, 2009 the Senate Banking Committee will hold a hearing to vote on Federal Reserve Chairman Ben Bernanke's nomination to serve a second term as Federal Reserve chairman. Chairman Bernanke's first four-year term began on February 1, 2006. He was nominated by President Obama to serve a second term as chairman in August 2009.
This speech is offered to any senator who would like children to recite this denunciation in classrooms 300 years from now.
[Note: Bracketed comments are not intended for the senator's remarks. Time allotted for each senator to speak is short and the attention span of listeners is even shorter. Bracketed comments are background information for the senator.]
Chairman Bernanke,
You are the chief regulator of the U.S. banking system. You have more authority than other agencies over the entire U.S. financial system. Specifically, the Federal Reserve directly supervises U.S. bank holding companies.
I make this precise definition of your authority because I anticipate a disingenuous distinction you are likely to make. That is, "Senator, the Federal Reserve only has authority over the bank holding companies, not over the banks. Banks are regulated by the Comptroller of the Currency or the Federal Deposit Insurance Corporation."
As you well know Chairman Bernanke, that is a false distinction. A bank owned by a holding company is, obviously, a part of the holding company. You can investigate practices and loans of banks by investigating your holding companies. If you reply, "investigating banks from the holding company level does not give a clear picture of the risks taken by banks" - then why didn't you do anything about it? Since 2007, the government has put $45 billion - not million - dollars into Citigroup, alone. If you did not think the Comptroller of the Currency and the Federal Deposit Insurance Corporation were doing an adequate job, it was your duty to tell this committee.
But, I do not think you were capable of warning us. This is an important reason you should not be Federal Reserve chairman: you do not understand banking. I want to review some of what the nation's head bank regulator should have known by the end of 2006.
You had been chairman 11 months, having replaced Alan Greenspan on February 1, 2006.
The Federal Deposit Insurance Commission (FDIC) reported that construction loans, land development loans, and direct mortgages held by commercial banks had grown 87% from December 31, 2000 to June 30, 2006: from $1.6 trillion to $3 trillion: three trillion dollars of mortgages, construction and land development loans sat on the banking systems' books. [These are direct loans. This does not include mortgage securities on bank books: another $1 trillion.]
The growth alone would have alerted a curious mind. Such a mind would have sought a measurement of the quality of those loans. Some information that was readily available to you:
http://www.safehaven.com/article-15177.htm
ken..thanks for the cartoons...
saw al gore on letterman but couldn't watch..his enunciation makes me crazy.
gompers...i always enjoy your responses...
Posted December 5th, 2009 by Michael Nystrom
Digg! James Grant Suggests Life In Prison for Bernanke - WSJ.com
By James Grant | WSJ
December 5, 2009
Ben S. Bernanke doesn't know how lucky he is. Tongue-lashings from Bernie Sanders, the populist senator from Vermont, are one thing. The hangman's noose is another. Section 19 of this country's founding monetary legislation, the Coinage Act of 1792, prescribed the death penalty for any official who fraudulently debased the people's money. Was the massive printing of dollar bills to lift Wall Street (and the rest of us, too) off the rocks last year a kind of fraud? If the U.S. Senate so determines, it may send Mr. Bernanke back home to Princeton. But not even Ron Paul, the Texas Republican sponsor of a bill to subject the Fed to periodic congressional audits, is calling for the Federal Reserve chairman's head...
http://online.wsj.com/article/SB10001424052748704342404574575761660481996.html?mod=WSJ_hpp_RIGHTTopCarousel
December 5, 2009
Kucinich: The War Is a Threat to Our National Security
Dennis Kucinich
Ohio Rep. Dennis Kucinich.
WASHINGTON – December 3 – Following a speech on the Floor of the House of Representative, Congressman Dennis Kucinich (D-OH) made the following statement:
“America is in the fight of its life and that fight is not in Afghanistan — its here. We are deeply in debt. Our GDP is down. Our manufacturing is down. Our savings are down. The value of the dollar is down. Our trade deficit is up. Business failures are up. Bankruptcies are up.
“The war is a threat to our national security. We’ll spend over one $100 billion next year to bomb a nation of poor people while we reenergize the Taliban, destabilize Pakistan, deplete our army and put more of our soldiers’ lives on the line. Meanwhile, back here in the USA, 15 million people are out of work. People are losing their jobs, their health care, their savings, their investments, and their retirement security. $13 trillion in bailouts for Wall Street, trillions for war; when are we going to start taking care of things here at home?”
By Josh
The 110th Congress of the United States of America and the people involved, should be tried for HIGH TREASON to the United States of America, the Constitution, the Bill of Rights, and the American People.
This kind of treason is comparable to terrorism financial and political terrorism. Here is my case against EVERYONE in the 110th (soon to be 111th) Congress:
REASONS FOR THE HIGH TREASON PERPETRATED BY CONGRESS:
* The Embezzlement and Theft of TRILLIONS of dollars in Taxpayer Money
* The Fraternization with Special Interest Groups, Lobbyists, and other conflicts of interests
* The lying to the American People UNDER OATH
* Sabotage of Millions of American jobs, health care, and well-being
http://www.worstdamnblog.com/?p=7
after you get rid of everyone, who is gonna run things? please don't say ron paul
For now, the "flight from risk" seems to be full of speculators, carrying them from "risky" markets, such as the Bombay Stock Exchange, which dropped 4.7% yesterday, over to the New York Stock Exchange, which rose modestly.
The Fed has tightened all the way to a funds rate of 5%. Meanwhile, Japan's fire hose of liquidity suddenly began to splutter and dribble. Then, the head Fed man stepped up and said right out loud that he was worried about inflation. Finally, the race sped up yesterday: Asian central banks – from the Korean to the Indian – announced tightening measures. Even the Europeans declared they were girding their loins to fight inflation. The ECB raised its funds rate by a quarter of a percent to 2.75%.
http://www.lewrockwell.com/bonner/bonner257.html
after you get rid of everyone, who is gonna run things?
after you get rid of everyone, who is gonna run things?
http://www.dailypaul.com/node/117828#comments
People in this country don't know how to riot. They are so selfish and wanting in their own self interest would kill their own children to get ahead. No one cares about right and wrong just what's in it for me. No honor among thieves.Emotionless phony robots with empty lives.
Harsh reality in front of you: See the law enforcement and Politicians in action now:
Swine Flu, Martial law, and RFID Bracelets
http://www.youtube.com/watch?v=aM4cekfzn3g&NR=1
URGENT GET THIS OUT