Obama to nominate Bernanke to 2nd term -AP

[upi402]

Well the guy down the street would be more sensible and care about the other folks on the street more...

http://news.yahoo.com/s/ap/us_bernanke

Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.

Bernanke masterminded what is now seen as a successful strategy to lift the economy out of recession, unlock credit and stabilize financial markets in part by using unconventional and unprecedented lending programs.

Many on Wall Street and in academic circles believed that he would therefore be the best choice to lead the country into a sustainable recovery and would be in the best position to figure out when and how to reel in the trillions of dollars pumped into the economy to battle the crisis.

[CountAllVotes]

1. Happy Days Are Here Again!!

:sarcasm:

Why didn't Obama dump this freak when he had the chance?

What a mess we are in and Obama reappoints this leftover Bush*t shill? :grr:

:kick:

[scheming daemons]

6. Bernanke is a good fed chairman... and he helped avert a depression

He's better than Greenspan ever was...

[CountAllVotes]

14. did you ever read his "thesis"

or whatever the hell you want to call it? It can be found on the www.

I wasn't the least bit impressed.

I stand by my words. This man is a Bush*t leftover shill. I don't like him one damn bit and I'll make no secret about that. :puke:

[Odin2005]

2. Please note: Krugman supports Bernanke.

*GRABS POPCORN*

[GodlyDemocrat]

7. So? Krugman has gotten stuff wrong before

He is also a personal friend and colleague of Bernanke.

[scheming daemons]

9. Bernanke's been a good chairman. Inherited Greenspan's mess....

....and avoided a major depression.


The history books will treat Bernanke kindly.


Greenspan... not so much.

[GodlyDemocrat]

11. You can't expand the monetary supply in this manner without having severe inflation

I'll contend Greenspan put this reckless monetary policy of quantitative easing into motion, but Bernanke is taking it to a whole new level. Obama should have appointed Paul Volcker back as Fed Chairman.

[scheming daemons]

13. Keynesian economics.... had no choice

...and Volcker is on Obama's economic staff, so it is not like he doesn't have a role.

[GodlyDemocrat]

15. In 2008, Volcker did not want Bernanke reappointed

Have the Fed chiefs kissed and made up? I don't know. However, applying Keynesian economics works best and is quickest when using fiscal stimulus as opposed to monetary stimulus. I understand that short-term rates had to come down in order to make the yield curve upward-sloping again and I understand the Federal Reserve and the Treasury had to ensure the TED spread remained low. However, I think the biggest mistake that the Federal Reserve is doing right now is trying to keep the monetary base expanded. This had disasterous consequences in the 1970s and will have disasterous consequences now.

[Hippo_Tron]

20. Fiscal stimulus also causes inflation

If you want to use government policy to fight a recession then you have to be willing to handle the resulting inflation, period. And while the Fed's policies were a part of the problems in the 1970's, the oil embargoes were a much bigger issue since our entire economy relies on oil.

[Libertas1776]

3. Ugh

all this "change" is really wearing me out. I don't know how much more I can handle.:argh:

[Individualist]

4. Doin' a heckuva job, Bernie

:eyes:

[upi402]

5. Bernanke masterminded more looting of the treasury's tax dollars

Rove masterminded a bit too.

Epic fail Obama. So sad here, I may start grieving now.

[taught_me_patience]

8. More "helicopter" drops of money...

right into the bankers laps! woot!

[JCMach1]

10. Yeah, cuz God knows there are no good democratic economists out there

:eyes:

Krugman, Stiglitz... et al.

[Cessna Invesco Palin]

16. Krugman, for one, supports Bernanke.

So put that in your pipe and smoke it.

[JCMach1]

22. Yeah, all the praise heaped on the guy who had little clue the tsunami was going to hit

Sorry, but we could do far better than Bush's leftovers.

[TheWebHead]

12. good move

the clowns on the right who wanted the banks to fail and the clowns on the left (ie. the professors with no skin in the game) who wanted to nationalize were both disastrous choices that were wisely avoided. It was said earlier this year that Obama believes Krugman is naive and I couldn't agree more. The major banks have since recapitalized, repaid TARP and equities have moved strongly higher. He's also more transparent than Greenspan.

[upi402]

21. hmmm... but,,, What would John Kenneth Galbraith do?

Not hand over mountains of cash to out of control greed addicts to pour on themselves. A bit of oversight and controls would be minimally rational if someone were even slightly interested in The Good Society.

"It could've been even worse" is hardly a victory cry! Yes, with McCain it would've been in embers by now. We can do better, much better. There are brilliant people being roundly ignored.

[Leopolds Ghost]

17. He averted a catastrophe? We've been lifted out of recession? Who knew?

:shrug:

You see how the propaganda -- coming from your own favorite "center-left" publications and blogs -- works?

[Sebastian Doyle]

18. Arguing over who's a "good" Federal Reserve chairman is a bit like

arguing over who's a "good" serial rapist. Because that's what the Federal Reserve is. Private bankers perpetually raping the economy.

[Leopolds Ghost]

19. How come we never read in the paper (or blogs) who owns the Fed, and how much its annual profit is?