Tag: The Fed

Our President For The Upper Classes

Multiple sources tell CNN that another heated moment came when Rep. Ed Perlmutter of Colorado asked about rumors that Larry Summers is being considered to head the Federal Reserve, and told the president it is a bad idea.

Sources said the president got defensive and clearly upset, saying that he is sick of the Washington game and liberal press like the Huffington Post going off on Summers as not liberal enough.

The president reminded the room of Democratic lawmakers that Summers was a key part of his economic team as they tried to turn the economy around in 2009. He also made clear that he has made no decision for the Fed chief, but noted that top choices, including Summers and Janet Yellen, are so similar in qualifications you “have to slice the salami” pretty thin to see the differences.


Just like slicing night and day.

I have read nothing but skimpy reports and opinion pieces about Janet Yellen but I am reasonably confident she is not dismissive of women overall like the ugly clod Summers, who has never been right about anything.

Imagine, just imagine, if instead of handing trillions to bankers and a bit of strained sympathy to their victims, the U.S. had given the crooks jail sentences [like Reagan did incidentally] and aided the victims.

Would we not be better off?

Best,  Terry  

Ben Bernanke vs. The Black Swan – Carternomics Revisited

Ben Bernanke Is Creating A Disaster Once Again With Obama’s Blessing

The “Black Swan” is a theory popularized by Nicholas Taleb that says that unpredictable financial stress periodically hits the financial markets and wipes out Wall Street institutions that use models that claim that such events are so rare that they do not need to worry about them.

In the summer of 2008 Taleb wrote an article saying that Fannie Mae and Freddie Mac were on the verge of total collapse and so was the entire banking system.

It was at this moment in time that a reporter asked Ben Bernanke about Taleb and the “Black swan.” Bernanke’s reaction got caught on camera as you can see in the above video clip.

He laughs and says he doesn’t read Taleb.

Bernanke’s own policies created the financial bubbles that led to the 2008 crash. And he laughed.


It should be obvious to anyone who is sentient that this diatribe is filled with rightwing kookery such as these later gems:

Paul Krugman had claimed that Obama and Bernanke have been heroes of the economy and the crisis is over.

[People] are being told by people like Paul Krugman that government debt doesn’t matter

Equating Paul Krugman with Reagan and Laffer is almost as absurd as blaming Ben Bernanke for the planetary economic disaster created by the bankers.

The heroes of the article are the rightwing loons that don’t give a hang about disaster that has befallen the working class, the aged, the young and very young and the disabled while the very wealthy have profited enormously – even more than Obama and his minions, who would make those at the bottom pay for the sins of the robber barons.

Given all that, there is a very valuable point here IMO.

The distortions in the economy being wildly expanded by reliance on monetary policy to repair damage exacerbated by austerity is reminiscent of Carter’s economic foppery that gave us the Misery Index while the usual indicators of economic health looked dandy.

Best,  Terry  

The Point Grayson was trying to make about The Fed

The only thing Alan Grayson should Apologize for …

was not having the Fed’s Price List

for their services!


Perhaps Grayson can be excused, since “The Fed” does favors for its clients, far from the scrutiny of prying eyes … giving away Billions to their good ole Buddies, both Foreign and Domestic, without so much as a Receipt or and IOU exchanging hands …

It’s easy to see how this shady activity just might get “mis-construed”:

Alan Grayson: Which Foreigners got the Fed’s 500 Billion?


Dystopia 4: The Trainee

“The privilege of creating and issuing money is not only the supreme prerogative of Government, but is the Government’s greatest creative opportunity. By the adoption of these principles, the taxpayers will be saved immense sums of interest.”

“The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country.”

“Corporations have been enthroned, an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few and the Republic is destroyed … I feel at the moment more anxiety for the safety of my country than ever before, even in the midst of war.” —Abraham Lincoln