Bernake an idiot…

[hipmatt]

OK guys, fair enough, I misspelled his name, but really I don’t see why you guys are defending Bernanke anyways.

Here we go….
Peter Schiff isn’t into shorts/puts, he is into commodities, gold, silver, oil, foreign stocks and currencies, he stays out of the USD. So, no, I doubt he lost a dime this week, even though the dow ended up lower for the week. If I had to guess, since oil, gold, and the euro were up so much this week, I’d say he did real well.

As for Bernanke, maybe he is doing the best that he can, but I’m surprised that the Piggingtons are a bunch of fanboys. We have been calling the credit bubble, high inflation problems, and weak dollar here for so long, and the whole time Bernanke is downplaying things, and basically as problems persist, he is forced to slowly eat his words. I guess I am an idealist in expecting some more honesty and the ability to tackle the problems head on.

I see that some here don’t like anyone who tries to expose the credit bubble and the phony economy and markets that surround it. We can’t print money like this forever. The middle class of America can’t REALLY afford to buy a MCMansion, a HD truck, rvs, BMWs, pool, iphones, $200 a month coffee bill, etc. There will probably be a sharp decline in the dow, I don’t know when, but it looks like the dollar is going to continue its plunge as we walk on eggshells around our fragile economy made of debt.

I will give Bernanke a break, but unless we get back to a much responsible fed reserve, these problems will continue. Sorry if I don’t want my daughter to have to pay $20 for a gallon of milk with her credit card. I guess were gonna have to have a few more credit collapses(like the subprime disasters) before we start to limit the amount of indebtedness one man or woman can hold.

[hipmatt]

OK guys, fair enough, I misspelled his name, but really I don’t see why you guys are defending Bernanke anyways.

Here we go….
Peter Schiff isn’t into shorts/puts, he is into commodities, gold, silver, oil, foreign stocks and currencies, he stays out of the USD. So, no, I doubt he lost a dime this week, even though the dow ended up lower for the week. If I had to guess, since oil, gold, and the euro were up so much this week, I’d say he did real well.

As for Bernanke, maybe he is doing the best that he can, but I’m surprised that the Piggingtons are a bunch of fanboys. We have been calling the credit bubble, high inflation problems, and weak dollar here for so long, and the whole time Bernanke is downplaying things, and basically as problems persist, he is forced to slowly eat his words. I guess I am an idealist in expecting some more honesty and the ability to tackle the problems head on.

I see that some here don’t like anyone who tries to expose the credit bubble and the phony economy and markets that surround it. We can’t print money like this forever. The middle class of America can’t REALLY afford to buy a MCMansion, a HD truck, rvs, BMWs, pool, iphones, $200 a month coffee bill, etc. There will probably be a sharp decline in the dow, I don’t know when, but it looks like the dollar is going to continue its plunge as we walk on eggshells around our fragile economy made of debt.

I will give Bernanke a break, but unless we get back to a much responsible fed reserve, these problems will continue. Sorry if I don’t want my daughter to have to pay $20 for a gallon of milk with her credit card. I guess were gonna have to have a few more credit collapses(like the subprime disasters) before we start to limit the amount of indebtedness one man or woman can hold.

[eyePod]

It’s “Bernanke”

[eyePod]

It’s “Bernanke”

[Arty]

I have a question. Why do we keep asking China to revaluate its currency when we can devaluate our own :)? Wait, we don’t want to do that becuase it is going to cost us. We want China to pay for the over extended credit of its customers just like what we did to Japan huh.

[Arty]

I have a question. Why do we keep asking China to revaluate its currency when we can devaluate our own :)? Wait, we don’t want to do that becuase it is going to cost us. We want China to pay for the over extended credit of its customers just like what we did to Japan huh.

[HereWeGo]

Schiff has, through his comments, been short the US stock markets for some time now. I don’t know whether he placed bets to back his words, but it would not surprise me.

As for the rest of your comeents, I get it, you’re an Armageddonite. That’s just great, but I don’t see it, as long as the world economy is growing at 5% or so a year.

[HereWeGo]

Schiff has, through his comments, been short the US stock markets for some time now. I don’t know whether he placed bets to back his words, but it would not surprise me.

As for the rest of your comeents, I get it, you’re an Armageddonite. That’s just great, but I don’t see it, as long as the world economy is growing at 5% or so a year.

[patientrenter]

hipmatt, if you are interested in triggering a discussion about Fed policies or actions, you may get a better response if you just phrase it differently. Let’s face it, fellow-bloggers best qualified to generate an illuminating discussion on this topic won’t normally get interested by “Ben Bernanke’s an idiot”.

I’m not defending BB’s policies. I am just pointing out that your calling him an economic idiot gives us more information about you than about him.

As for honesty, people who say everything on their minds without regard to the impact on other people are generally considered to be handicapped. You wouldn’t want that kind of person in an important national leadership role.

I really don’t mean to be as curt as this post sounds. I do look forward to any new thread you want to start discussing fed policies or anything objective like that.

Patient renter in OC

[patientrenter]

hipmatt, if you are interested in triggering a discussion about Fed policies or actions, you may get a better response if you just phrase it differently. Let’s face it, fellow-bloggers best qualified to generate an illuminating discussion on this topic won’t normally get interested by “Ben Bernanke’s an idiot”.

I’m not defending BB’s policies. I am just pointing out that your calling him an economic idiot gives us more information about you than about him.

As for honesty, people who say everything on their minds without regard to the impact on other people are generally considered to be handicapped. You wouldn’t want that kind of person in an important national leadership role.

I really don’t mean to be as curt as this post sounds. I do look forward to any new thread you want to start discussing fed policies or anything objective like that.

Patient renter in OC

[cr]

I find it “ironical” that core inflation does not include food or energy. So housing is in there, but we know that’s dropping, so as long as Plasma TV’s get cheaper, we’ll be okay. Forget that gas may hit $4/gallon, and milk $5 by next year.

I also laugh at the idea of interest rates being lowered to help housing. Low rates are a key cause of this mess. That’s like saying, “hey, my house is on fire, I think I’ll throw some gasoline and matches on it. Maybe that will help!”

As far as BB being an idiot, I think he’s become little more than another political tool, paid to quell any discontentment with the economy, talking in generalities, and non-sensical circles. I think it appears idiotic to anyone who sees what’s really going on, or has a more bearish view of it. Truth is he’s stuck, and the person to thank for that is Greenspan.

[cr]

I find it “ironical” that core inflation does not include food or energy. So housing is in there, but we know that’s dropping, so as long as Plasma TV’s get cheaper, we’ll be okay. Forget that gas may hit $4/gallon, and milk $5 by next year.

I also laugh at the idea of interest rates being lowered to help housing. Low rates are a key cause of this mess. That’s like saying, “hey, my house is on fire, I think I’ll throw some gasoline and matches on it. Maybe that will help!”

As far as BB being an idiot, I think he’s become little more than another political tool, paid to quell any discontentment with the economy, talking in generalities, and non-sensical circles. I think it appears idiotic to anyone who sees what’s really going on, or has a more bearish view of it. Truth is he’s stuck, and the person to thank for that is Greenspan.

[Wiley]

Patientrenter,
You were defending the BB, reread your post. To think the Fed is “just trying to do their best and control inflation” is an admission you don’t have a grasp on the workings of the Fed. I’m not talking about their stated mission but about their actions (with exception of Volker perhaps).

Prior to the Fed there was virtually no inflation. For proof read some of Greenspans earlier papers. Since the Fed we’ve lost 97% of the value of our dollar.

Bernanke is an academic. My guess is he answers to people higher up but thats hard to know since the “Fed” is a private corporation which has never been audited.

When this latest debt based credit cycle plays itself our I doubt you’ll be cheering them any longer.

[Wiley]

Patientrenter,
You were defending the BB, reread your post. To think the Fed is “just trying to do their best and control inflation” is an admission you don’t have a grasp on the workings of the Fed. I’m not talking about their stated mission but about their actions (with exception of Volker perhaps).

Prior to the Fed there was virtually no inflation. For proof read some of Greenspans earlier papers. Since the Fed we’ve lost 97% of the value of our dollar.

Bernanke is an academic. My guess is he answers to people higher up but thats hard to know since the “Fed” is a private corporation which has never been audited.

When this latest debt based credit cycle plays itself our I doubt you’ll be cheering them any longer.

[Allan from Fallbrook]

Wiley: Thanks for making the point that the Fed is not a government agency, nor are they following any governmental policies as regards monetary or credit policy. Neither Freddie nor Fannie are governmental agencies either, rather they are GSEs, but most people feel that the “full faith and credit” of the US Government are behind them.

Greenspan had a long run at his post, punctuated by some truly bad monetary policy decisions. It may be an arguable point to some, but looking at the events of 1997, 2000 and now, you can make the point that the air in those respective bubbles was pumped in by the Fed.

Bernanke now has the unenviable task of trying to simultaneously hold the line and avert disaster. He is not an idiot; to the contrary, he is a very bright individual. But, as was opined on this thread several times, he is doing his level best to keep parroting the script he has been given and, in so doing, comes across as something of an automaton.

If anyone were to sit down and really give the American people a primer on what this bubble is made of and the disastrous and reckless choices we have made from a monetary and credit vantage to prop up the illusion of a dynamic and growing economy, you would probably have a riot. On second thought, no, you wouldn’t. People really don’t care so long as they can keep the plastic hot and buy the newest Hummer, or RV, or boat or go to Paris for summer vacation.

Yep. P.T. Barnum was right.

[Author]

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