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15 responses to “Bernanke's confirmation in doubt”

  1. Arjay

    Ron Paul’s bill HR 1207 to Audit the Federal Reserve has been passed for some time now and the Fed is fighting the action in court.Many tried to water the bill down.

    The corruption in Wall St and the Fed seems enormous.Bernanke is part of this system of bailing out their mates with tax payer money.The Fed has been asked many times what they have done with $ trillions of tax payer money.The answer is always the same.”We don’t have to tell you.”

    Congress was told at one stage that if they did not pass the bail out money,martial law would be declared.

    The Supreme Court in the USA has just brought down a judgement 5 to 4 that enables corporate bodies to donate as much money as they like to a political party. http://www.informationclearinghouse.info/article24471.htm If they control the media,they control the country.This is a big blow for and semblense of democracy there or here.You won’t see that travesty reported in the corportate media.

  2. Andrew Reynolds

    Twaddle on several points. The USSC decision has been in the “corportate media” endlessly in the last week, all over the US. It has been analysed to death over there See here for an example.
    As for HR1207 it has been attacked on several fronts – but not by the Fed at all. They are not “fighting the action in court” as it has not even become an action yet. It is still an “HR” as it has no been passed by Congress.
    The Fed has been before various congressional committees and each time they have provided many facts and figures on where the money has gone and, as in Britain, they expect to eventually hand most, if not all, of it back. In the UK at least, they also expect that the funds will be fully returned with a profit.
    As for “martial law” have a look here. Some in the commentariat were trying to make it look like the executive threatened the Congress with that, but that did not happen. Some people panic at the best of times but Congress is quite capable of passing really terrible legislation without threats.
    We will know that they are starting to look at the real causes of the GFC when they look at the role and size of the Fed (and the other central banks) and consider that it might not actually be needed. Other than that they are really just looking at making decorative changes to indulge in a little populism.

  3. Andrew Reynolds

    oops – can someone please put in a closing “a” tag for me?

    [done ~tigtog]

  4. Katz

    In the longer term, the fact that the personnel and the policies of the US Federal Reserve are now open to political challenge (at the same time as bankers become a political football in the UK) is undoubtedly the most central ideological and political result of the Global Financial Crisis.

    So far.

    The state of the US economy is pretty dire. It’s financial system was both a trigger and a dialectical reflection of the economy of work, exchange and consumption.

    Much intelligent policy and management will be necessary to induce Americans to accept significant declines in their material lives and in their material expectations.

    AR’s reference to populism is simply the first of many steps in this struggle by the corporate and governing elites of the US to induce the majority of Americans to accept unemployment, dispossession, marginalisation, and casualisation without seeking to change in any significant way the order of things.

  5. Ginja

    I suppose no good deed goes unpunished. If any one person is responsible for keeping the world out of a second Great Depression, it’s Ben Bernanke.

    I’m a Left social democrat, Bernanke is a Republican. But Bernanke is also an expert on the Great Depression, and saw more clearly than anyone else that the world was on the edge of an abyss.

    It’s amazing that a disciple of Ayn Rand is allowed to run the world’s most powerful central bank – and is lauded for years by a credulous media as a “maestro” – while someone like Bernanke has to fight for his job.

  6. Arjay

    Andrew Reynolds makes references that back my arguments.Over two third of Congress have passed HR1207 and it has now passed committee.Brad Sherman said that they were threatened with martial law if the bailouts were not passed.The ordinary folk were ignored when they did not want the bailouts passed.There were huge demonstrations against the bailouts not reported by the the corporate media since their friends would benefit.It is corruption on an enormous scale.

    I think you had better get your facts right.

  7. Ginja

    I would have threatened more than martial law, Arjay.

    No doubt Ben Bernanke went along with Greenspan and neoliberal dogma for a long time, but he did about as well as any fallible human being could be expected to when it all hit the fan.

  8. Andrew Reynolds

    It is generally common courtesy to address your interlocutor directly.
    HR1207 has not become law – and the Fed has not gone to court to challenge it. Strike one.
    Congress was not told that – a few people were talking about it on the floor of Congress. Strike Two.
    I will take it that the others you have already conceded on. You’re out.

  9. Arjay

    Andrew Reyolds,HR1207 has been passed by Congress and gone through committee.It now is just a matter of legal delays and the machinations behind the scenes to dilute it’s potency.
    The US Fed is made up of private group of 12 banks who only have Govt representives on their board,who in reality are just toady boys of those who have the real power.

    It is the US Fed and Wall St that have the real power,since it is they who create the money for no productivity.The most powerful institutions on the planet are banks and insurance companies.They produce nothing,yet take most of what we produce.

  10. Stephen Hill

    I have to agree with Ginja, in this Bernanke could end up the political fall-guy for the poor behaviour of others.

  11. Andrew Reynolds

    It is a matter of record that it has not passed Congress – merely the House – which is why its name is “HR”. meaning “House Resolution”. This is a non-binding resolution of the House itself, not Congress.
    There is also an interesting self-contradiction between your second and third paragraphs. You first state that the US Fed are just “…toady boys…” and then, in the third paragraph you state that the US Fed has real power. Which is it?
    In reality, of course, if the bankers had the sort of power that you claim then none of them would ever fail and the problems would never even hit the press. The fact they do and it does means that (IMHO) you are demonstrably wrong.
    BTW – I know the structure of the US Fed reasonably well.

  12. Arjay

    Andrew Reyolds.The US Govt only has members on the board of the privately owned Fed Res.Elizabeth Coleman is the chief inspector for the Govt.Some months she was questioned by Congressman Alan Grayson.She could not account for a $ trillion of tax payers money spent by the Fed. see http://www.youtube.com/watch?v=PXlxBeAvsB8 Cole is the inspector Shultz for the Govt,she seesnothing and knows nothing.

    If you know the structure of the Fed so well,then you would agree with Ron Paul that is must go?

  13. Andrew Reynolds

    I am no fan of central banking (which you would find out if you have a look at my blog) but I also find Ron Paul’s arguments both populist and simplistic. The views you have expressed here are, in addition, demonstrably wrong as I have shown.
    The Fed should be criticised but those criticisms should be factually based.
    As for Coleman, she is an auditor. I would suggest you look at the definition of what an auditor does before you imply that the contents of that link show that the Fed is not being transparent.
    To make it easy for you, try here: http://en.wikipedia.org/wiki/Auditor

  14. Arjay

    Coleman is the chief Inspector representing the people.She is more than an auditor.How can you in all conscience protect this criminal organisation called the Fed that works hand in glove with Wall St?

    Your own words have defined your alliegence,which does not support the long suffering worker in the USA or here.

  15. Andrew Reynolds

    Typical boilerplate populist claptrap. If you want to criticise the US Fed, then go ahead – I will agree with comments that are accurate. Unfortunately, none of yours have been. Are you even aware of what Coleman is supposed to do? Your laststatement shows a huge gapin your knowledgeof that. She is an auditor and, AFAICS, she is doing what auditors are meant to do.
    Again – the Fed deserves to be criticised but none of your arguments so far have been factually based, as I have clearly shown.
    The facts are on no-one’s “side” – they are simply facts. So far you have not used any of them.