I never trusted bearded ones. This guy has proven himself as a complete goof. Instead of leading he reacts and doesn't seem to connect to the reality. He is always behind the curve. We had 2 good Fed chair mans including Alan Greenspan who was always ahead of the curve cutting rates and leading the nation. Everything is going down including the market yet this doofus is being congratulated by Congress people on his goofball handling of the situation. He is too slow and too timid and too complacent. He sure will lead us into a recession if we have to get one. I have no doubts he will sitting while the Rome burns down. Hope to God he gets it somehow and cut rates and provide some relief to the nation. Even the market is screaming at him!
You're a moron. The Fed could get the Dow to 30,000 if they want. Great eh? Then all it would take is $40 for a gallon of milk. Get a frickin' clue.
You ignorant dumbass. A recession is part of the normal economic cycle and it's exactly what this country needs. What we're seeing now is the chickens coming home to roost caused by an era of people using their homes as ATMs and loose money supply. Greenscam helped create this bubble by keeping rates too low. Home prices should be included in CPI which would have caused the fed to hike and rein in these asset bubbles before they became to big. A recession would stop this bullshit, and re-align economic priorties. ie. No more flipping condos for $100,000 profit; no more using your home equity as a credit card for everyday living expenses.
Totally agree Kin2. Ben just inherited what the previous Fed Chair created. Actually I hope Ben will take the correct approach to the problem....hold or raise rates. The new President will have the same problem of inheriting what GWB has created.
This is the same market who purchased all the liar loans and useless mortgages and then talk about managing risk. The same market who till very recently (apart from a few) couldnt see a recession coming. The Street cares about one thing the street it couldnt give a monkey about anything else the fed has a balancing act it has to perform and that is how to soften the blow the recession will bring (they cant stop a recession) without devaluong the currency and setting off inflationary pressures which bring with it many problems the country hasnt seen for about 20yrs. Of the two I would take a recession over a breakout in inflation any day. Who wants 5% nominal growth if mortgage rates are 16%
Kin2, I agree..Greenie loved watching those asset bubbles grow and grow with free money and fake under-reported inflation numbers. Just another wealth transfer in the making, and all the cattle walked right into the slaughter house of accommodated debt and excess spending. The "globalist" entities of the world thank you again for playing THEIR game! :eek:
The fact that Jim Cramer is yelling at him everyday tells me all I need to know. He is doing a good job. If you want to talk about idiots who don't get it look at that congresswoman today calling him the ex ceo of GS. I really couldn't even watch, kinda like a George Costanza moment.
The damage to the nation's economy was done long ago. If there is going to be a recession (it looks likely to me), lowering interest rates and dropping money from helicopters would allow the Fed some control as to when this happens and who bears the burden the most. As much as we'd like to think so, the Fed is not stupid. I believe they are willing to destroy the dollar as much as is necessary to keep the fractional-reserve banking system intact. If the US's banking system were to collapse, we might end up passing new legislation that abolishes the Fed and they certainly don't want that to happen. Beyond this, they won't throw money into the economy if they don't believe that the extra liquidity would be used for productive investments (e.g. investing in new businesses that would increase net GDP vs. keeping housing prices up). The stock market is only one of many input variables to the equation.