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Bernanke Calls On Congress To Help The Economy — For At Least The Fourth Time In Five Months

Huff Post

William Alden & Shahien Nasiripour

First Posted: 11-20-10 09:01 AM   |   Updated: 11-20-10 01:55 PM

NEW YORK — For at least the fourth time since June, Federal Reserve Chairman Ben Bernanke publicly urged Congress to combat the lackluster recovery by increasing government spending, a recommendation that has gone unheeded by lawmakers.

In a speech at a conference of central bankers in Frankfurt, Bernanke once again said the Fed cannot save the economy on its own. The Fed’s recent move to add to its ballooning balance sheet by committing to buy up to $600 billion of government debt faces “limits” to its effectiveness, Bernanke said. The rest of the government, the chairman added, could aid the Fed’s efforts by hammering out a plan for stimulative spending. The right kind of spending, he noted, could help reduce the budget deficit over the long-term by first boosting economic growth.

“[I]n general terms, a fiscal program that combines near-term measures to enhance growth with strong, confidence-inducing steps to reduce longer-term structural deficits would be an important complement to the policies of the Federal Reserve,” Bernanke said Friday, according to his written remarks.

The fiscal policy recommendation came directly after Bernanke acknowledged it isn’t his job to make such policy proposals. “The Federal Reserve is nonpartisan and does not make recommendations regarding specific tax and spending programs,” the chairman noted.

The official parameters of his job, though, have not stopped Bernanke from engaging in backseat driving. At least four times since June — on June 9, July 21, July 22 and now Friday — he has urged lawmakers to increase spending to jumpstart the lagging economy.

But policy makers have proved to be unable to agree upon such a plan — or even propose one that’s viable. The rest of the nation has suffered as a result, as near-10 percent unemployment continues to hobble the economy. Democrats recently lost control of the House of Representatives, and a substantial part of their majority in the Senate. Voters said the dismal economy was their top concern.

To combat an ineffectual Washington establishment, the Fed has taken matters into its own hands. By buying up to $600 billion of government debt, the central bank hopes to increase the flow of money through the economy. Critics of the program, which is intended to lower interest rates and encourage corporate spending, have said the cheap money will not convince businesses to create jobs.

MORE HERE

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As stimulus funds near end, new pain will begin

by Ronald J. Hansen – Nov. 21, 2010 12:00 AM
The Arizona Republic

If people didn’t like the federal stimulus, they may hate when it’s gone.

As the year winds down, the $862 billion plan to rescue the economy from the depths of the recession enters a new phase in which tax cuts and credits expire and countless hard-to-replace construction projects will end. Thousands of workers in some states could lose their jobs.

The political power shift brought about by the midterm elections has likely settled any lingering doubts that the stimulus will largely run out, as scheduled, in the coming months. A smaller package of federal aid that passed in August, primarily for teachers, also will rapidly disappear. With the new Republican majority in the House next year, there will be little support for similar additional measures.

Worries about the national debt and a negative view of the stimulus augur a new period when more businesses must survive on their own and governments must tighten their belts. The austerity will be widely felt.

Nearly every worker in the nation will see slightly slimmer paychecks as $400 individual tax cuts are slated to end this year.

Tax credits, such as those offering incentives for energy-efficiency improvements for homeowners, also are set to lapse at year’s end. The earned-income tax credit, which rewards the working poor, will no longer include funding for those with a third child.

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Rolling Stone feature discusses issues explored in The American Ruling Class

facebook July 16, 2009

by Alive Mind

The American Ruling Class has never been more relevant to the current news cycle or to the collective consciousness of the American public. Goldman Sachs is announcing record profits and it is the subject of a big Rolling Stone expose in which Matt Taibbi discusses “The Great American Bubble Machine,” stating, “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” Does Goldman Sachs still rule the world? Find out the back story with the feature documentary, The American Ruling Class.

John Kirby , the director for this film, also posts on the Providence Journal and has done an article on “Building What”. The ad and “Geraldo-at-Large” spot can be seen on the family-members’ campaign Web site, .buildingwhat.org.

The movie, about an hour and a half, can be seen on HULU

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Bye-Bye Ben Bernanke – Thanks for Burning the House Down

Daily Kos- by Badabing

Fri Jan 22, 2010 at 08:12:35 AM PST

Friday, January 22nd, 2010 was supposed to have been the full Senate vote on the confirmation of Chairman of the Federal Reserve, Ben Bernanke. A few months ago, his confirmation seemed like a done deal, but all that has changed quickly over the past few weeks.

The vote has been put off, and the reason that the vote has been put off is because it now appears that Ben Bernanke may not have the votes to be reconfirmed on both sides of the isles>  The election of Scott Brown to not just any seat in the Senate, but a strong held Democratic Senate seat has put a fire under the Senate and apparently President Obama too.  Good…I hope they are all finally getting the message.

I believe that message is this: Americans are sick to death of the critical mass of corruption that has eaten away like an ugly plague of millions of locusts into all 3 branches of our government.

MORE HERE

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Opposition To Bernanke Growing In Wake Of Mass. Vote

Huffington Post- Ryan Grim

First Posted: 01-21-10 11:01 AM   |   Updated: 01-22-10 11:28 AM

UPDATE — JANUARY 22, 11:23 AM ET:

California Democrat Barbara Boxer has become the latest senator to oppose the nomination of Ben Bernanke to a second term as Chairman of the Federal Reserve.

Boxer’s opposition, which she announced in an exclusive statement to the Huffington Post, is a blow to Bernanke. Boxer is no firebreather on economic issues, but considered a more mainstream Democrat from a state that was considered comfortably blue — until Tuesday’s special election in Massachusetts, that is.

“I have a lot of respect for Federal Reserve Chairman Ben Bernanke. When the financial crisis hit in late 2008, he took some important steps to prevent what many economists believe could have been an even greater economic catastrophe,” said Boxer.

“However, it is time for a change — it is time for Main Street to have a champion at the Fed. Dr. Bernanke played a lead role in crafting the Bush administration’s economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past.”

MORE HERE

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AMAR BHIDé | WSJ | Wednesday, July 29, 2009

The Obama administration’s plan to increase the powers of the Federal Reserve, says one critic, is like giving a teenager “a bigger, faster car right after he crashed the family station wagon.” Treasury Secretary Timothy Geithner disagrees. He argues that the Fed is “best positioned” to oversee key financial companies, and that the Obama plan would give the Fed only “modest additional authority.”

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Force the Federal Reserve into the sunlight

San Francisco Examiner | July 29, 2009

Private bankers who run the Federal Reserve System have the power to pump hundreds of billions of dollars into the nation’s money supply, making each dollar in circulation automatically worth less. Any institution with that kind of power with the economic lives and fortunes of Americans should be operated in the open. That’s why the Fed’s lack of transparency is troubling, to say the least.

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Gallup Poll: Americans Turning Against Federal Reserve

Paul Joseph Watson | Prison Planet.com | Tuesday, July 28, 2009

Fed Chairman Ben Bernanke seems frightened to death at what might be revealed if the Federal Reserve were forced to open its books and has been busy scuttling around lying about the bill in order to try and shoot it down.

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Eliot Spitzer Takes On The Fed – MSNBC w/ Dylan Ratigan (7/24/09)

Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’

Daniel Tencer | Raw Story | 2009-07-25

The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

Read more…

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Congressman says Washington elite are watching grassroots efforts very closely

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Steve Watson | Infowars.net | Tuesday, July 21, 2009

Texas Congressman Ron Paul has recorded a video update on the ongoing effort to audit the Federal Reserve, assuring supporters that the establishment in Washington is paying very close attention.

As Paul states in the video, 272 members of the House, 95 of them Democrats, now support HR 1207, Ron Paul’s “audit the Fed” bill.

In addition, 13 members of the Senate, 2 of which are Democrats, have pledged support for S 604 The Federal Reserve Sunshine act, the companion bill in the Senate.

“I think it is going to be impossible for them just to ignore everything we have done and just walk away, something will be done,” Paul comments. “The big question is will we be able to get something worth while?”

Original article

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This article was originally from Rolling Stone magazine, and is here shown in a blog from somethingawful.com. It seems that Henry Paulson was the former CEO of Goldman Sach’s, a time honored vampire that has sucked the life blood of the sheeple. Even in the times before the Federal Reserve.

Omnislash
May 25, 2004

This isn’t really an exclusive, but aside from a scanned PDF copy of the physical magazine, the complete article isn’t online anywhere I can see thanks to Rolling Stone being completely retarded, so I OCR’d it. This is one of the best articles he’s written yet, and even as cynical as I am, I was still sick to my stomach by the time I finished the last section.
quote:

THE GREAT AMERICAN BUBBLE MACHINE

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again

By MATT TAIBBI

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who’s Who of Goldman Sachs graduates.

Read the whole article ~here~, or click the link at the top for a PDF file of the original article in Rolling Stone magazine.

kudos to Omnislash

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