Obama looking to nominate Bernanke for a second term

[JP226]

LINK

can't say I'm too against this one, although I've disagreed with the guy I know on the whole he knows his stuff.

[touchmaster]

How about he doesn't nominate him and end the fed?

That'd save alot of our financial problems.

We know more about the CIA than we know about the Federal Reserve.

[Celsius]

Eh, I like him. A very powerful man he is. And a good one to be in charge of the Federal Reserve.

[JP226]

Nothing is wrong with the Fed in and of itself. It's their short run financial panning that can cause problems. As long as the money supply or interest rates are stable over time it's not that difficult a job and can pay off in the long run. Of course i'm probably going to hear it from the Ron Paul cult that thinks the evil of this world is the fed and if we can solve that problem the world's problems are fixed.

[Cougar109]

Eh, I'm sure there are better people out there for the job and if I actually felt like looking I'm sure I could find some. But overall, he's done a reasonable job and for someone in Washington these days that is stellar.

[Admiral Piett]

This is the moron that helped contribute to the mess we are in. This is dumb.

I'm not against a national bank as Ron Paul is, but I believe it needs to be removed from private control and put under the supervision of Congress, because in all technicality, it is illegal.

[Cougar109]

This is the moron that helped contribute to the mess we are in. This is dumb.

I'm not against a national bank as Ron Paul is, but I believe it needs to be removed from private control and put under the supervision of Congress, because in all technicality, it is illegal.

In my opinion Greenspan had far more to do with this mess then Bernanke did.

[Celsius]

Congress tends to kill anything it touches.

[Admiral Piett]

Congress tends to kill anything it touches.

I agree, but Congress has the sole authority over currency, according to our Constitution. We cannot simply ignore it.

[touchmaster]

I agree, but Congress has the sole authority over currency, according to our Constitution. We cannot simply ignore it.

Obviously not since the Federal Reserve can print an unlimited amount of money out of thin air.

Bernake even said that congress has no power over the Federal Reserve.

[Admiral Piett]

Obviously not since the Federal Reserve can print an unlimited amount of money out of thin air.

Bernake even said that congress has no power over the Federal Reserve.

Which is exactly why it needs to be nationalized. We cannot have a non-national national bank.

[touchmaster]

Which is exactly why it needs to be nationalized. We cannot have a non-national national bank.

Why nationalized? Why not abolish it?


Look at what Andrew Jackson did, he had a crusade (I'm exaggerating his hatred for a national bank) against the Second Bank of the United states.

[Justice and Mercy]

Obviously not since the Federal Reserve can print an unlimited amount of money out of thin air.

Bernake even said that congress has no power over the Federal Reserve.

Though they do, it's called "legislation".

Can't expect Bernanke to understand such complicated terms, he's been wrong about nearly everything.

It doesn't matter if Congress has direct control over the Fed or not (and it's not necessary that their control is direct, as long as they place their own bounds on themselves), as long as the ultimate goal is price stability. I think it's not only the pragmatic choice, but the moral one. The issue of currency is, IMO, a promise.

[Celsius]

I agree, but Congress has the sole authority over currency, according to our Constitution. We cannot simply ignore it.

And yet the Federal Reserve has been here for nearly 100 years. Congress can issue and ask to produce more currency, but the Federal Reserve just keep it. It's Congress' personal bank

[Viking Prince]

Bernanke is only the head of the Federal Reserve and thus the high profile man at the helm. There is also an appointed head to each Federal Reserve Bank. Things are done by committee. They give great latitude to the head, but the leash is short.

[JP226]

Bernanke is only the head of the Federal Reserve and thus the high profile man at the helm. There is also an appointed head to each Federal Reserve Bank. Things are done by committee. They give great latitude to the head, but the leash is short.

From what I've heard from those that work up in Atlanta, Bernanke has a little test for the fed heads of the regional banks that he then takes and develops actual policy from. Or atleast considers it as he drafts and discusses policy. Those though are pushed by fed presidents that have to bring in some kid fresh out of school, typically BS (the degree), to explain micro and macro econ.

[Admiral Piett]

I'm just concerned about the power the Fed has over our economy and currency without any sort of oversight from anyone but themselves.

Touchmaster, what would we replace the Fed with? What would control and regulate our currency? The only back-up we have from the Fed is hard change policy, but we've simply got too many dollars floating around for gold or silver to backup now. I fear that going back at this point, without any kind of reversal of spending levels, would cause serious deflation.

[touchmaster]

I'm just concerned about the power the Fed has over our economy and currency without any sort of oversight from anyone but themselves.

Touchmaster, what would we replace the Fed with? What would control and regulate our currency? The only back-up we have from the Fed is hard change policy, but we've simply got too many dollars floating around for gold or silver to backup now. I fear that going back at this point, without any kind of reversal of spending levels, would cause serious deflation.

The fed has UNLIMITED power over our economy. That's what's so ed up about the fed is no one controls the FED itself, even congress can't get into the Fed as they say they have no power over themselves.

[JP226]

I don't think you are exactly exaggerating his hatred for the central bank, but that was driven more by his dislike for the guy pushing it versus the principle of the institution.

[BNS]

My shaky feelings on the fed aside, I can't think of who'd be better to run it, certainly no one Obama would appoint.