What the F Obama , He wants to raise the debt ceiling again

[code1211]

The difference is the scale, stupid.

Bush averaged just about the standard deficit for all administrations even including the last year which was a disaster and included all of the expense of the TARP of which half was spent by the Big 0.

The Big 0 has consistently beat that last year and appears to like doing so.

He is spending like a pimp with three days to live.

Bush only spent like a sailor on a three day leave.

Bush’s deficits vs. Obama’s deficits, in one graph | Kyle Wingfield

So in Dreamland, your man is a success.

How's he doing in the real world? Oh, wait! I see it now. He's failing.

Thanks for the info, Chartboy.

 

[bigrebnc1775]

There was nothing to address just your false assumption.

What false assumption? I gave you the definitions of "bubble" and "inflation". I made no mention to the Fed.

Thanks for playing


FactCheck.org : Federal Reserve Bank Ownership

Did you just stop at the headline? How about reading on:

The concept of "ownership" needs some explaining here, however. The member banks must by law invest 3 percent of their capital as stock in the Reserve Banks, and they cannot sell or trade their stock or even use that stock as collateral to borrow money. They do receive dividends of 6 percent per year from the Reserve Banks and get to elect each Reserve Bank’s board of directors.

The private banks also have a voice in regulating the nation’s money supply and setting targets for short-term interest rates, but it’s a minority voice. Those decisions are made by the Federal Open Market Committee, which has a dozen voting members, only five of whom come from the banks. The remaining seven, a voting majority, are the Fed’s Board of Governors who, as mentioned, are appointed by the president.

So everything I said was true. How about that...

The question was

Q: Who owns the Federal Reserve Bank?

A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks.

Thats all you need to know. So you are dead wrong. The Fed is privately owned.

 

[DSGE]

The Democrats controlled both houses of Congress for 4 years and the White House to boot for the last two of those four. They had voting majorities and chaired every committee in Congress four four years.

Absolutely fair criticism. I think you'll find a lot of liberals very disappointed in Obama for that.

Before they took control, the deficit was about 200 billion

Obama took office in Jan 09. So...at least double that:

there were more American jobs than at any point in the history of the Republic

and the Unemployment rate was below 5%.

Egh, closer to 7% and climbing.

I mean it's pretty clear that all this shit happened before Obama.

Republicans "got out of the way" and this is the result.

Well they also contributed 5 trillion to the debt.

But all this is moot. The President is not responsible for the state of the economy; the Federal Reserve is. They allowed total nominal income to fall 10% below trend and have pursued a tight monetary policy since.

 

[DSGE]

The question was

Q: Who owns the Federal Reserve Bank?

A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks.

Thats all you need to know. So you are dead wrong. The Fed is privately owned.

No that wasn't the question. The question was what the fuck a "currency bubble" is.

And no, that's not all you need to know. Because "ownership" doesn't mean anything here. Banks are forced to buy equity in the Fed, they get very little input in Fed policy. This is all an irrelevant tangent since I never mentioned the Fed! I gave you the definitions of "bubble" and "inflation" and asked you to explain what the fuck you were talking about.

 

[DSGE]

The difference is the scale, stupid.

Bush averaged just about the standard deficit for all administrations even including the last year which was a disaster and included all of the expense of the TARP of which half was spent by the Big 0.

The Big 0 has consistently beat that last year and appears to like doing so.

He is spending like a pimp with three days to live.

Bush only spent like a sailor on a three day leave.

Bush’s deficits vs. Obama’s deficits, in one graph | Kyle Wingfield

So in Dreamland, your man is a success.

How's he doing in the real world? Oh, wait! I see it now. He's failing.

Thanks for the info, Chartboy.

Ah, never claimed that. I was just pointing out that the current Obama deficit is almost entirely the Bush wars, the Bush tax cuts, the downturn, and the programs to fight the downturn. Thanks for condescending to me though; appreciate it.

 

[bigrebnc1775]

The question was

Q: Who owns the Federal Reserve Bank?

A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks.

Thats all you need to know. So you are dead wrong. The Fed is privately owned.

No that wasn't the question. The question was what the fuck a "currency bubble" is.

And no, that's not all you need to know. Because "ownership" doesn't mean anything here. Banks are forced to buy equity in the Fed, they get very little input in Fed policy. This is all an irrelevant tangent since I never mentioned the Fed! I gave you the definitions of "bubble" and "inflation" and asked you to explain what the fuck you were talking about.

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

 

[DSGE]

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

Private banks are forced to own equity in the Fed, but don't get any of the usual rights that go along with it. So calling it "ownership" is ridiculous. Even your source admits it's misleading and has to clarify what "ownership" means in this case.

The government does not pay interest on the money the Fed creates. The Fed buys bonds from private banks with created money (Open Market Operations). The banks pay interest to the Fed on the bonds. This is called seigniorage and earns the Fed about $70 billion a year. The Fed keeps about $2 billion for its operating budget and gives the rest to the government.

 

[bigrebnc1775]

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

Private banks are forced to own equity in the Fed, but don't get any of the usual rights that go along with it. So calling it "ownership" is ridiculous. Even your source admits it's misleading and has to clarify what "ownership" means in this case.

The government does not pay interest on the money the Fed creates. The Fed buys bonds from private banks with created money (Open Market Operations). The banks pay interest to the Fed on the bonds. This is called seigniorage and earns the Fed about $70 billion a year. The Fed keeps about $2 billion for its operating budget and gives the rest to the government.

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

I explained what a money bubble was I had to use the fed ownership to show you how a money bubble was created. I can't help you're to stupid to see it.

 

[DSGE]

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

I explained what a money bubble was I had to use the fed ownership to show you how a money bubble was created. I can't help you're to stupid to see it.

Oh I'm sorry. I may have missed one of your posts. Can you link me to the post where you explained what a "money bubble" is using the definition of "bubble" provided?

 

[Warrior102]

How many times did Bush abnd team up the DC?

The discussion is about Obama, nimrod.

Stay on topic, asswipe.

 

[bigrebnc1775]

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

I explained what a money bubble was I had to use the fed ownership to show you how a money bubble was created. I can't help you're to stupid to see it.

Oh I'm sorry. I may have missed one of your posts. Can you link me to the post where you explained what a "money bubble" is using the definition of "bubble" provided?

Stupid much? Or did I miss the intelligent post you made?

 

[samjones]

The question you just asked to derail the conversation. Nice work. You still haven't explained what the fuck "money bubble" means.

I explained what a money bubble was I had to use the fed ownership to show you how a money bubble was created. I can't help you're to stupid to see it.

Oh I'm sorry. I may have missed one of your posts. Can you link me to the post where you explained what a "money bubble" is using the definition of "bubble" provided?

For some reason, these gold bugs and hyperconservatives are very, very concerned about the monetary base vis a vis inflation, despite the fact that no significant inflationary problem have emerged lately or any time in the last few decades.

Understandably, a Zimbabwe-style roll the presses environment could wreak havoc on the economy, but Zimbabwe had (and still has) many fundamental structural problems with its government and leadership and the bad monetary policy could be seen as simply a symptom of those problems rather than the cause. People there trade in dollars, Euro, or goods-in-kind. You're talking about a country whose residents literally live in thatched roof huts and they worry about wandering bull elephants.

This isn't to say that the US couldn't have those kinds of problems, but US Bonds are so highly liquid, that the reality is that the actual risk to the individual investor of inflation robbing the value of a 30 year note is nil. You don't like the way that US monetary policy is going, sell your US T-Bonds and buy Stability Bonds.... or whatever, I don't care.... You get in and get out on your own initiative. That's good.

Broadening the monetary base does threaten (at some point, not now) to dilute the value of the US T-Bonds and raise the interest that the Treasury has to pay to borrow. But what I don't get is why the same people who say we have to stop printing money also say we have to stop borrowing. You would think that they would be saying we have to stop printing money *SO THAT* we can keep borrowing.

 

[peach174]

How many times did Bush abnd team up the DC?

Bush did 5 trillion in eight years, that was bad enough.

Obama has done 5 trillion in three years and now wants 1.2 trillion more. That come to 6 trillion in 4 years, if he gets it approved by congress.

10 years of total insanity by both parties.

 

[mudwhistle]

How many times did Bush abnd team up the DC?

Bush did 5 trillion in eight years, that was bad enough.

Obama has done 5 trillion in three years and now wants 1.2 trillion more. That come to 6 trillion in 4 years, if he gets it approved by congress.

10 years of total insanity by both parties.

People like to lump the Dems and the GOP together to provide cover for their wrongs. When Bush was POTUS Obama criticised him for doing what he himself is doing but on a smaller scale. Now it's Obama's turn to catch heat for what he's done and still doing.

Obama said some things about Bush he should have apologized for. He refuses to do that. This is one of the primary reason I don't respect him. He will not apologize for any wrong he has done, yet he feels the need to beg forgiveness for the supposed wrongs of this country. The press let's him get away with it. Obama thinks he can get away with spending us into oblivion. This is why the Tea Party was formed. Obama historically has made his worse moves when he was in control, and his best moves when he could find a scapegoat to blame it on. He is purely a political animal and this country is a secondary concern in his eyes.

 

[Toddsterpatriot]

I bet you think the U.S. government has control and owns the U.S. dollar. The U.S. Government get's it money from a privately own bank called the federal reserve.

Didn't address anything I said, but whatever...

The Fed is responsible for monetary policy, yes. They're not privately owned. Congress delegated administration of the money supply to the Fed, though at any time may amend/revoke the Federal Reserve Act. The Fed is not privately owned. All banks under the Federal Reserve system are obliged (that is, forced) to buy equity in the Federal Reserve. This does not make them owners! This equity is to insulate the Fed from taking a loss on its balance sheet. However, local banks are able to elect the 12 regional presidents, five of whom serve on the Open Market Committee on a rotating basis (compared with 7 Governors who are appointed by the President and confirmed by the senate). The regional presidents serving on the FOMC could definitely afford to be reformed; most other central banks around the world have no such representation in monetary policy decisions. Although a lot of the time regional presidents are academic economists rather than former private sector bankers, and they can easily be outvoted by the governors.

There was nothing to address just your false assumption.

The Fed is responsible for monetary policy, yes. They're not privately owned.

Thanks for playing

Q: Who owns the Federal Reserve Bank?

A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don’t necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate.

FactCheck.org : Federal Reserve Bank Ownership

You just disproved your own claim.

 

[Toddsterpatriot]

member bansk fo the FED get 6% return on their money?

How nice for them.

I'm getting 0.25% or less on my various saving accounts.

How can I get that kind of ROI?

Start your own bank, become a member of the Federal Reserve system.
Of course your stock will only be a small part of your capital.

 

[Toddsterpatriot]

The question was


Thats all you need to know. So you are dead wrong. The Fed is privately owned.

No that wasn't the question. The question was what the fuck a "currency bubble" is.

And no, that's not all you need to know. Because "ownership" doesn't mean anything here. Banks are forced to buy equity in the Fed, they get very little input in Fed policy. This is all an irrelevant tangent since I never mentioned the Fed! I gave you the definitions of "bubble" and "inflation" and asked you to explain what the fuck you were talking about.

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

The government doesn't buy FRNs. Why would they?

 

[bigrebnc1775]

No that wasn't the question. The question was what the fuck a "currency bubble" is.

And no, that's not all you need to know. Because "ownership" doesn't mean anything here. Banks are forced to buy equity in the Fed, they get very little input in Fed policy. This is all an irrelevant tangent since I never mentioned the Fed! I gave you the definitions of "bubble" and "inflation" and asked you to explain what the fuck you were talking about.

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

The government doesn't buy FRNs. Why would they?

The government doesn't own the money they barrow it from the fed at a high interest rate.

 

[bigrebnc1775]

Didn't address anything I said, but whatever...

The Fed is responsible for monetary policy, yes. They're not privately owned. Congress delegated administration of the money supply to the Fed, though at any time may amend/revoke the Federal Reserve Act. The Fed is not privately owned. All banks under the Federal Reserve system are obliged (that is, forced) to buy equity in the Federal Reserve. This does not make them owners! This equity is to insulate the Fed from taking a loss on its balance sheet. However, local banks are able to elect the 12 regional presidents, five of whom serve on the Open Market Committee on a rotating basis (compared with 7 Governors who are appointed by the President and confirmed by the senate). The regional presidents serving on the FOMC could definitely afford to be reformed; most other central banks around the world have no such representation in monetary policy decisions. Although a lot of the time regional presidents are academic economists rather than former private sector bankers, and they can easily be outvoted by the governors.

There was nothing to address just your false assumption.




Thanks for playing

Q: Who owns the Federal Reserve Bank?

A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don’t necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate.

FactCheck.org : Federal Reserve Bank Ownership

You just disproved your own claim.

Can you read?
Who owns the Federal Reserve Bank?

There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks

 

[Toddsterpatriot]

The question from my post was
Who owns the Federal Reserve Bank?
Your reply was that it was not privately owned you were wrong.
The government pays interest on the money the fed prints. The more paper money printed the more interest the government has to pay which creates a money bubble.

The government doesn't buy FRNs. Why would they?

The government doesn't own the money they barrow it from the fed at a high interest rate.

The government doesn't borrow FRNs, from anyone.