Who’s More Powerful: President Obama or Bernanke?

Discussion in 'Politics' started by Google, Aug 3, 2011.

  1. Google
    Offline

    Google Gold Member

    Joined:
    Apr 26, 2011
    Messages:
    2,779
    Thanks Received:
    458
    Trophy Points:
    130
    Ratings:
    +808
    Anyone who believes the answer is President Obama needs some perspective.

    The Dodd-Frank Act mandated that the United States Government Accountability Office audit the actions of the Federal Reserve as it quietly invoked emergency authority under the Federal Reserve Act of 1913.

    To truly comprehend what that audit found keep in mind that the debt debate was over $14 trillion. America's GDP as of last year was $14 trillion.

    The GAO (http://www.gao.gov/new.items/d11696.pdf) found from 2007-2011 the Federal Reserve loaned a staggering $16 trillion, of which a little under 20% went to banks in the Switzerland, France, Belgium , Germany, & UK. Right around $1.6 trillion went to purchase US Treasury Bills—of which the interest paid by the US government is returned from the Federal Reserve minus administrative costs and returned to the US Treasury, and—now get this—a portion was used to fund many portions of the Dodd-Frank Act (http://www.alston.com/files/docs/Dodd-Frank_studies_and_reports.pdf).

    When Congress itself attempted to find out where TARP funds went, FED Chairman Ben Bernanke refused to disclose the information. It finally took a Supreme Court ruling to reveal that information (Supreme Court Orders Fed Disclosure of Bank Borrowing Info - Day Trender - News, Business, Real Estate News, Financial, Tech, World - News and trends).

    The audit found that “while the Federal Reserve System took steps to promote consistent treatment of eligible program participants, it did not always document processes and decisions related to restricting access for some institutions” and that they largely delegated contracts on a no-bid basis (http://www.gao.gov/new.items/d11696.pdf). In other words, the FED indiscriminately loaned out the GDP of the US without any justification.

    The FED is the invisible fourth branch of government, vested with unimaginable influence with virtually no checks and balances.

    Ben Bernanke agreed to "strongly consider" the recommendations made by the GAO :lol:
     
    • Thank You! Thank You! x 1
    Last edited: Aug 3, 2011
  2. Mad Scientist
    Offline

    Mad Scientist Deplorable Gold Supporting Member Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    23,940
    Thanks Received:
    5,212
    Trophy Points:
    270
    Ratings:
    +7,683
    Bernanke OWNS Obama.
     
    • Thank You! Thank You! x 1
  3. waltky
    Online

    waltky Wise ol' monkey Supporting Member

    Joined:
    Feb 6, 2011
    Messages:
    20,858
    Thanks Received:
    1,791
    Trophy Points:
    215
    Location:
    Okolona, KY
    Ratings:
    +3,881
    Market may be expecting too much from Bernanke...
    :eusa_eh:
    Market wants Bernanke to be Mighty Mouse
    August 24, 2011: -- There is probably a greater chance that an earthquake will hit Jackson Hole, Wyo., on Friday at 10 a.m. ET than there is of Federal Reserve chairman Ben Bernanke announcing a third round of quantitative easing.
     
  4. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    The real question is which is more powerful?

    The BANSTERS or the US Federal government.

    I think this latest meltdown gives one the story.

    Who was saved, and who was not saved?
     
  5. Bear12feet
    Offline

    Bear12feet Member

    Joined:
    Aug 14, 2011
    Messages:
    148
    Thanks Received:
    10
    Trophy Points:
    16
    Ratings:
    +10
    [​IMG]
     
  6. Sallow
    Offline

    Sallow The Big Bad Wolf. Supporting Member

    Joined:
    Oct 4, 2010
    Messages:
    56,535
    Thanks Received:
    6,132
    Trophy Points:
    1,840
    Location:
    New York City
    Ratings:
    +7,394

Share This Page