The Record of the Federal Reserve

[Kevin_Kennedy]

Let’s talk about The Federal Reserve. Consider the following facts:

A) From 1776 to 1912 (136 years), the value of the dollar, relative to the Consumer Price Index, increased by 11%. A dollar could buy 11% more goods in 1912 than in 1776. Thus, if in 1776, you sat on your savings pile of $1,000,000 for 136 years, it would then be worth $1,110,000 in purchasing power (it will have appreciated in value by 11%). A loaf of bread for Thomas Jefferson cost the same as a loaf of bread for Lincoln 50 years later and again the same for J.P. Morgan 50 years after that.

B) The United States Federal Reserve was created in 1913. The stated purpose of the Fed, by its own definition taken from its website, is to "conduct the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices." Note that "stable prices" is another way of saying "stable dollar," they are two sides of the same coin (couldn’t resist the pun).

The Record of the Federal Reserve by Erik Voorhees

 

[Toro]

The Fed is a big culprit in this financial mess too, primarily because of all the money that was created under its watch but also because they were derelict in their oversight of the abuses that were occurring in the banking system when bankers gave out loans like candy, and because Greenspan actively worked to de-regulate the derivatives markets and fought a rear-guard action to bring greater oversight to derivatives.

Greenspan said you couldn't identify a bubble and Bernanke said homes weren't in a bubble in 2006. This belief lead to enormous ramifications in the economy.

 

[sealybobo]

Let’s talk about The Federal Reserve. Consider the following facts:

A) From 1776 to 1912 (136 years), the value of the dollar, relative to the Consumer Price Index, increased by 11%. A dollar could buy 11% more goods in 1912 than in 1776. Thus, if in 1776, you sat on your savings pile of $1,000,000 for 136 years, it would then be worth $1,110,000 in purchasing power (it will have appreciated in value by 11%). A loaf of bread for Thomas Jefferson cost the same as a loaf of bread for Lincoln 50 years later and again the same for J.P. Morgan 50 years after that.

B) The United States Federal Reserve was created in 1913. The stated purpose of the Fed, by its own definition taken from its website, is to "conduct the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices." Note that "stable prices" is another way of saying "stable dollar," they are two sides of the same coin (couldn’t resist the pun).

The Record of the Federal Reserve by Erik Voorhees

Remember Obama said he wants to give the Federal Reserve more power? I have a theory. They own this country. So both Bush and Obama know better than to fuck with them. But you gotta get their approval or you won't get shit done, so Obama has backed off on fucking with the bankers. So good luck to Bernie Sanders, Ron Paul or anyone else who thinks they'll "audit" them.

So now they won't get in his way on reforming healthcare. The healthcare lobbyists, republicans and corporate media will fight him, but the bankers won't. They won't crash the stock market in 2011 when he's up for re election.

 

[Paulie]

The Fed is a big culprit in this financial mess too, primarily because of all the money that was created under its watch but also because they were derelict in their oversight of the abuses that were occurring in the banking system when bankers gave out loans like candy, and because Greenspan actively worked to de-regulate the derivatives markets and fought a rear-guard action to bring greater oversight to derivatives.

Greenspan said you couldn't identify a bubble and Bernanke said homes weren't in a bubble in 2006. This belief lead to enormous ramifications in the economy.

Bernanke saying such a thing is PRECISELY why he deserves zero credibility in this current mess, rather than being praised as some kind of genius savior with his policy decisions to date.

There's no way he couldn't have known there was a bubble as late as 2006. One has to be a blind retard to not know that's bullshit. The guy should not be trusted as far as he can be thrown.