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#21
Old 11-16-2009, 01:11 PM
nodogoshi
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Quote:
Originally Posted by Jack Burton View Post
Your looking at it wrong. Bush doesn't appoint anyone other than in a ceremonial sense. The bankers picked Bernanke.

Thats why Obama can't get rid of him. The Fed runs itself and the country.

Alan Greenspan admits in this clip that they operate outside of the reach of congress and the White House.

I specifically said "Bush-era appointment."
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#22
Old 11-16-2009, 01:12 PM
nodogoshi
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And I'll watch the clip later, but I'm still listening to old Ben.
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#23
Old 11-16-2009, 01:12 PM
raabd
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Quote:
Originally Posted by Jack Burton View Post
Your looking at it wrong. Bush doesn't appoint anyone other than in a ceremonial sense. The bankers picked Bernanke.

Thats why Obama can't get rid of him. The Fed runs itself and the country.

Alan Greenspan admits in this clip that they operate outside of the reach of congress and the White House.

No, the president elects the fed chair and obama chose him for another term. Yea the Fed is independent but they were created thru the democratic process (federal reseve act of 1917).
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#24
Old 11-16-2009, 01:13 PM
nodogoshi
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He says he wants to make "too-big to fail" a relick of the past; yet says nothing about breaking up the banks. He only gives a bunch of vague solutions.
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#25
Old 11-16-2009, 01:18 PM
nodogoshi
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Quote:
Originally Posted by Jack Burton View Post
Your looking at it wrong. Bush doesn't appoint anyone other than in a ceremonial sense. The bankers picked Bernanke.

Thats why Obama can't get rid of him. The Fed runs itself and the country.

Alan Greenspan admits in this clip that they operate outside of the reach of congress and the White House.

You are quite frankly misinterpreting what he says. He is merely repeating what is the fundamental reality, which is that the Fed is designed to be an agency independent of government.

If you wish to argue with the underlying ideology behind this, then I would agree, however Greenspan says nothing 'revealing' here in the least.
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#26
Old 11-16-2009, 01:21 PM
nodogoshi
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Quote:
Originally Posted by raabd View Post
No, the president elects the fed chair and obama chose him for another term. Yea the Fed is independent but they were created thru the democratic process (federal reseve act of 1917).
Now this does in fact get into the sources of power which drive politics. If you believe it to be as simple as you say, you are sorely mistaken. It's all political.
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#27
Old 11-16-2009, 01:37 PM
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Quote:
Originally Posted by raabd View Post
No, the president elects the fed chair and obama chose him for another term. Yea the Fed is independent but they were created thru the democratic process (federal reseve act of 1917).
It was in 1913 and it was through a coup.

And like I said, the president "appoints" him, but he's already preselected. The president does it ceremoniously, not as a matter of individual policy.
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#28
Old 11-16-2009, 01:56 PM
nodogoshi
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Quote:
Originally Posted by Kirin Ichiban View Post
He's against going back to Glass Steigle.

Just a personal note there.
Quote:
Originally Posted by Jack Burton View Post
What a shock.

I meant it as in he said it explicitly.
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