Originally posted by Jack Burton
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Official Ben Bernanke speech before the Economic Club of New York thread
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Originally posted by Jack Burton View PostYour 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.
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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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Originally posted by Jack Burton View PostYour 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.
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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Originally posted by raabd View PostNo, 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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Originally posted by raabd View PostNo, 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).
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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