Official Ben Bernanke speech before the Economic Club of New York thread

[Drunken Cat]

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."

[Drunken Cat]

And I'll watch the clip later, but I'm still listening to old Ben.

[raabd]

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).

[Drunken Cat]

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.

[Drunken Cat]

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.

[Drunken Cat]

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.

[Glamour Puss]

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.

[Drunken Cat]

He's against going back to Glass Steigle.

Just a personal note there.

What a shock.

I meant it as in he said it explicitly.