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richrf

richrf
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  • The Fed must fight unemployment with more aggressive policies, even if they lead to higher inflation, Paul Krugman writes: "If the Fed refuses to take even the slightest risk on the inflation front, despite a disastrous performance on the employment front, it’s violating its own charter. And, beyond that... a rise in inflation to 3% or even 4%... would almost surely help the economy."  [View news story]
    Krugman needs a session with Suze Orman.
    Apr 7 12:34 PM | 1 Like Like |Link to Comment
  • In a grim final speech as KC Fed president, Thomas Hoenig says he expects U.S. economic growth to lag behind historical norms for generations. Fed policy has done more harm than good: "When you encourage consumption by inhibiting your interest rates from rising to their equilibrium level, you will in fact buy problems, and we have in fact bought problems."  [View news story]
    I agree. Greenspan and Bernanke essentially transferred money from savers to speculators and the speculators built trillions of dollars worth of housing which no one wants. It will take decades to pay for the worthless, rotting homes and the overall middle class destruction of wealth that was engineered by the Feds. What are the up to now? They are trying to save the speculators on the backs of the middle class by printing money and destroying savings.
    Sep 28 06:17 PM | 4 Likes Like |Link to Comment
  • The U.S. is not “printing money” uncontrollably and flooding the world with dollars that will lead to hyperinflation, Cullen Roche writes. "Yes, the U.S. government is running a massive $1.5T deficit, however, by any metric of money supply we can see that this is barely offsetting the continued de-leveraging that is occurring across the U.S. economy."  [View news story]
    It is somewhat amusing, and somewhat disgusting to have to read this kind of economic masturbation. Roche and Bernanke amuse themselves with definitions and clever arguments while people around the world are starving because of food, commodity, and energy inflation. Bernanke devalues currency, taxes interest on savings 100%, leaves no money in households thereby reducing demand and killing job growth, and gives free money to the wealthy who of course sell all the dollars they have in order to buy up and bid up every possible asset - thereby continuing to enrich themselves.

    When faced with this, we get a smirk from Bernanke's face as he explains that there is no inflation because wages are going down while everything else is going up. Am I the only one who wants to throw a pie at Bernanke and all of the politicians who have sold their constituency down the drain?
    Mar 9 02:09 AM | 1 Like Like |Link to Comment
  • Forget Mubarak, Paul Farrell writes, it's Bernanke who needs to be toppled: "Just as Mubarak was blind to the economic needs of the masses and democratic reforms, Bernanke is blind to the easy-money legacy that’s set the stage for revolution, turning the rich into super rich while the middle class stagnates and peanuts trickle down to the poor."  [View news story]
    Is there a topple Bernanke movement on Twitter anywhere?
    Feb 15 06:38 PM | 11 Likes Like |Link to Comment
  • More from the FCIC/Bernanke interview: The chairman says reforms need to contemplate the failure of a Goldman Sachs (GS) - "a system by which Goldman Sachs will go bankrupt and Goldman Sachs’ creditors could lose money" - because otherwise "we might as well treat them as a utility, because that’s what they are."  [View news story]
    I think the Federal Reserve and Bernanke need to contemplate a system where the Bankers at the Fed don't hand out hundreds of billions of dollars to their buddies at Goldman and friends while sucking the blood out of the Average Household. I haven't received a dime in interest since Bernanke decided that the Banks need the money more than I do.
    Feb 15 12:15 PM | 1 Like Like |Link to Comment
  • Raising rates now would be a huge mistake, and the Fed and ECB must resist external pressure to do the wrong thing, Paul Krugman writes. "Yes, commodity prices are up," he says, "but that’s no reason to perpetuate mass unemployment. To paraphrase William Jennings Bryan, we must not crucify our economies upon a cross of rubber."  [View news story]
    Could very well be true. They all are enjoying playing the little game of "being in charge". I think Obama will get his thank you note come next election.
    Feb 1 08:21 AM | Likes Like |Link to Comment
  • Raising rates now would be a huge mistake, and the Fed and ECB must resist external pressure to do the wrong thing, Paul Krugman writes. "Yes, commodity prices are up," he says, "but that’s no reason to perpetuate mass unemployment. To paraphrase William Jennings Bryan, we must not crucify our economies upon a cross of rubber."  [View news story]
    Krugman, Bernanke, Obama are all just wolves in sheep's clothing. Pretending to standing up for the average folks while advocating polices that only penalize the working people to the benefit of bankers and large corporations.

    One only has to observe who have been the major recipients of government largesses over the last couple of years. Who is getting big bonuses? Who has tremendous cash hoards? Who are getting free money to build plants and operations overseas?

    Krugman slyly wraps himself as the protector of the average Joe when the only ones who are making off the riches are his pals on Wall Street.
    Jan 31 04:31 PM | Likes Like |Link to Comment
  • Talks between Google (GOOG) and Groupon have ended, All Things Digital reports, derailing what would have been a huge $6B acquisition. The social-buying site apparently wants to go it alone and will now begin a new funding round (and keep options for a future IPO open).  [View news story]
    Where can I line up to invest in a company that sends out 50% off coupons to an email list? It is the only business model that I know of where the client (the merchant) is asked to take a huge haircut on every transaction and where more is worse. Have you noticed that the deals are getting worse by the day. How many manicures does one need?
    Dec 3 09:43 PM | 3 Likes Like |Link to Comment
  • What’s Really Behind QE2? [View article]
    We are not discussion MOST. We are talking about incremental loss and destruction of middle class wealth which turns into an unstoppable downward spiral. As money value is destroyed in the U.S. so are employment opportunities. Wealth is being transferred to the top 1% at an unprecedented rate by Federal Reserve polices and this wealth is pouring into foreign countries like a tsunami.

    THE FEDERAL RESERVE IS PERMANENTLY TRANSFERRING WEALTH OVERSEAS with its incredibly wrong-headed policies and has been doing so since the 1990s.
    Nov 20 12:47 PM | 3 Likes Like |Link to Comment
  • What’s Really Behind QE2? [View article]
    Let's begin with the proposition that printing money is simply a transfer of wealth from savers to borrowers. It does not create wealth. Wealth can only be created from sweat.

    In this case, there are two primary borrowers: 1) the government that keeps funding programs that are not creating wealth: e.g. buying toxic securities; 2) large investors who as you concede are taking the money overseas, investing in foreign countries, and creating jobs elsewhere. In both cases, the effects on the domestic economy are negative because: THE MIDDLE CLASS IS BEING MADE POORER.

    Ultimately, these polices of transferring wealth from the middle class, who DO SPEND DOMESTICALLY, to those of the wealthy who invest IN FOREIGN LANDS, leads to a long term death spiral. Present policies that you support will only end in an impoverished domestic economy because it is DESTROYING THE WEALTH OF THE MIDDLE CLASS.
    Nov 20 09:20 AM | 12 Likes Like |Link to Comment
  • Minneapolis Fed's Narayana Kocherlakota, presumed to be uncomfortable with the direction of current central bank policy, defends the recent QE decision. The creation of more reserves through bond purchases won’t be “kindling for some future inflationary fire,” he says, because banks already have some $1T in excess reserves. Kocherlakota will have a voting role on the FOMC next year.  [View news story]
    We have here a situation where a very small group of unelected people who are only concerned about banks, deciding who wins (e.g, the wealthy who get free money to invest overseas) and who loses (e.g. the American household that watches helplessly as its savings are devalued). When will our representatives finally step in and do something about this??!
    Nov 19 10:58 AM | 2 Likes Like |Link to Comment
  • Using the NYT as his soapbox, Warren Buffett pens a thank you letter to the U.S. government. It makes for an interesting read.  [View news story]
    lol. The best laugh I've had during this whole miserable crisis.
    Nov 17 11:09 AM | 2 Likes Like |Link to Comment
  • Using the NYT as his soapbox, Warren Buffett pens a thank you letter to the U.S. government. It makes for an interesting read.  [View news story]
    Yep, I guess those billions that Bernanke is printing for him is one heck of a Christmas present. A regular love fest between the billionaires.
    Nov 17 10:35 AM | 6 Likes Like |Link to Comment
  • Using the NYT as his soapbox, Warren Buffett pens a thank you letter to the U.S. government. It makes for an interesting read.  [View news story]
    I bettcha he go more from this bailout than he would have to pay in 100 lifetimes.
    Nov 17 09:11 AM | 9 Likes Like |Link to Comment
  • Using the NYT as his soapbox, Warren Buffett pens a thank you letter to the U.S. government. It makes for an interesting read.  [View news story]
    If Buffet and Friends really want to thank someone, he can give all the money back to the American household's who funded the whole bailout and are still funding it - and he might even add some interest on it too (remember when savers use to make interest on their savings). Buffet has the audacity to rub the Great Rip-Off in our faces. The well-healed in this country have no shame.
    Nov 17 08:38 AM | 9 Likes Like |Link to Comment
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