RSSHow the US Federal Reserve affects the economy
Sep 25
Interesting description of how the Fed impacts and moves the economy: The humbling of the Fed
I hadn’t known Bernake was trying a new approach, too bad it’s not proving effective.
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Sep 25, 2008 @ 08:30:15
Oh cmon. You had to know Bernanke would find a way to cause an ecomonic meltdown the day Bush appointed him!
Heckuva job!
Sep 26, 2008 @ 08:29:01
Don’t forget ol’ Hank Paulson, who just happened to be the chairman of Goldman-Sachs at exactly the time when the company was making it’s own disastrous decisions. Now GS is begging for a bailout too, and would probably get it if Paulson has is way (his way being “I want a big blank check and no accountability for where the money goes”).
So… why do we trust Paulson and Bernanke to come up with the solution to the problem they created?
As Einstein said, “You can’t solve a problem with the same thinking that created the problem.”
Sep 26, 2008 @ 08:37:47
There was a recent psychological study that showed that people who where severely underqualified for their jobs were unable to perceive that they were underqualified.
The study found that incompetent people don’t understand the criteria for compentence and hence can’t recognize competence in others or incompetence in themselves and thus regard themselves very competent despite any evidence to the contrary.
This is classic Bush thinking. The man undervalues competence itself to make himself feel better. The inevitable result is that his haphazard leadership ends up creating a mess that he must then beg others to help him get out of, while never admitting that any mistakes were made.
Sep 26, 2008 @ 10:03:16
From a related story about the House Republicans opposing the bailout in favor of new and broader reaching deregulation:
‘According to one GOP lawmaker, some House Republicans are saying privately that they’d rather “let the markets crash” than sign on to a massive bailout.
“For the sake of the altar of the free market system, do you accept a Great Depression?” the member asked. ‘
Umm…. haven’t we all sacrificed enough on that altar?