Friday, February 27, 2009
Bernanke Stakes His Reputation on CPI
Wow, I can't believe Ron Paul wrung it out of him. But at around 4:45, Bernanke says that if price inflation really heats up, he will concede that his approach to the financial crisis was wrong. I suggest watching the whole video to see the exact context of his daring statement. (HT2LRC)
Comments:
How many times did Bernanke contradict himself in his 2 min response? I lost count, and I'm not trying to be facetious. He just said "Yes, you're right, we can't provide capital" then said that the "best kind of capital" is private capital (implying there are other kinds of capital), and then he said they need to have stability, clarity in the finance system, etc., but none of the steps the Fed and Treasury are taking are promoting any of that, only allowing new price equilibriums to be met can bring about the in-flow of private capital Bernanke is hoping for.
Man, this guy gets away with murder everytime he speaks. I think RP needs to stop trying to get HIS message out there and start exposing the lack of sense BB is making on a daily basis.
Man, this guy gets away with murder everytime he speaks. I think RP needs to stop trying to get HIS message out there and start exposing the lack of sense BB is making on a daily basis.
Bless Dr. Paul, I don't know how he keeps his sanity there. Yes, the world is taking crazy pills.
# posted by 
: February 27, 2009 at 2:32 PM
: February 27, 2009 at 2:32 PM
Beware of Old Men - they have nothing to lose. Unlike Bernanke, Paul has nothing left to prove, and knows it. Ron Paul for Prophet (since a libertarian president makes about as much sense as an atheist pope)! ;)
He's the only politician I wholeheartedly respect, even when I think he's wrong.
This crisis will once and for all prove the Keynesians wrong. If that is the outcome, it will have been worth it.
He's the only politician I wholeheartedly respect, even when I think he's wrong.
This crisis will once and for all prove the Keynesians wrong. If that is the outcome, it will have been worth it.
# posted by : February 27, 2009 at 4:48 PM
: February 27, 2009 at 4:48 PM
Whoa! Ben Bernanke just spelled his own doom. If inflation goes anywhere NEAR what certain people have predicted, then this video is going to be the blockbuster hit of the year.
I have to say, I think that he did a professional mistake though. Being a politician or similar (oh, come on, bernanke is not a real economist, they just keep him around because he has a good way with words), you should never set yourself up for a situation where something you said can come back and bite you in the a$$.
I have to say, I think that he did a professional mistake though. Being a politician or similar (oh, come on, bernanke is not a real economist, they just keep him around because he has a good way with words), you should never set yourself up for a situation where something you said can come back and bite you in the a$$.
# posted by : February 27, 2009 at 5:01 PM
: February 27, 2009 at 5:01 PM
I suspect that by manipulating the CPI and arguing about what exactly counts as an "inflation problem" they will not be admitting their wrongdoings until the point when it is obvious to all.
It's still excellent work by Dr Paul to get any admission that they might possibly be wrong.
It's still excellent work by Dr Paul to get any admission that they might possibly be wrong.
Barney Frank cut Paul off, and I have no doubts at all he didn't give a little simply because he's a jerk. Plain and simple.
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# posted by : February 28, 2009 at 9:23 AM
: February 28, 2009 at 9:23 AM Subscribe to Post Comments [Atom]
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