Ha! Bernanke said the limits to his (the Fed's) power is that there are limits to the effectiveness of monetary policy.

Apparently we haven't reached those limits yet, and it's questionable if we're even approaching them.
 

Barney Frank is a tool, he cut her time off, just like he did with RP, right when she was about to get an answer to a tough question, and then lectured her, for the amount of time it would've taken Geitnanke to answer, about how receiving an answer when your time is up is making use of other members' time which is against the rules of their hearing... unacknowledged is the fact that his bloviation came at the expense of one of the following members' time, by his own admission and logic.

TOOL!

If I had half a brain and I was a congressperson (contradiction, I know, I know), I'd feel frustrated having a retard court-jester like Barney Frank proceeding over me like an authoritative fool.
 

I've got a ton more videos of her, since she is my favorite congresswoman.

Here's she explaining capitalism, private property and the rule of law:
http://winteryknight.wordpress.com/2009/03/10/michele-bachmann-and-marsha-blackburn-defend-free-market-capitalism/

Opposing ESCR by citing scientific breaktroughs on ASCR:
http://winteryknight.wordpress.com/2009/03/09/michele-bachmann-opposes-obamas-plan-to-fund-escr/

Opposing Obama's extreme pro-abortion bill:
http://winteryknight.wordpress.com/2009/03/16/michele-bachmann-opposes-the-obamas-pro-abortion-bill/
 

The Blackadder Says:

Actually it's Geithner who mentions the "laws of the land." Bernanke referred to the general spending power of Congress, which is more or less right (that is, if someone were to try and challenge the Fed actions in question, it would come down to a question of the Congressional spending power).
 

Speaking of laws of the land and the rule of law, the frank-speaking Market Ticker just posted something from the archives: the repeal of Glass-Steagal in 1999. Denninger has been demanding that Glass-Steagal be brought back and instituted, because... well, this time he just lets the New York Times explain: The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.
 

My thoughts & what I noticed today:

I noticed a handwritten sign on the hardware store counter, no
one is allowed to pay for a fishing or hunting license with a
credit card.

All the, "good ammo" is no longer available, at any price.

What becomes of all those tax payments, from houses to mobile
homes that were, or will be paid with credit cards?

Don Cooper is brave, his ideas reflect & counter the motto:
"Keep on working, millions on welfare are depending on you."

Peter carried a sword with him the entire time he walked the
earth with Jesus Christ.

When someone seems very out of place, and they are looking at
you in a weird & funny way, they may be thinking about robbing
you. More and more that describes a seatbelt sting or some such
forcement program. Every town's new welcome wagon?

The mainstream media are trying to justify the existence of the
prison-like camera system on the roadways by presenting the
cameras as a way to check the road conditions of the day rather
than simply sticking your head out your front door.

The, "local news" in other areas of the country is nothing like
the, "local news" in my area. In my area, the local news has
only praise for the stimulus & the efforts to advance the
growth of gov't. while saying little, if anything, of substance
other than to salivate at the prospect of spending money they
don't have. Big plans are being made & the dopamine is
flowing.

In my area, business leaders are closing their eyes to the
challenges and difficulties many people face. In advertisements
on the TV they proclaim instead they will only highlight what
they see as positive events. They do not show much.

Of all the places in the USA, Iowa is the last place I would
have thought would be making budget plans dependent on future
gambling revenue.

If all you have is a $100 bill, you cannot buy food from a fast
food restaurant in an upscale area of my town.

My Wal-Mart is totally rearranging the store. After a clerk
informed me I missed the last big box of cheap 22cal by twenty
minutes, he told me every department is shrinking except
electronics, which will be expanded.

Is America's theme song at this moment from The Clash, "Should
I stay or should I go? If I go there will be trouble. If I stay
it will be double. Should I stay or should I go?"

- Wow, I wrote this before I stopped at the LRC blog - weird.

I think I understand - now - what cascading cross-defaults are.

(I 2nd what Taylor said above.)
 

Sorry about the format, dunno whats going on with that.
 

The Cato Institute now agrees the Fed caused the housing bubble:

http://cato.org/pub_display.php?pub_id=10074
 

Reason was not exactly impressed by her.
http://www.reason.com/blog/show/132498.html
 

Well, not really.

Article 1, Section 8 of the Constitution, entitled "Power of Congress" gives Congress the ability to do, among other things, "To borrow money on the credit of the United States;". I'm not a constitutional lawyer, but Congress giving the Treasury the power to do seems legit, since it was an act of Congres.

But more to the point, the Constitution doesn't have a section for every single possible action that can be done in the US.

Where in the Constitution does it say women can serve in Congress? It doesn't, so by Rep. Bachmann's logic, she has no right to ask questions during a Congressional hearing. Of course, that's just silly.
 

The Blackadder Says:

Martin asks: "Where in the Constitution does it say women can serve in Congress?"

Article I, section 2.
 

@Anonymous - See, that's why I preface my comments with "I'm not a constitutional lawyer". Apparently, I can't read either.

You're right.
 

Bob,

The whole premise is wrong.

This is like me telling my children to steal some candy and them grilling them on where they got the authority to steal.

She needs to be grilling the folks ON the committee, as well as the rest of the legislative branch. She won't do that because it would force her to indict the Republican Party (save Ron Paul).

Where was she when in was Bush and Cheney overriding the Constitution.

This is purely political theatrics, nothing else.
 

Jim,

Good post, agreed.
 

To borrow on the credit of the United States, against money in the treasury, not against future expected revenue.

Our gov't is taking out credit cards in your name, in the name of your children & your neighbors. This credit card has an unlimited credit & cash limit with a very high intrest rate. With this credit card our gov't is taking out a huge cash adavnce to give this cash to their buddies, big banks & corporations. The catch is, you & your children & your neighbors are the ones who are going to have to pay this debt back, while big banks & corporations get to keep what they buy with the money. We should All know by now what happens when this high intrest rate debt is created. The intrest rate on the debt makes it impossible to ever pay back, we become debt slaves. The millions of people who have already done this are the examples of why this is a very bad approach. Just ask someone who has done this if this is a good idea.

~2 cents
 

If there are two men with equal income, one has $1000 in savings and the other has nothing. When the two men go to a bank and they each recieve a line of credit, is there a difference between the two lines of credit?

Wouldn't one be technically credit, while the other is a loan?

How can there not be a difference?

Is it only a matter of credit worthiness?