I tend to agree - that press conference was a huge "**** you" to Geithner, and Timmy's insubordination within hours, in any private business, would have instantly resulted in him being ****canned.

I had employees pull something like that once in a while when I ran MCSNet. As soon as I found out about it you were GONE.

You can disagree with me privately in my office all you wanted, but if you ever went public with it you were DONE.

Another piece of (possible) evidence that there could be a shift in power in the US government. Volcker is smiling and Summers is looking ""not too happy"".
http://www.businessinsider.com/look-whos....

Again, no definite proof but it could indicate a seachange in Washington.

Message going out now - will fax and call too - thanks Gen.

Keep the pressure up folks - the Bernanke thing is definitly not a done deal -

http://finance.yahoo.com/news/Uncertaint....

Zero Hedge is recommending Michael Taylor to replace Bernanke. Anybody know anything about him:

http://www.zerohedge.com/article/zero-he....

Hi Karl,
An outspoken Australian economist (one of the few that warned of the problems before they exploded) has written a document entitled "The Economic case against Bernanke" in which he argues strongly against Bernanke's reappointment. You may wish to take a look at it.

http://www.debtdeflation.com/blogs/wp-co....

Quote:

Bernanke has in fact been dead wrong on virtually every pronouncement he has made over the last ten years on economic matters, including claims that there was no housing bubble as late as 2006, that subprime was contained, that we would not experience a recession, that his policy prescriptions would stabilize the economy and job market and that if EESA/TARP was passed the stock market would not collapse. Each and every one of those claims was in fact wrong. A weatherman would be fired for a predictive record far better than Bernanke's.

Out of all the reasons you listed to not re nominate this guy this should be the only reason needed. The dude has been dead wrong on everything!!!

Isit I've read that analysis and agree with it...

Thanks Karl,
BTW I just refreshed this page to see the latest responses and my Zonealarm antivirus popped up an alert about "Trojan.JS.Redirector.ar"

I told Zonealarm to delete it which it did. When I went to page one of this thread there was no alert, when I went to page 2 again, I received the warning again. It may be just my zonealarm being oversensitive. I read up on this and it is a SQL injection attack.

See
http://www.microsoft.com/security/portal....


Just thought you may wish to check it out in case the page has been compromised.

By not pulling Ben's nomination, Obama is just weakening himself and the dems further. This will bite them in the midterm election.

Once again, Obama shows how weak a leader he is.

Hi, Gen
of course I completely agree with your opinion on Bernanke,
BUT, what do you think about Volcker as the new Fed chairman?
A zerohedge blog reader named jefferson here:
http://www.zerohedge.com/article/chasing....
says that maybe
"...Volcker was merely sitting on the bench until the time came for Obama to tap into the populist outrage and put into play the final end game strategy eventually resulting in the handing over of US financial sovereignty to the IMF/BIS/FSB gnomes."
then maybe
"the central bankers are playing both sides of the table?"
and his (not mine!) conclusion:
"Instead of actually rooting out the ENTIRE criminal cabal that is destroying this country, Denninger recommends we put in the gang's head enforcer to finish liquidating the busted out US financial system."

What do you think about? and... talking about sending messages, do you agree with zerohedge argument that the thursday mini crash is a message to Senate signed by B.B.? (bb stays for Bankster Ben).

Zerohedge is sadly full of sockpuppets and people who have been banned here who attack virtually anything that gets posted over there from here.

As such I don't comment on their "commenters."

How about telling Gregg to resign if he is so tired of populism. If Ben is the market then their is no market

Agreed, Bernanke is beyond salvation. But focusing on a personality rather than the system actually makes it easy for the pigmen to get rid of the person if the heat gets to be too much and send in another clone. Bernanke, Blankfein etc., did not come from moneyed families but after climbing the career ladder they seem to have forgotten where they came from and cast their lot with the moneyed interests. (Obama is more or less on the same path). No doubt these guys have to go, but, getting rid of a person actually relieves the pressure as far as the pigmen are concerned. Let's look at the example of 'Saint' Obama replacing the 'evil' Bush. Nothing changed and pigmen are even more firmly entrenched in their positions than before.

All said, as a practical matter we do not seem to have any other alternative than focusing on personalities. Personalities provide a concrete target, rather than some nebulous 'system' that is in need of a fix.

A good portion of the comments about karl on ZH are from a single person who talks to himself via anonymous posts.

Competing economic theories set to rap with cameo appearances by Ben and Tim

http://econstories.tv/home.html

Is your issue with Mr. Bernanke or with the economic theories he endorses? Is there any reason to believe anyone other than another institutionally friendly Keynesian would be appointed?

Quote:

getting rid of a person actually relieves the pressure as far as the pigmen are concerned. Let's look at the example of 'Saint' Obama replacing the 'evil' Bush. Nothing changed and pigmen are even more firmly entrenched in their positions than before.

Exactly!

So where do we get the decent people from, how do we get them in office, and how do we get enough of them in, fast enough to make a difference?

I copied the bullet points on this Ticker, added intro and closing lines, and sent it to Warner and Webb (VA), yesterday. I am reading over their responses now. Neither answered directly. Why am I not surprised?

My fortune cookie says, "Delay is the deadliest form of denial."

Watched the entire debate in the senate. The only reasons to reappoint Ben were:
-he's a nice guy, smart (??), hard working, cares about america
-he flooded the markets with liquidy to stave off economic collapse (a fear that he created), he should be rewarded
-the stock markets will crash if he isn't re-elected

The rest of the argument was overwhelmingly what he has done wrong.

If he was an employee and you were evaluating him you would conclude:
-he failed in every aspect of his job responsibilities. And he is denying it.
-he caused the problems then spent money you didn't have to make it look like he is fixing the problem. Probably broke many laws doing so.
-has no plan for how to get out of the new problems he has created.
I contend you would/should fire them in a heart beat.
Yet the final vote 70-30 to keep him (prelim vote was 77-23).

The backlash from the american people on this should be 100 times the massachusettes push back, but it won't be because the people hear one message from the mass media -- he saved us from armageddon, we need him.

Another sad day in America

We can only hope that Rep. Issa, the SIGTARP and the few others interested in getting to the bottom of Ben and Tim's activities leave them under indictment and all those who voted for him discredited, out of office and fearing for their own futures.

What a sad day for America. Copernicus warned us many years ago "Numberless as are the evils by which kingdoms, principalities and republics are want to decline these four are, in my judgment, the most baleful: civil strife, pestilence, sterility of the soil and corruption of the coin. The first three are so manifest that no one can fail to apprehend them; but the fourth which concerns money, is considered by few, and those the most reflective, since it is not by a blow, but little by little and through a secret approach, that it destroys the state." Nicolaus Copernicus, Father of modern astronomy, from his treatise to the king of Poland titled "Monete Cudende Ratio" Who do you trust, Ben or Nic???? Go get em Karl....thanks for all you do and for sharing your valuable insights.

Great quote for a first post :) Welcome Dobledelux!

I can't believe that 70 senators voted for Bernanke, knowing what they know about Bernanke. What a bunch of shifty cowards we have as US senators.

Has anybody started a thread with a list of all these things? TARP, The people were like 1000:1 against it, congress passed it overwhelmingly, there were a few others that escape me at the moment, and now...THIS.
I see tar&feathers in someone's future.