- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
In honor of Ben's last FOMC meeting, let's appreciate Bernank the Tank
Posted on 1/31/14 at 2:10 pm
Posted on 1/31/14 at 2:10 pm
Bernanke's last meeting as chairman was this past Wednesday , so I think MT needs to give this man the love he deserves. I was talking to a former Fed affiliate yesterday that dropped a quote about about Bernanke that I wholeheartedly agree with.
Incrementalism is the riskiest strategy in times of crisis.
When people are nervous, they try to make small moves to not make it worse. Ben came handled the times of crisis with big moves and he essentially saved the financial system and country from collapse. Did he do everything right? No, but I believe he got all the big things right. The only critique I have of any of his policies was that he tried to tee up and show the fricktards in Congress that he could land his giant, unprecedented easing program on a dime in May/June of this past year and probably got a little ahead of himself. Outside of that, I can't think of a single individual in the public eye that I have a higher regard for.
So if anybody wants to come in this thread to talk about how he's an evil central banker that has destroyed the dollar. First, please kill yourself. Second, learn finance. Third, look at the data because your "facts" are false. Fourth, please revert back to step #1. If you choose not to, please go here where you'll be more welcomed.
My favorite Bernanke quote of all time was on June 22, 2011 during his press conference:
Mr. Chairman, I am Akihiro Okada with Yomiuri Shimbun, a
Japanese newspaper. During the Japanese lost decade in the 1990s, you strongly criticized
Japan’s lack of policies. Recently Larry Summers suggested in his column that the U.S. is in the
middle of its own lost decade. Based on those points with QE2 ending, what do you think of
Japan’s experience and the reality facing the U.S.? Are there any historical lessons that we
should be reminded about? Thank you.
CHAIRMAN BERNANKE. Well, I’m a little bit more sympathetic to central bankers
now than I was 10 years ago.
BOSS
Incrementalism is the riskiest strategy in times of crisis.
When people are nervous, they try to make small moves to not make it worse. Ben came handled the times of crisis with big moves and he essentially saved the financial system and country from collapse. Did he do everything right? No, but I believe he got all the big things right. The only critique I have of any of his policies was that he tried to tee up and show the fricktards in Congress that he could land his giant, unprecedented easing program on a dime in May/June of this past year and probably got a little ahead of himself. Outside of that, I can't think of a single individual in the public eye that I have a higher regard for.
So if anybody wants to come in this thread to talk about how he's an evil central banker that has destroyed the dollar. First, please kill yourself. Second, learn finance. Third, look at the data because your "facts" are false. Fourth, please revert back to step #1. If you choose not to, please go here where you'll be more welcomed.
My favorite Bernanke quote of all time was on June 22, 2011 during his press conference:
Mr. Chairman, I am Akihiro Okada with Yomiuri Shimbun, a
Japanese newspaper. During the Japanese lost decade in the 1990s, you strongly criticized
Japan’s lack of policies. Recently Larry Summers suggested in his column that the U.S. is in the
middle of its own lost decade. Based on those points with QE2 ending, what do you think of
Japan’s experience and the reality facing the U.S.? Are there any historical lessons that we
should be reminded about? Thank you.
CHAIRMAN BERNANKE. Well, I’m a little bit more sympathetic to central bankers
now than I was 10 years ago.
BOSS
Posted on 1/31/14 at 2:22 pm to BennyAndTheInkJets
He was in the right place when we needed someone like him the most. Frankly, I'd hate to think what Greenspan might have done.
Posted on 1/31/14 at 3:05 pm to LSURussian
(no message)
This post was edited on 12/21/21 at 9:48 am
Posted on 1/31/14 at 3:09 pm to BennyAndTheInkJets
quote:
Bernanke's last meeting as chairman was this past Wednesday
Posted on 1/31/14 at 3:10 pm to XanderCrews
quote:Everyone but you....
He was in the right place when we needed someone like him the most
Who is we?
Posted on 1/31/14 at 3:15 pm to LSURussian
Posted on 1/31/14 at 3:27 pm to BennyAndTheInkJets
Posted on 1/31/14 at 3:58 pm to WikiTiger
quote:
Pure genius.
Did you even bother reading the link? This article was in 2005 and he stated that housing prices were fair and that "house prices are unlikely to continue rising at current rates", and that "a moderate cooling in the housing market, should one occur, would not be inconsistent with the economy continuing to grow at or near its potential next year". If you wanted to post something actually relevant to this fact you should have looked at his FOMC statements and pointed at the lack of acknowledgement in housing market weakness.
He was wrong in that housing prices did continue to rise, even faster than the rate at the time for another 6-8 months. Like I said, he didn't get everything right but I believe he got the big stuff right. This is an appreciation thread. If you want to shite in this thread start your own somewhere else.
Posted on 1/31/14 at 4:16 pm to LSURussian
(no message)
This post was edited on 12/21/21 at 9:48 am
Posted on 1/31/14 at 4:27 pm to BennyAndTheInkJets
quote:
but I believe he got the big stuff right
i see it a different way. and without question the effects of the monitary policies need to play out before you say he is a saint. I believe the bond buying will do more harm in the long run because of its size.
time will tell
Posted on 1/31/14 at 4:29 pm to I Love Bama
quote:
I Love Bama
Wow... I actually wasted 15 minutes of my life reading that article.
So his whole argument is that Bernanke has made the dollar plummet. Let's just say for fricks sake that a weak dollar is horrible as he states, at the end of Bernanke's first year as Fed president the dollar index was 83.92. It's sitting at 81.25 right now, which is an annualized 0.54% depreciation a year. That is half of what the average annualized drop in the dollar index has been over the previous 50 years. The dollar index is actually higher than it was before the easing programs. Also, the volatility of the DXY over the past 3 years throughout his easing programs has been insanely low, I'd have to go back over 25 years to find an era like this, which makes the author's claim that Bernanke has failed at the price stability mandate kind of outrageous.
I don't really want to get into the international finance portion of strong versus weak dollar because this is a Ben appreciation thread. If you want to shite in here start another thread or follow my program in the OP.
Posted on 1/31/14 at 4:30 pm to WikiTiger
quote:
Pure genius.
Says the guy who doesn't know the difference between bid and ask prices.
Posted on 1/31/14 at 4:36 pm to BennyAndTheInkJets
He wasn't the hero we wanted, but he was the hero we needed.
Posted on 1/31/14 at 4:36 pm to Mr.Perfect
quote:
and without question the effects of the monitary policies need to play out before you say he is a saint
This is true, we won't know all the effects for years.
My worry going forward really has nothing to do with high inflation, its more the Fed balance sheet stock. The universe of short-term securities (and actually most sectors) is shrinking by sheer market technicals. The Fed has bought a large portion of high quality assets from the market, and with most derivatives moving to exchanges you'll need "high quality" assets to use as collateral. You essentially create an environment where you have a feeding frenzy for high quality assets which will keep returns on these assets low.
The Fed kind of countered this with their fixed rate full allotment reverse repo facility that just ended its testing period. If the counterparty list becomes more robust, this becomes one of the Fed's best monetary tools. They can reverse repo their balance sheet back out to the market, in a way, this is kind of like the Fed "issuing" their balance sheet. This will also keep a floor on short-term market rates, and controlling the "market IOER".
We shall see, but for now lets give a dude props for doing insanely more for the country that us message board know it alls.
Posted on 1/31/14 at 4:51 pm to BennyAndTheInkJets
Upvoted.
Bernake's work in Autumn 2008 through 2009 was superb. IMO QE extended too far, too long though.
Those of us with available resources did very well as a result. However, there are obviously costs. Those will eventually be spread over a much broader and nonbenefitting population base.
It's one of the few cases where there is validity to claims of upward (trickle up) wealth redistribution, and validity to complaints of an expanding wealth gap.
Bernake's work in Autumn 2008 through 2009 was superb. IMO QE extended too far, too long though.
Those of us with available resources did very well as a result. However, there are obviously costs. Those will eventually be spread over a much broader and nonbenefitting population base.
It's one of the few cases where there is validity to claims of upward (trickle up) wealth redistribution, and validity to complaints of an expanding wealth gap.
Posted on 1/31/14 at 5:00 pm to WikiTiger
quote:Therein lies the difference between title of an article designed to sell copy, and content of its actual quotes.
Thursday, October 27, 2005: Bernanke: There's No Housing Bubble to Go Bust
Pure genius.
Popular
Back to top
Follow TigerDroppings for LSU Football News