Bernanke Vs RP

[DFF]

That's right folks, it's that time again - Helicopter Keynesian God Ben Vs the Ron Austrian Titan Paul. :D

http://online.barrons.com/public/page/barrons_econoday.html?mod=b_hpp_tools_eco

[Young Paleocon]

I predict Ben leaves with his head down in shame, and RP smacks Barney Frank across the face.....Well maybe just the first part.

[cska80]

I think Dr. Paul needs to ask questions rather than making speeches. If he can get Bernanke uncomfortable and maybe say the wrong things, it's much better than another YouTube video of Ron stubbling through a 4 minute speech with a 10 second question that Bernanke will ignore anyways since his time is up.

[mport1]

Can't wait to see Ben get put in his place again.

[surf]

I think Dr. Paul needs to ask questions rather than making speeches. If he can get Bernanke uncomfortable and maybe say the wrong things, it's much better than another YouTube video of Ron stubbling through a 4 minute speech with a 10 second question that Bernanke will ignore anyways since his time is up.

i agree. of course, if Ron asks a question off the top, it may give Captain Credit a chance to ramble on for 5 minutes of Ron's time. I hope the good Dr. drops some of his politeness and interupts Ben: "That's bullshit, Mr. Bernanke. Are you really that fucking dumb?"

[MRoCkEd]

Looking forward to it. He really should just fire off a lot of quick zingers instead of giving a long-winded speech.

[mediahasyou]

Hells yeah.

[MsDoodahs]

i agree. of course, if Ron asks a question off the top, it may give Captain Credit a chance to ramble on for 5 minutes of Ron's time. I hope the good Dr. drops some of his politeness and interupts Ben: "That's bullshit, Mr. Bernanke. Are you really that fucking dumb?"

THAT might actually start the revolution. :eek:

[Hamer]

THAT might actually start the revolution. :eek:


I'm ready!

[UtahApocalypse]

woohooo I hope I catch this

[Conza88]

I think Dr. Paul needs to ask questions rather than making speeches. If he can get Bernanke uncomfortable and maybe say the wrong things, it's much better than another YouTube video of Ron stubbling through a 4 minute speech with a 10 second question that Bernanke will ignore anyways since his time is up.

Get fcked. You have no idea what you're talking about.

Ron's presentations are immaculate. Ron doesn't stumble. How about you produce something to give credence to your baseless claim.

I hope he does, what he has always done. A 3 minute seminar in Economic logic, a pre-cursor to his question, his question, all intertwined as a verbal smackdown on the status quo and interventionist idiocy.

Game over, Bernanke lost. And Ron ends up getting Bernanke to admit inflation is a hidden tax etc.

[Bruno]

I think Dr. Paul needs to ask questions rather than making speeches. If he can get Bernanke uncomfortable and maybe say the wrong things, it's much better than another YouTube video of Ron stubbling through a 4 minute speech with a 10 second question that Bernanke will ignore anyways since his time is up.


And he should interrupt him (but he won't because he's RP) and re-ask the question when he evades answers like all the other congressmen do.

[kalami]

I think Dr. Paul needs to ask questions rather than making speeches. If he can get Bernanke uncomfortable and maybe say the wrong things, it's much better than another YouTube video of Ron stubbling through a 4 minute speech with a 10 second question that Bernanke will ignore anyways since his time is up.

This was brought up to Paul and he basically said they don't answer the question anyways, so while he has the platform he can make a statement and actually get something out of the exchange.

[Kotin]

Get fcked. You have no idea what you're talking about.

Ron's presentations are immaculate. Ron doesn't stumble. How about you produce something to give credence to your baseless claim.

I hope he does, what he has always done. A 3 minute seminar in Economic logic, a pre-cursor to his question, his question, all intertwined as a verbal smackdown on the status quo and interventionist idiocy.

Game over, Bernanke lost. And Ron ends up getting Bernanke to admit inflation is a hidden tax etc.


fuck yeah..


someone tube this shit!!

[american.swan]

This was brought up to Paul and he basically said they don't answer the question anyways, so while he has the platform he can make a statement and actually get something out of the exchange.

If this is true, thanks for the insight. I would tend to agree with Paul in this situation, but if I was there, I would ask the hard question and then call him out for evading the question sometimes, maybe not all the time.

[fatjohn]

I hope for a perfect exchange which ends with

RP: Do you admit this is the thruth?
BB: Well, ... yes.
RP: Then why do we need the Fed in the first place?
BB: Congressman, this is not the subject of the hearing.
RP: Can't you answer the question?
Frank: Chairman, just answer the question.
BB: I want to go to my mommy!

[jkr]

ok, 1:00 on cspan right?

[JamesButabi]

im so ready for this

[ClayTrainor]

is there a way to record cspan?

[Conza88]

WAIT, how long to go ?

[ClayTrainor]

ok, 1:00 on cspan right?

eastern?

[Young Paleocon]

yea its on the front page on the cspan website

[HOLLYWOOD]

The OP needs to put the contact date/times on the Header...

with links to feeds, etc...

that would help and clarify a lot of things.

[MsDoodahs]

I don't see this listed on CSPan's schedule.

Where can we see it?

WILL we be able to?

[jake]

Here's the live streams: http://cspan.org/Watch/C-SPAN_wm.aspx

Anyone know if it's C-SPAN1, C-SPAN2, or C-SPAN3?

[ClayTrainor]

I don't see this listed on CSPan's schedule.

Where can we see it?

WILL we be able to?

It says it will be on at 1pm EST on the CSPAN.com website, and shows a picture of Bernanke under "Economic Policy".



Federal Reserve Chairman Ben Bernanke testifies at a House Financial Services Committee hearing on the Fed's efforts to provide liquidity in the financial crisis.



Here is the link you can watch it http://www.c-span.org/Watch/C-SPAN_wm.aspx

[smithtg]

http://www.businessweek.com/the_thread/hotproperty/bernanke-helicopter.jpg

[Young Paleocon]

cspan 2 i think, if not check 1

[newbitech]

http://www.cspan.org/Watch/C-SPAN2_wm.aspx

on now cspan 2

[UtahApocalypse]

Yep, CSPAN 2

[DFF]

I don't see a live stream on Cspan2 or MSNBC.

[HOLLYWOOD]

GAME ON!

Nail him Backus,

No Disclosure...!

Unknown Transactions!

[jrskblx125]

these people... are SOOOO boring.... someone should juggle while they talk thatd be sweet

[UtahApocalypse]

R o n P a u l ! ! !

[Throwback280s]

hes on now

[HOLLYWOOD]

Yeah, NAIL The FED Ron!

"GAO under statue X.X.XX., cannot audit anything that the FED does that is deemed classified/confidental... HAH HAH!


I guess the GAO can audit Furniture and Pencil expeditures at the FED?

Yeah RP... great Statement!

[jrskblx125]

Got him coach!

[LibertyEagle]

Huh, I thought Dr. Paul was the ranking member. ???? Bernanke thanked someone named Backus (sp?) as the ranking member.

[avix123]

It's not on cpan. Where can I watch it?

[MRoCkEd]

So does he still get a question?

[StudentForPaul08]

That was great. Will he speak again?

[newbitech]

It's not on cpan. Where can I watch it?

http://www.cspan.org/Watch/C-SPAN2_wm.aspx

[newbitech]

That was great. Will he speak again?

yes, this is the testimony, questions come after this

[StudentForPaul08]

yes, this is the testimony, questions come after this

haha sweet. :cool:

[ClayTrainor]

Recording this...

Will try to get it uploaded to youtube asap after it's finished :cool:

[Zolah]

Did I miss it :s what was said?

[HOLLYWOOD]

Recording this...

Will try to get it uploaded to youtube asap after it's finished :cool:

Just received an IM...

They CHEERED again at the CBOE when RP started his opening statement!

Bernake quoting statue 13.3 on his authority not to disclose... NOT WITH MY TAX DOLLARS BEN!

[LibertyEagle]

I usually don't talk like this, but ...

F*** YOU, BEN! :mad:

[Young Paleocon]

RP is the ranking member on a subcommittee he's i believe the second ranked republican on the committee.

[Dark_Horse_Rider]

Dang ! Couldn't they get someone who could speak clearly at least to chair this ? ! ? !??

[Bryan]

Ben Bernanke just said he thinks Central Banks should be as transparent as possible yet we don't even get M3 money supply numbers anymore.

[cska80]

Any Youtubes? I missed out I just got home from work ;(

[HOLLYWOOD]

Barney Frank on his reference to the FMOC

FMOC:
http://en.wikipedia.org/wiki/Federal_Open_Market_Committee (http://en.wikipedia.org/wiki/Federal_Open_Market_Committee)

PS: What an A$$HOLE Barney Frank is... "FEAR ofthere's some that think LESS HIGHLY than I do, some that state this is some plot to enrich people, you are taking less colateral than you should..."

Barney Frank well scripted act with Helicopter Ben.

[newbitech]

lol only 100 billion at risk!

[MsDoodahs]

Ben Bernanke just said he thinks Central Banks should be as transparent as possible yet we don't even get M3 money supply numbers anymore.

He is such a *(&^&%^*&(^*.

[amonasro]

Ben looks nervous--he just whacked the mic with his hand. "Sorry..."

[Dark_Horse_Rider]

Barney Frank on his reference to the FMOC

FMOC:
http://en.wikipedia.org/wiki/Federal_Open_Market_Committee (http://en.wikipedia.org/wiki/Federal_Open_Market_Committee)

PS: What an A$$HOLE Barney Frank is... "FEAR ofthere's some that think LESS HIGHLY than I do, some that state this is some plot to enrich people, you are taking less colateral than you should..."

Barney Frank well scripted act with Helicopter Ben.

I don't like to hear this guy talk. WTF ? Let Ron have the Mic ! ! !

[Bryan]

Any Youtubes? I missed out I just got home from work ;(

It's on live now...

[dannno]

Ben looks nervous--he just whacked the mic with his hand. "Sorry..."

rofl.. I can't wait to see this one..

[MRoCkEd]

whens ron coming up

[MsDoodahs]

I can't stand that Jaworski guy.

[StudentForPaul08]

Ron paul!!!!!!!!

[Zolah]

Ron on now

http://www.cspan.org/Watch/C-SPAN2_wm.aspx

[HOLLYWOOD]

I can't stand that Jaworski guy.

he worthless... I have relatives that think he's the savior of Eastern PA. Then again they're just as old as Kanjorski. :rolleyes:

Simple all vote to eliminate the FED or at least have it disclose ALL information and actions.

Hell, the Arm Services and DHS committees have Top Secret cleared people to gain information to ALL sensative material.

This FED privledge to privacy garbage is just a BANK SCAM.

[smithtg]

somebody summarize!! please!!

[ClayTrainor]

Will ron speak again after this, or will this be the last time?

[Bryan]

BB:" Congressman that was very interesting"

[JamesButabi]

tube meeeeee. god it sucks to be at work

[Dark_Horse_Rider]

BB:" Congressman that was very interesting"

...with his nervous deragatory chuckle...

[amonasro]

What did Ben say exactly about Milton Friedman's book? He tried to refute what RP said about the Great Depression.

[HOLLYWOOD]

Title 31 GAO right to Audit the FED, FDIC...

http://www.gao.gov/ada/antideficiency.htm (http://www.gao.gov/ada/antideficiency.htm)

Antideficiency Act Background

The Antideficiency Act is one of the major laws through which Congress exercises its constitutional control of the public purse. It evolved over a period of time in response to various abuses.

In its current form, the law prohibits:
Making or authorizing an expenditure from, or creating or authorizing an obligation under, any appropriation or fund in excess of the amount available in the appropriation or fund unless authorized by law. 31 U.S.C. § 1341(a)(1)(A).
Involving the government in any obligation to pay money before funds have been appropriated for that purpose, unless otherwise allowed by law. 31 U.S.C. § 1341(a)(1)(B).
Accepting voluntary services for the United States, or employing personal services not authorized by law, except in cases of emergency involving the safety of human life or the protection of property. 31 U.S.C. § 1342.
Making obligations or expenditures in excess of an apportionment or reapportionment, or in excess of the amount permitted by agency regulations. 31 U.S.C. § 1517(a).

[MsDoodahs]

I must have missed when the Fed installed their own CEO at AIG.

Did I misunderstand Ben right there?

:confused:

[Young Paleocon]

When does the FED meet again to change rates?

[haaaylee]

I must have missed when the Fed installed their own CEO at AIG.

Did I misunderstand Ben right there?

:confused:


Nope, he said that ....

[Dark_Horse_Rider]

A bit of strong arming

[MsDoodahs]

Ha, did you hear that slip by the other Texas guy?

"We need to print...er....borrow more money."

Crack up.

[Dark_Horse_Rider]

" You can't patch up this turkey "

[Bryan]

They cut the net feed. :(

[MsDoodahs]

Okay, was the INSTALLATION of a CEO at AIG by THE FED well known info and I just frikken totally missed it?

God I'm more and more pissed off.

[Kotin]

Okay, was the INSTALLATION of a CEO at AIG by THE FED well known info and I just frikken totally missed it?

God I'm more and more pissed off.

I thought the same thing..


ben bernanke is such a joke.. and Ron Paul did great as usual.

[newbitech]

chit, I wanted to hear the rest of that!

[HOLLYWOOD]

Oh that Rep. Carolyn Maloney (D-NY)... She's a Moron when it comes to Economics/Fiscal policies... how the heck did she get appointed to the financial committee? Oh that's right her district is WALL STREET! What a TOOL for Wall Street, The FED, and US TREASURY.

Maloney, "...I am not going forward on Transparency..."

Bernake... Apples, Oranges, Bananas... "We don't Spend, We Lend... We get Repaid"

[MsDoodahs]

That stupid blonde bitch in the red dress from CAlifornia I think...she just finished speaking a moment ago....she got her ass in a crack on CNBC earlier.

And Caruso-Cabrera got a tiny bit of respect from me for her questions.

But only a tiny bit.

Maloney - that's her, thanks Hollywood.

[newbitech]

http://www.cspan.org/Listen/C-SPAN-Radio_wm.aspx

still on the radio if you want to hear the rest.

[haaaylee]

i kind of missed that, bernake just said "im sure congressman paul would be worried about that." or "wouldn't like that."

[MsDoodahs]

Yeah, he was ridiculing the good Doctor, I'm sure, though I was not really listening close, but perked up when he said Mister Paul.

I hate you Ben Bernanke.

[surf]

i recorded the house of reps - and they were showing King Obama.... youtube?

[Dark_Horse_Rider]

Yeah, he was ridiculing the good Doctor, I'm sure, though I was not really listening close, but perked up when he said Mister Paul.

I hate you Ben Bernanke.

This seems to be their favorite tactic... to try and portray him as a joke somehow.

Watching this makes one realize what a gem we have in Dr. Paul and what a lack of competence we have in our government.

[MsDoodahs]

Okay, Bernanke said that the credit freeze is over in his hearing, I did not hear him say it but it was a "headline" on the bottom of the channel (bloomers).

Now, I see the headline "credit has slowed to a trickle says Geitner" on the bottom of the channel (bloomers.)


:confused:

[haaaylee]

http://www.youtube.com/results?uploaded=d&search_query=ron+paul+bernanke

[MsDoodahs]

Who was that guy "was the first 350 billion of the tarp spent as it was represented to the US CONGRESS - Yes or No?

Bernanke...uh...well...there was some confusion....blah blah blah

Congresscritter: I will take that as a NO. Thank you.

ROFLOL!

[cska80]

I like how he just said the Fed is backed mostly by gold. Says who? Him? Lets see it, Mr. Bernanke!

[brandon]

http://www.youtube.com/watch?v=XS6Y8lxig30

[MsDoodahs]

I like how he just said the Fed is backed mostly by gold. Says who? Him? Lets see it, Mr. Bernanke!

I missed that. Dang.

[Arklatex]

Who was it that Miss Doodahs is talking about

[Imperial]

/I like how he just said the Fed is backed mostly by gold. Says who? Him? Lets see it, Mr. Bernanke!

Oops, Bernanke you should realize the status quo system is fed by perception and foreign investment. You can't point out that the United States actually still has gold; remember, gold supposedly caused the Great Depression....

And now, transcripts of some nice moments. Courtesy of New York Times.

All that matters is how the people see it...

Emanuel Cleaver, a Democrat from Missouri, condemns the term “bad bank.” He says the term does not exactly inspire support for the program. Maybe it should be called the “Damascus Road” bank, he says, or maybe the Fed should have a linguist look into something else more appealing.

Always staving off disaster...

Asked again to evaluate the effectiveness of the original TARP funding, Mr. Bernanke says that the infusion of capital into troubled financial institutions was “important,” and that it “avoided a global meltdown.”

There is only so much man can do...

Tom Price, a Republican from Georgia, wants to know how much more the Fed can do, given how low interest rates are and how much capital has already been injected into struggling financial institutions. Mr. Bernanke says, “We’ve found some other ways to ease financial conditions,” and rattles off a few programs he listed earlier in his prepared testimony: lending directly to financial institutions to increase their liquidity; buying securities; intervening in the commercial paper market; etc.

Of course hyperinflation can never happen...

When asked about the risk of hyperinflation posed by the government’s pumping billions of dollars into the American economy, Mr. Bernanke says he does not see any immediate risk of hyperinflation. In fact, the economy has experienced disinflation in recent months. But to ward of out-of-control prices increases, a goal that Mr. Bernanke says is important for the long-term health of the economy, the Fed will eventually need to wind down its balance sheet expansion.

When has government ever wasted money?

J. Gresham Barrett, a Republican from South Carolina, asks Mr. Bernanke a tough yes-or-no question: Was the first $350 billion of the TARP spent well?

Mr. Bernanke doesn’t answer in an absolute affirmative or negative. He instead says there was some “confusion” initially, and that the money from the TARP was not used as originally planned — that is, for the purchase or troubled assets from flagging banks. He says the money was not available quickly enough to carry through on that plan, and so capital infusion instead became necessary.

Mr. Barrett responds: “I’ll take that as a no.”

The Fed is supposed to handle crises, but it does that other stuff too...


Asked whether the Fed can handle so many goals, responsibilities and pressures right now, Mr. Bernanke says the Fed was founded to manage crises, rather than to manage output between crises.

Perception again...plus the old Fed = fraud. Who is this congressman?

Randy Neugebauer, a Republican from Texas, wants to know what happens when no one wants to buy Treasuries anymore. He also complains about the way the Fed is characterizing its balance sheet. “You’d be on a watchlist if you weren’t the Federal Reserve,” he says.

Mr. Bernanke responds that investments in Treasuries have gone up because they are seen as safe.

The usual Ron Paul, always fighting for a voice

Ron Paul, a Republican from Texas, presidential candidate in the 2008 election and vocal opponent of the very existence of the Federal Reserve, complains about transparency at the Fed, and his colleagues’ apparent lack of interest in the subject.

Accountability

Spencer Bachus, a Republican representative from Alabama who is a ranking member on the committee, says that “not only has there been no disclosure” or accountability, but the government’s top economic agencies and officials have shown “active resistance” to explain themselves or disclose the terms of their plans to fix the economy.

The bright line is dull indeed....

Representative Bachus wants to know how the Fed decides which financial institutions to save, and says, “too big to fail implies too small to save,” which “doesn’t seem to be a fair criteria.” Mr. Bernanke says the Fed looks at the likely ripple effects of a particular bank’s failure, and that he agrees the process probably doesn’t seem fair to smaller institutions.


Arrogance of Centralized Banking(DONT WORRY, WERE SAVED)

Unusual and exigent | 1:28 p.m.: Mr. Bernanke talks about the Fed’s authority to lend directly to individuals, partnerships or corporations in “unusual and exigent circumstances.” He says that these programs will be wound down as “financial conditions improve and circumstances are no longer ‘unusual and exigent.’”

He also says he hopes to improve openness and public access to Fed policies and programs. He said Fed staff are rolling out a new Web site soon.

Judging success | 1:25 p.m.: Mr. Bernanke cites “widespread agreement” that the Fed’s recent lending programs, such as the commercial paper funding facility, have helped stabilize the nation’s financial system.

New lending facilities | 1:22 p.m.: Mr. Bernanke is explaining the Fed’s new lending programs, including “facilities to purchase highly rated commercial paper at a term of three months and to provide backup liquidity for money market mutual funds. In addition, the Federal Reserve and the Treasury have jointly announced a facility–expected to be operational shortly–that will lend against AAA-rated asset-backed securities collateralized by recently originated student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.”

[Conza88]

gimme all the tubes.. :eek:

[Knightskye]

Is there another video where Dr. Paul asks him a question?

I watched the video brandonyates linked to(http://www.youtube.com/watch?v=XS6Y8lxig30), which was about 3:10 of awesomeness, but he didn't ask Bernanke a question.

[Primbs]

these people... are SOOOO boring.... someone should juggle while they talk thatd be sweet

http://www.youtube.com/watch?v=4Z3oNslGYYA