Lucille
03-05-2013, 01:56 PM
How about we just End the Fed? This too, which would shut down the neo-Trot rag altogether:
End National Review Idiots
http://market-ticker.org/akcs-www?post=218297
National Review opens its mouth and proves its idiocy, all in just a few short paragraphs.
Senator Bob Corker, a wealthy businessman, is one of the savviest Republicans on all things financial. Before passage of the Dodd-Frank banking-reform law, the Tennessee Republican worked with Democrats, albeit unsuccessfully, to fashion a bipartisan bill. So considering Corker’s obviously high financial IQ, one would be forgiven for thinking that his bombastic questioning of Ben Bernanke last week was a rhetorical ploy or ruse. Within just a couple of minutes at a Senate Banking Committee hearing, Corker accused the Federal Reserve chairman of stimulating a “currency war,” creating a “faux wealth effect,” monetizing the federal debt, and being the central bank’s “biggest dove” since World War II.
What was that all about? A generous interpretation: Perhaps Corker employed wild misrepresentation in order to lob some softballs that the Federal Reserve chairman could easily knock out of the park. Perhaps Corker was a wily co-conspirator in the drama, playing the role of fierce but uninformed critic of the Fed only to give his man Bernanke an easily crushable foil. Some senatorial strategery!
Notice the article begins with an unsolicited (and unearned) sarcastic ad-hominen attack in the first sentence.
But what's worse is the utterly false claims that follow.
First, the premise that "bond buying" can somehow resurrect the economy is a false one presented without a shred of evidence of its efficacy. Indeed, all evidence is that it either does nothing or does harm, not help.
But more to the point is the utterly outrageous and false allegation that "tightening money" was responsible for the crash in 2007 and 2008. That National Review would run this line of crap is an outrage, given that the data is right in front of anyone's nose who cares to look:
[...]
Despite more than four years of "extraordinary" action by The Fed, the employment rate of the population has not moved one iota off the bottom.
That's the only employment statistic that matters, as it is the percentage of working-age adults that have jobs. It is the only figure you cannot fudge and yet it is also the critical factor for fiscal policy, since it is not possible to tax someone who doesn't have a job and thus has no means of income -- at best you can "take back" some of the largesse you shower on them.
Corker is right, Bernanke is wrong, the Judge of both, from which there is no appeal, is known as arithmetic and that National Review refuses to acknowledge the laws of mathematics renders that fish-wrapper as nothing more than yet another bastion of political hacksterism.
Oh, one final point -- arithmetic doesn't care about politics nor does it bow to same.
144 comments, mostly negative. Thank God for Ron Paul.
Pethokoukis: Math is hard.
End the GOP Attacks on the Fed
Republicans rip Bernanke, but what would Uncle Miltie do?
http://www.nationalreview.com/articles/342080/end-gop-attacks-fed-james-pethokoukis
And they are making this argument while inflation is at less than 2 percent, growth at less than 2 percent, and unemployment at nearly 8 percent. Really? Maybe Republican policymakers have spent too much time listening to inflationista gold-fund hawkers and reading anonymous Zero Hedge posts rather than, say, brushing up on the writings of Milton Friedman.
Maybe he should do more of that himself:
Bernanke's 'Inflation' Record
www.zerohedge.com/news/2013-02-27/bernankes-inflation-record
Addressing a question yesterday, from Senator Bob Corker, on his "being the biggest dove since World War II" and the "degrading effects that he's having on society," Bernanke responded proudly that be believed his "inflation record is the best of any Federal Reserve Chairman in the post-war period." Of course that is by his measure. We suggest, he and few of his transitory colleagues look at the chart below for a sense of just what his 'dovishness' looks like to the rest of the food- and energy-consuming world... or perhaps by 'best' he means 'most'.
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/02/20130227_Bernanke_0.jpg
End National Review Idiots
http://market-ticker.org/akcs-www?post=218297
National Review opens its mouth and proves its idiocy, all in just a few short paragraphs.
Senator Bob Corker, a wealthy businessman, is one of the savviest Republicans on all things financial. Before passage of the Dodd-Frank banking-reform law, the Tennessee Republican worked with Democrats, albeit unsuccessfully, to fashion a bipartisan bill. So considering Corker’s obviously high financial IQ, one would be forgiven for thinking that his bombastic questioning of Ben Bernanke last week was a rhetorical ploy or ruse. Within just a couple of minutes at a Senate Banking Committee hearing, Corker accused the Federal Reserve chairman of stimulating a “currency war,” creating a “faux wealth effect,” monetizing the federal debt, and being the central bank’s “biggest dove” since World War II.
What was that all about? A generous interpretation: Perhaps Corker employed wild misrepresentation in order to lob some softballs that the Federal Reserve chairman could easily knock out of the park. Perhaps Corker was a wily co-conspirator in the drama, playing the role of fierce but uninformed critic of the Fed only to give his man Bernanke an easily crushable foil. Some senatorial strategery!
Notice the article begins with an unsolicited (and unearned) sarcastic ad-hominen attack in the first sentence.
But what's worse is the utterly false claims that follow.
First, the premise that "bond buying" can somehow resurrect the economy is a false one presented without a shred of evidence of its efficacy. Indeed, all evidence is that it either does nothing or does harm, not help.
But more to the point is the utterly outrageous and false allegation that "tightening money" was responsible for the crash in 2007 and 2008. That National Review would run this line of crap is an outrage, given that the data is right in front of anyone's nose who cares to look:
[...]
Despite more than four years of "extraordinary" action by The Fed, the employment rate of the population has not moved one iota off the bottom.
That's the only employment statistic that matters, as it is the percentage of working-age adults that have jobs. It is the only figure you cannot fudge and yet it is also the critical factor for fiscal policy, since it is not possible to tax someone who doesn't have a job and thus has no means of income -- at best you can "take back" some of the largesse you shower on them.
Corker is right, Bernanke is wrong, the Judge of both, from which there is no appeal, is known as arithmetic and that National Review refuses to acknowledge the laws of mathematics renders that fish-wrapper as nothing more than yet another bastion of political hacksterism.
Oh, one final point -- arithmetic doesn't care about politics nor does it bow to same.
144 comments, mostly negative. Thank God for Ron Paul.
Pethokoukis: Math is hard.
End the GOP Attacks on the Fed
Republicans rip Bernanke, but what would Uncle Miltie do?
http://www.nationalreview.com/articles/342080/end-gop-attacks-fed-james-pethokoukis
And they are making this argument while inflation is at less than 2 percent, growth at less than 2 percent, and unemployment at nearly 8 percent. Really? Maybe Republican policymakers have spent too much time listening to inflationista gold-fund hawkers and reading anonymous Zero Hedge posts rather than, say, brushing up on the writings of Milton Friedman.
Maybe he should do more of that himself:
Bernanke's 'Inflation' Record
www.zerohedge.com/news/2013-02-27/bernankes-inflation-record
Addressing a question yesterday, from Senator Bob Corker, on his "being the biggest dove since World War II" and the "degrading effects that he's having on society," Bernanke responded proudly that be believed his "inflation record is the best of any Federal Reserve Chairman in the post-war period." Of course that is by his measure. We suggest, he and few of his transitory colleagues look at the chart below for a sense of just what his 'dovishness' looks like to the rest of the food- and energy-consuming world... or perhaps by 'best' he means 'most'.
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/02/20130227_Bernanke_0.jpg