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  •  Not sure this is Bernanke's job (3+ / 0-)
    Recommended by:
    Canadian Reader, pdt, givemhellHarryR

    He's pretty much supposed to focus on money supply, the value of the dollar and such.  Since Bush is campaigning to have his Fast Track Trade Authority extended this summer, seems like Bernanke should try to stay out of the politics.  He and every member of his board were appointed by Bush.  It's one thing for him to say something could be a problem relating to the dollar such as he did telling congress medicare needed a fix, but he stopped short of saying anything about how he thought it should be done.  It's the same in this case.  He can shine light on a problem, but it's for congress to research, debate and find solutions.  When it comes to trade, with fast track, they've pretty much abdicated that to Bush.  

    Winning without Delay.

    by ljm on Wed Feb 07, 2007 at 11:14:26 AM PST

    •  Greenspan also presented the same concerns (n/t) (0+ / 0-)
    •  oh, regulation is part of his job (0+ / 0-)

      as his office is a named advisor of the president.
      let me introduce you to Executive Order 12631, Working Group on Financial Markets: treasury and chairs of FRB, SEC, CFTC. still in force; who do you think made the decision to close the markets 9-11? hint: it wasn't the decider.

      (c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.

      that's the juicey part of a very brief order assuming some mighty interesting executive authority. but the kinky part is that bernanke is only the 2nd FRB chair in the Group. greenspan was the first FRB chair of the Group and held his spot for 20 years.

      bernanke was recently joined on the "plunge protection team" by SEC chair chris cox (formerly CA-40, CA-47, CA-48) .

      Diversity is the key to economic and political evolution.

      by MarketTrustee on Wed Feb 07, 2007 at 12:52:15 PM PST

      [ Parent ]

      •  The financial markets he regulates work fine (0+ / 0-)

        wealth inequality is not being driven by inadequate financial market regulation, it is being driven by inadequate shareholder democracy in publicly traded companies, and by problems in the labor market.

        "Those who can make you believe absurdities can make you commit atrocities" -- Voltaire

        by ohwilleke on Wed Feb 07, 2007 at 01:59:34 PM PST

        [ Parent ]

        •  why, that's a great ad (0+ / 0-)

          for swapping RE equity for HSAs and privatized SS.
          not.

          Diversity is the key to economic and political evolution.

          by MarketTrustee on Wed Feb 07, 2007 at 02:23:17 PM PST

          [ Parent ]

          •  Neither the federal debt nor household debt (0+ / 0-)

            is being driven by households losing their shirts in the stock, bond or commodity markets.

            There are problems with the economy all right, but the piece that the Fed have a piece of regulating is not an important cause of income inequality or most of our other economic woes.

            The SEC has considerably more regulatory authority over how public companies work.

            The main matters regulated by the Fed are:

            1. The mechanics of clearing checks.
            1. The mechanics of wire transfers.
            1. Short term interest rates to banks.
            1. The money supply.
            1. Reserve requirements for commercial banks.

            #1 and #2 are important but not controversial.  #3 and #4 are very carefully monitored.

            #5 almost never changes.

            "Those who can make you believe absurdities can make you commit atrocities" -- Voltaire

            by ohwilleke on Wed Feb 07, 2007 at 02:48:14 PM PST

            [ Parent ]

            •  " Neither the federal debt nor household debt (0+ / 0-)

              is being driven by households losing their shirts in the stock, bond or commodity markets." WTF?

              HH can't help losing their shirts because of PPTeam market husbandry. monetary policy = supply-side econ; i would think that would be obvious to you especially, regardless of bonddad graphs illustrating value destruction in equity and securities markets over exactly the last 20 years.

              instead you hand me a made-for-teevee list of FRB talking points as if capital flow circulates  in silos --as if "consumer" banking or the integrity of reserves have absolutely no relation to lendor regs, margin lending, paper trade of mortgages, private equity or public co. issues (including RE), securities lending, futures, derivatives, compulsive printing, inflation engineering (commodity or PE), and retained earnings that do NOT "trickle down" to employment rate increases ...

              US is at full employment despite population and "productivity" growth.

              my comment about EO 12631 concerns absolute coordination of (not)fiscal and monetary policy by THE four agency heads who determine every point of finance entry and (de)regulatory effects on market valuations. they fucked up american income equality, and you call me out with "The financial markets he regulates work fine"??

              get a grip. market values are in the toilet. currency and equity are unsecured, and the free rate is FUBAR, and that's why M3 is no longer reported. value is totally dependent on buyer expection.

              Diversity is the key to economic and political evolution.

              by MarketTrustee on Wed Feb 07, 2007 at 05:30:34 PM PST

              [ Parent ]

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