Wednesday, August 26, 2009
Bernanke Receives Reprieve, Obama Shifts Focus off Afghanistan Deadliest Year
Dear Leader His Excellency Barack Hussein Obama, Junior reappointed the abysmal Ben "Print That Fiat Money!" Bernanke to another term as Fed Chairmain. WSJ:
When George W. Bush nominated Ben Bernanke to be Federal Reserve Chairman in late 2005, we wrote that there was "at least rough justice" in the fact that Mr. Bernanke would have to clean up a monetary bubble that he had helped to create. Alas, that was truer than even we feared, and yesterday President Obama rewarded Mr. Bernanke for his efforts by nominating him for a second four-year term.
Mr. Bernanke does deserve credit for easing money when the panic became a stampede last autumn. With credit markets frozen and the economy shutting down, the Fed acted to offset a collapse in confidence and money velocity. Some of the Fed's creative liquidity measures also reduced fear and revived the market for the likes of commercial paper. These probably did help to prevent the panic from becoming a crash.
But none of this absolves the Fed from creating the mania that ultimately led to the panic. The first duty of any central banker is to protect the value of the currency, and the nearby chart tracks the value of the dollar against both oil and gold from Mr. Bernanke's appointment as a Fed Governor in late 2002. This is not a history of careful, stable monetary policy. The chart shows how the dollar plunged against commodity prices in the middle part of the decade, the first signal of the credit bubble that would spread to housing and across financial markets.
The second spike reveals how the dollar sank—and oil and gold soared—as Mr. Bernanke eased money abruptly in August 2007 when the credit mania first broke. This commodity spike weakened the economy further in 2008 and contributed to the failures that struck after Labor Day. As economists Anna Schwartz and John Taylor have noted, Mr. Bernanke misdiagnosed as a liquidity crisis what was principally a bank solvency problem. This is one reason his easing did little to stem the panic throughout 2007 and 2008. A steadier monetary hand might well have avoided the autumn panic. But the Bernanke Fed was taken as much by surprise as Lehman Brothers.
The inmates of the Financial Asylum now have the keys to the printing presses. That instills confidence, doesn't it?
I'm on-the-record for not being enthusiastic at all when W. Bush appointed Bernanke, and I'm even less than thrilled with his performance this year. He did not, in my opinion, deserve to be re-appointed.
The other suspicious item is why Dear Leader His Excellency Barack Hussein Pbama, Junior picked today to make the announcement, considering Benny technically didn't have to re-appoint Benny Bernanke for a few more months.
Obama did this only to remove focus and attention from the fact that 2009 has become Afghanistan's DEADLIEST YEAR. Slate (hardly Right-of-Center):
The deaths of four American soldiers Tuesday in Southern Afghanistan bring the number of foreign troops who have died in Afghanistan to 295, making 2009 the deadliest year for these soldiers since the Taliban was overthrown in 2001. The bombings came on the same day that the government released a partial, inconclusive count of Afghanistan's presential vote. The soldiers were killed in a southern region of the country, where the Taliban is strongest, but the NATO statement announcing the deaths provided no additional details. The deadliest year before this year was 2008, when 294 Western troops were killed in the country. There are now more than 100,000 foreign troops in Afghanistan, including 63,000 from the U.S., after the Obama administration sent more than 30,000 additional troops this year.
But it's Obama's
Eternal judgment has begun.
May God give his family peace and confort in this time of pain and sadness..
Oh, I'd be certifiable if kept on the tarmac for six hours. Padded room, straight-jacket babbling certifiable.
I like to think I am. I just am not with Ted Kennedy and Mike Malloy.
Remember when the Left just hated Ben under Bush? Oh they hated him.
Now, Ben can do no wrong. It's amazing what a letter behind your name can do for you, huh?
Not to take away from those in Iraq but they were sent there under false pretenses to fight a war that should not have started to begin with. In Afghanistan they are fighting against people who have no qualms about killing American's. The Taliban has only one goal and that is death to America.
Saddam could have been taken out with a well placed explosive or bomb if need be. Maybe even a good shot from a Marine sniper. Now we have a mess of unspeakable proportions and have turned a potential ally in the Iraqi people into a country that despises our country.
George W. Bush started a war he knew he could not win much like the Russians did in Afghanistan in the 80's. I just cannot see how you so easily forget that and turn to blame someone else.
While the Dems were too cowardly to do anything about Hussein, Bush was not.
Blame the Dems for the false pretenses.
There were WMDs found. How quickly you forget or simply didn't bother to search out, that Hussein has reservoirs of mustard gas. You don't consider that a WMD...a chemical weapon? Ask the Kurds what they think.
Remember when The Left said "even one death is too many?" So 295 American deaths is an acceptable threshold for you? 14,000 Americans die every year from falling down. This is true, look it up.
You appear to support Saddam's torture and rape rooms and how his sons treated the Iraq soccer team players when they lost. I can only presume you favor dictators who toruture their own people. That's sad, Wade, really sad.
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