In response to:

Obamanomics Has Failed Dismally

SD3 Wrote: Sep 15, 2012 11:11 AM
Larry, Bernanke is not interested in growth. He's simply trying to reflate asset prices. And based on what I see in the housing market and commodities, it's having an effect. The fact that this shouldn't be the Fed's charge is a more valid point. The Fed should be responsible for maintaining a sound dollar. Period. But Hubert Humphrey haunts us from the grave.
Ron4594 Wrote: Sep 15, 2012 6:42 PM
The FED should be abolished NOW!!!!!
geotay Wrote: Sep 15, 2012 1:50 PM
Bernanke said it was not a political move. Having to say that means that it was.
Drik Wrote: Sep 15, 2012 10:01 PM
It was NOT. It was a move designed to keep the economy from collapsing since they (and he) really haven't figured out what else to do that Presbo is actually LIKELY to do. Cutting taxes and spending has worked every time it has been tried in the past in this and other countries but THAT has a snowball's chance of actually happening here.

Keep it from crashing. Not really political.

About 30 years ago, Paul Volcker launched a monumental monetary effort to bring down inflation. As Fed chairman, he sold bonds, removed cash from the economy and cared not one wit about rising interest rates. And it worked. Gold plunged, King Dollar soared, and the drop-off in bank reserves and money extinguished high inflation -- and actually launched a multi-decade period of very low inflation.

This week, current Fed chairman Ben Bernanke embarked on an absolute reversal of Volcker's policy. He is launching a monumental effort to buy bonds and inject new money into the economy in order to reignite economic...