Are You Confident in Ben Bernanke?

[Arkie]

Bernanke controls the entire money supply of the entire nation and is considered by many to be the most powerful man in the world. Control over citizens' money has been the most sought after power of all rulers throughout the history of the world.

Over 18,000 people have taken this CNBC poll. I have never seen this much disapproval for anybody.

http://www.cnbc.com/id/43484679

[Garcia Bronco]

I don't understand the full implications (not that anybody does) of changes by the Fed to our money. I will say that this bull**** of bottom barrel rates is getting beyond dumb.

[mhgaffney]

Originally Posted by Garcia Bronco

I don't understand the full implications (not that anybody does) of changes by the Fed to our money. I will say that this bull**** of bottom barrel rates is getting beyond dumb.

Huh?

Maybe you could rephrase that.

[alkemical]

Originally Posted by Garcia Bronco

I don't understand the full implications (not that anybody does) of changes by the Fed to our money. I will say that this bull**** of bottom barrel rates is getting beyond dumb.

From Wiki:

According to the Board of Governors, the Federal Reserve is independent within government in that "its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government." However, its authority is derived from the U.S. Congress and is subject to congressional oversight. Additionally, the members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by Congress. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system's highest-level employees. Thus the Federal Reserve has both private and public aspects.[12][13][14][15] The U.S. Government receives all of the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2010, the Federal Reserve made a profit of $82 billion and transferred $79 billion to the U.S. Treasury.[16]

So, some of these member/charter banks get a return on handling the $ for the US as the central bank, right?

So then when TARP $'s were paid out to these banks, they got that $ + plus the $ they get being in the FedReserve?

Pretty sweet deal.

[pricejj]

Bernanke is a criminal and should be prosecuted as an enemy of the people. Quantitative easing (printing money), to devalue the dollar is criminal, and has never been done before at this level. It is a criminal act to destroy the wealth of American citizens to give interest free loans to his friends at big banks.

[Arkie]

QE1 and QE2 propped up the markets. QE2 ends next week. QE3 is a done deal, but Bernanke may call it something else.

[Popcorn Sutton]

No.