Comments on: Ben Bernanke's Greatest Challenge
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- Once again we hear about an exclusive interview on 60 Minutes, as if we should think that means we will hear something of substance and importance. Has anyone at CBS figured out that 60 Minutes keeps getting 'exclusives' because you have become nothing more than a PR/Propaganda machine for people in trouble: Roger Clemens, A-Rod, now Bernanke/Fed? You let interviewees come on air, lie and walk away without challenging what they are saying. OK, technically Bernanke has not lied yet because the show has not aired...but since he lies on a regular basis, it's a safe bet he will lie to the interviewer.
Maybe you should take a look at Jon Stewart's interview with Jim Cramer this week. THAT is how you conduct an interview. It would be great to see 60 Minutes get back to the hard hitting journalism it was once famous for. - Reply to this comment
- Over the course of the interview, I expect to hear many lies and half-truths.
I can excuse them all if Bernanke comes clean and admits that his primary concern was to make sure that Goldman Sachs and AIG executives were taken care of. - Reply to this comment
- Dear Mr. Bernanke:
As a shareholder of AIG, I am casting my vote to cease further bonus payments until such a time as AIG has paid back all existing shareholders (a.K.a. Taxpayers).
In addition, I am voting yes to remove and replace the current CEO and Board of Directors.
Your attention to this matter is appreciated as we shareholders have incurred enough pain and suffering.
As with any publicly traded company, we shareholders have the right and obligation to voice an opinion regarding the manner in which the company is conducting business. I and my fellow shareholders are simply seeking to protect our investment and reduce the negative repercussions the current direction of AIG will have on our next two generations.
I look forward to seeing you at the AIG shareholder meeting.
Sincerely,
A hard working and responsible United States Taxpayer - Reply to this comment
- The FED is corrupt to it's core. It is very pro-megabank and very anti-community bank. It has no governmental oversight.
Allowing this entity to rule our financial system is a mistake. They follow their agenda no matter what the cost to our nation as a whole.
Abolish the FED. Coordinate and standardize the other regulatory agencies and get our country on solid footing again. - Reply to this comment
- This "interview" will be nothing but propaganda designed to ease fears. The financial crisis is still unresolved. He is supposedly an expert on the Great Depression. I bet he never thought that one day he'd be navigating through another one.
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- My teacher of post-science, Dr. Hugh Ching, wrote the following comment to the Federal Reserve:
"Subject: Mark To Market: The Market Price Is Wrong !
Knowledge should be the solution to all our problems, not politics or money.
The irrational market participant determines the irrational market price. When the market participant becomes rational, the market price would be rational. The Mark-to-Market accounting standard is based on the assumption that the market price is correct, but it is correct only when a correct solution of value is used by all the market participants.
To break this circular dependence that the Mark-to-Market depends on the solution of value and the solution of value depends on Mark-to-Market to implement, I shall submit the enclosed offer to the Federal Reserve to initiate a serious search for a correct solution to valuation. This will also break the deadlock between the irrational society and knowledge and between politicians and people of knowledge. If Obama is serious about change, he should allow for the first time political power to be subordinate to non-violable laws of nature, for which the main technical question is:
Have We Or Have We Not Solved The Problem Of Price Determination?
All of us should be forced by the financial crisis and the Mark-to-Market debates to ask the question:
Have We Solved The Problem Of Price Determination?
In particular, if Obama, Ben Bernanke, Tim Geithner, and all the economic and business reporters ask this question, we could have the price stabilized immediately and the financial crisis solved with far less spending. But, most of them try to avoid the problem, even when the problem is starting to stare them right in the face.
Well, to make a very long, about 5,000 years of human recorded history, story short, after the complete avoidance of my solution to price determination, which is endorsed by virtually all the authorities in real estate appraiser, by the US financial authority under Alan Greenspan and US government, I have the solution of price patented as:
"Quantitative Supply Demand Model Based On Infinite Spreadsheet" (Pat. No. 6,078,901)
The key words in the above title are Quantitative and Infinite. Using common sense, most market participants can only solve the problem of price qualitatively, resulting in the "invisible" hand of Adam Smith. The buyer generally wants the price low and the seller, high, resulting in an qualitative equilibrium, verified by Gerard Debreu with rigorous mathematics (fixed point theorem).
Right now there are three main parties to this Valuation Debate, which should precede the Mark-to-Market Debate. They are Party 1. The best thinkers in history, Party 2. The market participants, including, particularly, the government, and Party 3. Nature with its non-violable laws of nature.
Party 1 includes mainly Immanuel Kant, who is credited by David Hilbert, the teacher of the teacher, Richard Courant, of my mathematics teacher, Harold Grad, as the first person to consider infinity, John von Neuman, the co-inventor of the computer, Gerard Debreu, a pure mathematician, and Kenneth Arrow. They are still working on the problem of value, implying that the problem is still unsolved. Can they really be wrong? Party 3 agrees with them.
With the secretive Alan Greenspan out of the way, who caused all the financial crises by following the lawless Free Market principle of Milton Friedman (not knowing the existence of non-violable laws of nature), the disagreement will be between Party 2 and the other two parties. Bernanke should seize the opportunity of the chronicle financial crises to introduce the solution of value (infinitespreadsheet.com) to the financial world. ### Hugh Ching, Post-Science Institute, 3-13-2009" - Reply to this comment
- This is the appointed leader of one of the largest organized crime syndicates in the world.
Did you know that the Federal Reserve is not owned by the U. S. government but by a group of elite bankers who bribed our leader years ago into allowing them to control the monies of America? And we're not even allowed to know which bankers own it.
Abolish the Federal Reserve now to stop the non-stop bleeding of our wealth to these charlatans. - Reply to this comment
- I wish Scott Pelley could ask the Chairman, "Why does he not open the Fed window to U.S. public to help the economy"? John Ison, Pittsburg, Kansas
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- Bernanke has positioned himself admirably as the savior for this crisis because he's the smartest guy in the room with expertise on the Great depression, avoiding the criticism that has fallen upon his once deified "Maestro" predecessor Greenspan. Problem is, no one has pointed out that 1) for the worst of the bubble inflating phase of Fed policy, (2004-2006) when rates were kept low after the recover began, Bernanke was Greenspan's commander in chief and not exactly an innocent bystander. He was privy to all the excesses occuring in the mortgage market. I know. I shorted several mortgage companies back in 2006 & 2007 using Fed data. 2) The markets assigned a patsy status to Bernanke the moment he was announced as the nominatee to replace Greenspan in Oct 2005. For 22 years under Greenspan, Gold traded in a range of $255-$500, disciplined by the fact that if monetary policy got too easy, the Fed had the resolve to tighten, which Greenspan did in 1987, 1989, 1994, 2000 & 2006. When Bernanke was announced, Gold immediately broke out of that range rising to $760 in only 3 months, and doubling within a year a half. So much for the perception of Monetary discipline from the New Fed chairman. 3) During 2006-2007, under Bernanke, the worst of the subprime lending and issuance of toxic securities occurred. All the excesses went into overdrive during this period: asset backed commercial paper issuance from non-traditional issuers, CDSs and CDO-squared by Wall street, and massive leveraging by Private Equity firms. Where was the Fed and Treasury to issue warnings or take the punchbowl away? Again, I used their data to position short in some of these markets. Now they pretend it could not have been known. Yet it was, and the Fed was in the best position of all to have known and done something. Bust instead, he is now going to get on his soapbox and pontificate a post-mortem about what went wrong. 4) In 2006-2007, every time the markets tried to correct the excessess, the market would abruptly stage massive one day 2%-3% rallies because reassuring words and easy policy from Bernanke set investors at ease that there was nothing to be concerned about. Yet if the market were allowed to work on its own, the credit bubble would never have inflated to the size that it did since assurances from the Fed that its OK to remain in the water, would have been ignored, and a more orderly correction would have occurred sooner, preventing extremes to go as far as they did. So when Bernanke is given the royal treatment on Sunday for problems he will claim others caused, including his predecessor "Greenspan's Put Option" that placed a safety net under risktaking, remember he had a front row seat for the worst of the origination of the credit excesses, yet said and did nothing.
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