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- It's interesting how Ben blames the American economic condition on the level of education when the working class has been priced right out of higher education. Just take a look at the cost of higher education vs inflation. What the USA needs to do right now is start to produce qaulity products that we did 20 to 30 years ago before we were sold out by the Wall Street and elite pigs.
Here is what we should look up to Right here on 60 Minutes. http://www.youtube.com/watch?v=9YcWLXBXaD8 A real American hero who we should all aspire to.
We as leaders don't need to make ourselves rich at the expense of others. - Reply to this comment
- I am disgusted at the few making financial decisions for the many. When the govenrment has to figure out how to feed their children without having a tax base to rape, then maybe we have something to talk about. The democrats are liars and the republicans are little better. How did are great nation get reduced to the mangement of carpetbaggers and liars and the rest of of sit back and accept it? This is NOT the America I grew up in and NOT the land of opportunity any longer and everyone on Washington should start thinking about how to make it that land again .... if you are't you need to go home and put people in charge that will make this the land that Adams, Washington and Jefferons envisioned. Stop the ridiculous in fighting and care about your country... you criminals!
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- As recently published data shows, Bernanke opened his vault to all banks, big corporations and assorted rich hedge funds and individuals to let them borrow nearly Three TRILLION dollars at near zero percent.
This was to avert a "systemic failure" caused by poor lending decision by the banks in order to put people into inflated homes they could not afford - and package mortgages into "securities" they could peddle to ignorant investors.
Now, while most of the deadbeats have abandoned their homes, many hard working Americans who never participated in this mayhem are suffering due to the decline in their home values whereby they cannot refinance or take advantage of lower interest rates like the fat cats that Ben helped out.
How about it Ben? It is the people money, and surely, you can let all solvent homeowners refinance their homes at 3% without the banks and servicers standing in the way to collect fees and charge higher rates! - Reply to this comment
- As recently published data shows, Bernanke opened his vault to all banks, big corporations and assorted rich hedge funds and individuals to let them borrow nearly Three TRILLION dollars at near zero percent.
This was to avert a "systemic failure" caused by poor lending decision by the banks in order to put people into inflated homes they could not afford - and package mortgages into "securities" they could peddle to ignorant investors.
Now, while most of the deadbeats have abandoned their homes, many hard working Americans who never participated in this mayhem are suffering due to the decline in their home values whereby they cannot refinance or take advantage of lower interest rates like the fat cats that Ben helped out.
How about it Ben? It is the people money, and surely, you can let all solvent homeowners refinance their homes at 3% without the banks and servicers standing in the way to collect fees and charge higher rates! - Reply to this comment
- David Stockman, former Director of the U.S. Office of Management and Budget under Reagan.
"The FED is running a very reckless money printing campaign", "This is probably the most reckless chapter in central bank history in the modern world in the last Century, it is extremely dangerous bordering on lunacy",
http://watch.bnn.ca/#clip384325
. - Reply to this comment
- Should I or any other individual (besides Ben Bernanke) purposely manipulate the stock market to cause it to go up, we would be arrested. The Fed is admitting that they are doing exactly that. How is this legal?
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- where in the name of editorial responsibility did you pluck this preview of Chairman Ben's 60 minutes of fame from? Don't you know markets feed on his every nosepick, as it were? Or maybe you do, and were long the S&P and commodities and short the dollar before you published the 'might do more' QE2 tease?
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- Sorry, but he is an ass. Tax cuts are NOT going to help as long as there is corruption and stock market manipulation. See the movie "Stock Shock-The Short Selling of the American Dream" for a look at how things really work. If you are on a budget, buy the movie at the site www.stockshockmovie.com and save a few bucks. It is an education we all need.
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- Gee, how unexpected. A puff piece from 60 minutes to help the Fed Chairman with damage control. Will there ever be a mainstream news organization that reports the truth anymore? If the producers had done their homework, they would understand the Fed's policies are about to drive this country right off a cliff. There is 10x more debt on the Fed's balance sheet than ever before... and 90% of the funds from QE have gone right into the pockets of the big banks in one strategy after another to try and replenish their coffers after they recklessly blew their own money.
The produces should have posed this question to Bernanke: If the purpose of QE2 is to raise asset prices (the stock market), and create a wealth effect, how is the average person who is no longer in the stock market supposed to benefit? Does Bernanke really think the average Joe is still as invested in the stock market as he was in 2007? After two stock market crashes, after having half their wealth destroyed by the incessant greed and manipulation of wall street bankers and a broken stock market (see flash crash, HFT, etc., is it any wonder why the majority of money has gone into bond funds and not the stock market over the last year?
Are we to understand that Bernanke is giving some kind of all clear now, that it's safe to put all our money back into the stock market and risk having it cut in half again? It would seem strange to invest our retirement saving in the stock market under the pretense that the FED is inflating asset prices, that's why stocks are going up. Not because the companies they represent are doing well, but because the banks who are selling the treasuries to the Fed are using the money to buy stocks. The same banks who were so concerned about the well being of the middle class a couple of years ago when they drove this country into the ground with subprime. Something tells me that when the banks and hedge funds decide it's time to take profits on all these freshly inflated assets, they're not going to go on 60 minutes and tell everyone.
And even if all this misguided nonsense still makes sense to Bernanke and the producers of this segment, then lets get some hard facts about how and when we the public are supposed to buy stocks. Strange that Bernanke is spending tax payer dollars to raise the stock market and create a wealth effect, but I don't remember Bernanke or anyone from his office communicating directly with me and telling me the plan. Am I just supposed to NOTICE the market has gone up recently and decide to join in... insane! - Reply to this comment
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