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WRESTLINGFAN

10-24-2005, 10:06 AM

Ben Bernanke has been chosen to replace Alan Greenspan. Bernanke has been on W's team of Economic Advisors and is in favor of keeping tax cuts permanent. Being Fed Chairman is an important position because he needs no approval from the President or Congress to raise or lower interest rates. Alot of people have criticized Greenspan for raising rates 11 times in a row. He says to prevent inflation but the markets do not like this policy

O and A... PARTY ROCK!!!!!

HBox

10-24-2005, 11:33 AM

Ben Bernanke has been
chosen to replace Alan Greenspan. Bernanke has been on W's team of
Economic Advisors and is in favor of keeping tax cuts permanent.That
right off the bat makes me question his qualifications. How exactly is
the deficit going to be reduced with a fucking war with no end and a
massive Medicare expansion right down the pipe? Don't fucking mention
cut spending, because even if were we to forget the last 5 years when
they increased spending (even discarding war spending), there's nowhere
near enough cuts that can be made to make up for it. It's about time
these people start dealing with the reality they created. 


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Recyclerz

10-24-2005, 01:10 PM

Jeez, I'm sure this thread is going to be competing with "Hot chick pic" thread for most views in no time! <img src="http://www.ronfez.net/messageboard/tiny_mce/plugins/emotions/images/wink.gif" border="0" />Although my knee jerk reaction (like H-Box's) is that anybody associated with W has got to be bad news, we should probably give this guy a chance.  He's made the proper noises about fighting inflation in an open manner being the Fed's primary responsibility.  That is going to be a huge job going forward since the irresponsible fiscal policy we're running (Thanks to Bush AND the Congress) makes a weak dollar and consequent inflationary pressures a sure thing. He'll have some fancy stepping to do to keep the debt buyers (China, Japan) content whilst not jacking up interest rates so high that we get a nice little recession going.  As long as he doesn't follow wrestlingfan's advice of recommending that most of the W tax elimination's become "permanent"  i offer Dr. Bernanke the following blessing:GOOD LUCK, BRO.

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HBox

10-24-2005, 01:17 PM

Despite his view on taxes, hopefully he'll do a
good job. That is one area (taxes) where he has no control. He does
seem to be qualified, and considering what's been going on, that is a
relief. To steal from Fark, at least it's not some guy who did Bush's
taxes back in the 70s. 

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walking joint

10-24-2005, 01:19 PM

as long as he slows down rising rates until I buy a home and get a good interest rate I'll be happy.  selling my place is going alot slower then I had hoped and I don't want to miss out on a new mortgage at 6%. 

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HBox

10-24-2005, 01:24 PM

Don't hold your breath on that. I read an article
stating that he might have to raise rates aggresively once he takes
ofice just to show that he's serious about fighting inflation. Make no
mistake, they will go up, and soon. 

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FUNKMAN

10-24-2005, 01:28 PM

if the interest rates continue to rise then it should mean housing prices should come down. it may be better to get a higher interest rate now on a lower price of the home because down the road the rates may come down and you can refinance and the value of your home will increase

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walking joint

10-24-2005, 01:34 PM

prices have gone up so high on homes that even if they do fall a bit due to rising rates, it will still be a steep price to pay.  from articles i've seen, obviously different then the ones HBOX has read, the general feeling was he would slow the pace of the rising rates.  in fact the one on MSNBC credited todays rise in the market to just that reason. rates have already gone up a bunch though.

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WRESTLINGFAN

10-24-2005, 01:39 PM

quote:  quote: Ben Bernanke has been chosen to replace Alan Greenspan. Bernanke has been on W's team of Economic Advisors and is in favor of keeping tax cuts permanent.  That right off the bat makes me question his qualifications. How exactly is the deficit going to be reduced with a fucking war with no end and a massive Medicare expansion right down the pipe? Don't fucking mention cut spending, because even if were we to forget the last 5 years when they increased spending (even discarding war spending), there's nowhere near enough cuts that can be made to make up for it. It's about time these people start dealing with the reality they created. <img src="http://img194.imageshack.us/img194/7449/georgesig0mm.jpg" border="0" /> Cut spending.  But in unnecessary areas like that new transportation bill which has the "bridge to nowhere" This is going to cost about a half a billion dollars in which only about 50 people in some remote town in Alaska will use. There is so much porkbarrel spending its ridiculous. Do they really need to have a rain forest in the midwest? Thats more gov't pork in this transportation bill, not to mention about 6000 others in it. Getting rid of unnecessary spending probably wont have a balanced fed budget, but with a deficit of about 400 billion dollars every little bit helps  O and A... PARTY ROCK!!!!!

This message was edited by WRESTLINGFAN on 10-24-05 @ 5:40 PM

high fly

10-24-2005, 02:38 PM

quote: Ben Bernanke has been chosen to replace Alan Greenspan. Bernanke has been on W's team of Economic Advisors and is in favor of keeping tax cuts permanent.   Is he, like Lawrence Lindsay, one of those who said Bush's first round of tax cuts would lead to a small, temporary deficit, and that we would return to surpluses by 2004?Bernanke's membership on Bush's team of economic advisors is evidence enough of incompetence, as the tax cuts have not stimulated the economy enough to make up for the deficits they caused.Just like with Ronald "Dutch" Reagan "trickle down" didn't, and massive, record-sized deficits piled up, and the Republicans who did the record spending of money they didn't have, have yet to come up with a plan to pay off the record amount they had to borrow to cover their deficits.  

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Bulldogcakes

10-25-2005, 03:18 AM

Greenspan is
widely viewed as the most successful central banker in history. During
his more than 18 years as Fed chairman, he presided over the longest
economic expansion in U.S. history from 1991 to 2001 and only had two
mild recessions during his watch, in 1990-91 and 2001. 

He adjusted interest rate policies to cushion the economy from two
steep stock market declines in 1987 and 2000. He also worked to keep
the economy on track during a string of other financial calamities
including the savings and loan crisis of the late 1980s, the 1997-98
Asian financial crisis and the corporate accounting scandals of 2003. 

While Bernanke pledged continuity with his predecessor's policies, the
two men differ on whether the Fed should set targets for inflation _
Bernanke thinks it should, Greenspan does not. Otherwise they share a
similar philosophy, so much so that while the younger man was at the
Fed, market observers often looked at his speeches for insight into
Greenspan's thinking. 
 A summa cum
laude graduate of Harvard University in 1975, he received his doctorate
from the Massachusetts Institute of Technology in 1979. During his
years in Boston, he focused on the economic underpinnings of the Great
Depression and the losing track record of the city's beloved baseball
team, the Red Sox. 
 
 
Stock market rose on news of his selection. Has little disagreement
with current Fed chair. Greenspan's 79 years old, you cant nominate him
again for a multi year term.
 
Much better than his last (Supreme Court) appointment.  
 
 



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