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(CNBC)   Uncle Ben, who famously opened up America's printing press to Wall Street for 8 straight years, has harsh words for the guy who basically continued his policies. "They should have acted sooner." Says the guy who started the fire   (cnbc.com) divider line
    More: Dumbass, Central bank, Federal Reserve System, Monetary policy, Money supply, Inflation, Milton Friedman, Great Depression, inflation problem  
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777 clicks; posted to Business » on 16 May 2022 at 5:00 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-05-16 3:35:55 PM  
...but the world has been burning since the world started turning.
 
2022-05-16 3:44:32 PM  
Uncle Ben? Is rice involved here?
 
2022-05-16 3:51:35 PM  
1.bp.blogspot.comView Full Size
 
2022-05-16 5:17:26 PM  
He's not wrong.

They could've started a year or so earlier. Nobody wants to be the party pooper.
 
2022-05-16 5:20:44 PM  
Wall Street didn't like it when they took away the free money.  Wall Street looked more like a heroin addict without a fix.  So Uncle Fed kept on printing that money.  It got so bad that other countries stopped buying more of it back in 2015.  All the funny money is coming home to roost now, all $30 trillion dollars of it, and they can't afford interest payments on 7% of the total.  So they can't fight inflation.  All they can do is print more money.  And the pile is growing exponentially.
 
2022-05-16 5:21:53 PM  

GregInIndy: He's not wrong.

They could've started a year or so earlier. Nobody wants to be the party pooper.


They tried three times so far.  Hissy fits ensued.
 
2022-05-16 5:24:04 PM  
He's the Fed versus GDP since 1999.  The punch bowl was first filled before 2008.
preview.redd.itView Full Size
 
2022-05-16 5:34:19 PM  
"Bernanke spoke a day ahead of his latest book release"

Fark user imageView Full Size
 
2022-05-16 5:53:31 PM  
Economic activity stopped completely dead for two months in 2020 and yet stock values, asset prices, and unemployment were all recovered within a year.

Meanwhile, it took seven or eight years for us to recover from 2008. Maybe Ben should have printed more money.
 
2022-05-16 6:21:14 PM  
So, it's my understanding that the Fed avoided dealing with inflation because they didn't want to upset the rich people.
Now the rich people are fat and happy while everyone else has to decide on food or rent.
 
2022-05-16 6:26:01 PM  
So uncle Ben says the great power of running the Fed comes with great responsibility.  That tracks.
 
2022-05-16 6:48:57 PM  

Bovine Diarrhea Virus: Now the rich people are fat and happy while everyone else has to decide on food or rent.


The latter part contributing to the first part.
 
2022-05-16 7:52:36 PM  
"Former Federal Reserve Chair Ben Bernanke said the central bank erred in waiting to address an inflation problem that has turned into the worst episode in U.S. financial history since the early 1980s."

Ummmmmm ..... 2008 called and would like a word with you.

The covid meltdown of the economy will also like a word
 
2022-05-16 9:10:45 PM  

NewportBarGuy: [1.bp.blogspot.com image 500x410]


Thing is, as the drop in child poverty and so on after Covid relief measures showed, if you drop it on normal people it materially improves lives.

If, like him, you drop it on bankers, it just means normal people get evicted and housing becomes "investment". He's a big part of everything that's wrong today.
 
2022-05-16 9:28:42 PM  

Scythed: Economic activity stopped completely dead for two months in 2020 and yet stock values, asset prices, and unemployment were all recovered within a year.

Meanwhile, it took seven or eight years for us to recover from 2008. Maybe Ben should have printed more money.


From 2010 to 2016 the US was saddled with a GOP Congress hell bent on enforcing austerity, and their brinkmanship over the debt ceiling nearly led the country to default.

It's not exactly fair to pin the blame for that solely on the Fed here.
 
2022-05-16 9:30:44 PM  

Bovine Diarrhea Virus: So, it's my understanding that the Fed avoided dealing with inflation because they didn't want to upset the rich people.

Now the rich people are fat and happy while everyone else has to decide on food or rent.

I'm sorry, was this not the case before this single year of high inflation?
 
2022-05-17 12:11:34 AM  

dumbobruni: Scythed: Economic activity stopped completely dead for two months in 2020 and yet stock values, asset prices, and unemployment were all recovered within a year.

Meanwhile, it took seven or eight years for us to recover from 2008. Maybe Ben should have printed more money.

From 2010 to 2016 the US was saddled with a GOP Congress hell bent on enforcing austerity, and their brinkmanship over the debt ceiling nearly led the country to default.

It's not exactly fair to pin the blame for that solely on the Fed here.


Fark user imageView Full Size
 
2022-05-17 9:19:35 AM  

Scythed: Economic activity stopped completely dead for two months in 2020 and yet stock values, asset prices, and unemployment were all recovered within a year.

Meanwhile, it took seven or eight years for us to recover from 2008. Maybe Ben should have printed more money.


ughhh it's not over yet cupcake. the downturn has just started
 
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