Why are we still listening to this guy?

This video says it all.

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Fed purchases more MBS

I am looking at this report on total MBS purchased by the Fed....

Official Fed balance sheet is $2.25B, but I haven't dug into these debt purchases and what it means....are they buying worthless debt for 100% of the dollar or? (don't take this as fact, I am doing some research, but if you already are tracking and want to write this up, feel free!)

Nice history, although I think an additional "beyond belief absurdity" video stream should be done on Greenspan.

Great video, how much denial and oblivion can one be?

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Ben's Good Advice!

What a coincidence! Uncle Ben made me feel so good that I went ahead and wrote out a check for $85,000 and bought a condo for $400,000. What a deal!

Now, the $400,000 condo is (accourding to my local tax assessor) worth $237,000, and I still owe $298,000 on it. Hey Ben, I just love my banker -- 1,900 a month worth. And you? You are the greatest! Steered me to a great investmnt decision And the banks you represent? I congratulate everyone who decides to walk away from the bum investments you steered them to. Sorry if I sound ungrateful -- I just think you guys deserve to share in the losses we have to live with.

Now, as to whether you should get another term at the Fed? Stay on -- we could get someone even more incompetent.
Frank T.

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Frank T.

what (who) is the alternative

"Why are we still listening to this guy?"

So what (who) is the alternative?

The problem with economic "Glass Bead Games" (Hesse) like my correlation is bigger than yours is that economic alternatives are dependent upon political alternatives. So no matter how big your correlation it means nothing in the real world unless and until there is a political force to act upon it.

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What is the alternative

That's a better question that you might know.
The neoliberal economic theory has totally taken over the economic schools of the world, despite their appalling record. People don't know the alternatives because they aren't taught anymore.
The neoliberal theories just happen to mostly benefit the multinational banks of the world. Coincidence?

I've been looking into this, but I'm not ready to write an essay about it yet.

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Larry Summers rumored to be wanting Fed Chair

I wrote up a piece, Burning Ben, asking the same question. Alright Helicopter Ben is "one of them" and this absurdity that somehow the Fed must operate "in secret" is ridiculous.

But Larry Summers as an alternative? Gag me! I'd be ok with Paul Volcker, esp. considering his recent activities, speeches and the fact the guy really has a pair.

But everybody wanting Ben out, while I completely agree in their points and arguments....

It's kind of like voting for Bush because Gore was such a corrupt, bad trade deal, DLC Democrat.

(nobody talks about NAFTA being a major turning point of so many old school Dems turning into tea party people)

Ya know?

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