Federal Reserve Board

Five Years Since Financial Collapse, And What Has Been Learned? NOTHING!

Five years ago this week, the financial markets on Wall Street collapsed, and America fell into the Great Recession, which many might consider the Second Great Depression, now five years long, despite claims the Great Recession is over.

Lack of proper regulation of Wall Street and the banking industry, a result of GOP control of Congress for 12 years, and a Republican President, George W. Bush for 8 years, along with some manipulation by leading Democrats, led to the worst economic outlook since 1941, and even now, five years later, with the improved economic conditions, employment will not return to pre 2008 levels until 2020 at the rate of job creation now existing!

A lot of this reality is due to refusal of the Republican Party to cooperate on legislation to create and encourage jobs, including infrastructure jobs and promotion of education training, and working to return overseas jobs to America.

But also, the Obama Presidency has not worked adequately to reform the banking structure and Wall Street, and the possibility of Larry Summers being Federal Reserve Board Chairman is precisely the WRONG thing to do, as he is part of the problem that led to 2008, and is an arrogant, overbearing, obnoxious individual who should be told to “take a hike”, with Janet Yellen the far better candidate to be the head of the Fed!

So if it going to take a grand total of TWELVE years from beginning to end for this Great Recession to be over, how is that different from the Great Depression which lasted from 1929 to 1941?

Meanwhile, a whole generation of people are suffering in terms of employment, something that will scar their future, and that of the American economy!

This is a very sad, troubling situation that must not be allowed to happen again, but it seems as if NOTHING has been learned!

With Ron Paul Having His “Surge” In Iowa, The Investigation Of His Record Begins!

Texas Congressman Ron Paul has been very appealing to libertarians, and was in fact the Presidential candidate of the Libertarian Party in 1988.

Having run as a Republican for President in 2008, the only repeat candidate along with Mitt Romney, Paul is presently first in some Iowa public opinion polls as the Iowa Caucuses of January 3 get closer.

So Paul is having a “surge”, as earlier Michele Bachmann, Rick Perry, Herman Cain, and Newt Gingrich have had. Only Rick Santorum and Jon Huntsman have not had a “surge’ as the search for the non Romney candidate continues.

So now that Ron Paul is being paid more attention, let us look at the facts about a man who has been around a long time, and has taken positions on all kinds of issues, meaning at least some will be seen in a positive light, depending on the person looking at Paul’s record. But there is plenty to be disturbed about!

But face the facts: There is no way that Ron Paul can be the GOP Presidential nominee, and if he looked as if he was going to be, there would be such a ganging up on him by the Republican Party, which despite its claims, is NOT a libertarian, isolationist party as Ron Paul basically is.

What is objectionable about Ron Paul, in no special order?

1. Ron Paul has in the past, in a newsletter he now disavows, but was under his name, stated racist, anti Semitic, and anti gay statements. While he is not the only Republican to make racist or anti gay statements, the fact that he said them in a newsletter many years ago makes him even more objectionable, since it is harder to refute.

2. Paul is for taking America out of the United Nations and the North Atlantic Treaty Organization, and all free trade agreements. He is perceived as an isolationist.

3. He is highly critical of Israel, the only Republican candidate to be so, and yet does not see Iran as a threat for the future with the development of nuclear weapons.

4. Paul is for wiping out most government agencies and their bureaucracies, including Education, Commerce, Homeland Security, Energy, Health and Human Services, and Energy. He also would love to eliminate the Federal Reserve Board. None of this is going to happen, no matter what criticisms there might be of these agencies.

5. Paul promotes letting states decide most matters dealt with by the national government, and thinks climate change is a hoax, and advocates stopping interference with religion’s influence in government, including the teaching of intelligent design over evolution.

6. He is a strong believer in pro-life without exceptions; against any government intervention in the environment; any regulation of guns; and any aspect of affirmative action.

7. Paul opposes any kind of amnesty for illegal aliens, any support of any kind for them, and birthright citizenship for their children born in the United States.

8. Paul believes only in excise or sales taxes, and the wiping out of the income tax, and refuses to support any spending programs that create new debts.

Also, a study by a political science journal, The American Journal of Political Science, came to the conclusion that, overall, Paul has the most conservative voting record of all 3,320 members of Congress from 1937 to 2002!

So the attacks on Ron Paul as outside the mainstream, even of the GOP, is rapidly growing!

The Washington Post-Bloomberg GOP Presidential Debate: Romney Still Ahead!

The Washington Post-Bloomberg GOP Presidential debate tonight in New Hampshire was more of the same: Mitt Romney winning the debate!

Romney continued to look competent, confident, relaxed, smiling, and unruffled. He certainly had a good day, with New Jersey Governor Chris Christie endorsing him, and then sitting in the audience at the Dartmouth College debate in New Hampshire.

Herman Cain was given the seat next to Romney, due to his being second in recent polls, but he was constantly under attack for his 9-9-9 plan, which economists have said will not work, and would particularly harm poor people. It seems as if he probably did not win support based on his responses to the attacks, which seemed lame.

Rick Perry did not improve his standing, which has been in decline, and actually looked confused and uncomfortable when the camera happened to focus on him when he was listening to others speak.

Jon Huntsman, sadly, did not seem to improve his image, despite his great credentials, and it now seems unlikely that he will improve in the polls, unless miraculously he can build up in New Hampshire, the state he is counting on to boost his campaign.

MIchele Bachmann, Ron Paul, Rick Santorum, and Newt Gingrich did nothing spectacular to improve their chances, although Gingrich did gain applause for some of his rhetorical lines!

All of the candidates avoided specifics on the economy, and made many claims that were exaggerated, already being pointed out just a half hour after the debate, which simply focused on that subject. It was easier for them to condemn others and call for firings and blame, and to attack the Federal Reserve Board and Chairman Ben Bernanke.

The candidates made it clear they did not want to raise taxes one cent, and yet did not want to cut defense, something which is impossible in reality if taxes are not raised.

Did any of the candidates give hope that the economy would indeed be better under them than under President Obama? If anyone seriously thinks so, they are delusional!

It will be interesting to see the polls in the next few days, as to who ends up second behind Romney. Will Cain keep his second position, or who will replace him as the “anti Romney”? That is the question that most comes out of this debate, with another one scheduled next week, sponsored by CNN in Nevada, one of the states with the highest rate of unemployment!

Rick Perry Attacked From The Right: How No GOP Candidate Can Please The Lunatic Fringe!

Texas Governor Rick Perry seems to many like the ideal conservative Republican, except he isn’t!

This is further proof that NO ONE can ever fully satisfy the extreme Right Tea Party Movement, and that the Republican Party needs to tell the Tea Party Movement to go to hell in a hand basket!

Rick Perry is a horror to most sane people, what with his secession comments, his record on capital punishment, his attacks on the Obama Health Care Plan, his criticism of the Federal Reserve, his calling Social Security a “Ponzi Scheme”, and other outrageous statements.

But on two issues, he is correct: that the children of illegal immigrants, who are not responsible for being in America, should be given the same opportunity to in state tuition for a college education as children of Texas citizens, as long as they have been in the state for at least three years; and the decision to promote HPV vaccine for young girls in Texas, to avoid the danger of cervical cancer.

Perry has been vilified on these matters, and now has slipped in the latest Fox News Poll from the lead to number two behind Mitt Romney, but Romney should not sell his soul to the right wing, or it will also destroy him, and were he to win, his Presidency, as a captive of these nuts on the right!

The fact that Glenn Beck and Rush Limbaugh are now bitterly attacking Rick Perry is actually a reason to promote sympathy for Perry, but not too much. It just demonstrates why the Republican Party is not the alternative to Barack Obama, if one is sane and believes in having a “heart”, something that Perry was attacked for, but something we need more of in America if we are going to have a future we wish to be proud of!

The Ongoing Civil War In The Republican Party: Similar To 1964 Goldwater-Rockefeller Race?

A recent CNN poll demonstrates the chasm that exists in the Republican Party, as the 2012 Presidential campaign comes on the scene more every day.

The demographics, ideology, and temperament of the two warring groups creates a real problem for their future. By 51-49, the majority do NOT support the Tea Party Movement, and can be seen as “Establishment” Republicans.

The Tea Party Republicans are older, more educated, and more male, while the Establishment Republicans are more likely female, less educated, younger, and less likely to be evangelical Christians.

The Tea Party Republicans are more angry about how things are working out in the country. And they are more concerned about the deficit; more likely not to believe science in regards to global warming and evolution; more likely to believe in the abolition of the Department of Education; more skeptical about abortion and gay marriage; more critical of the Federal Reserve Board; and more likely to think social security needs to be changed.

The Establishment Republicans want a candidate who can defeat President Obama, and less concerned about purity in principles.

Realistically, the Tea Party Republicans favor Rick Perry or Michele Bachmann, although some like Rick Santorum, Ron Paul or Herman Cain.

The Establishment Republicans strongly support Mitt Romney, or possibly Jon Huntsman, as legitimate candidates

So the present Perry-Romney frontrunner battle in many ways represents a similar battle to that of Barry Goldwater and Nelson Rockefeller in 1964!

Federal Reserve Chairman Ben Bernanke Advice: Government Stimulus Spending Needed Now, Dealing With Deficit Later!

Federal Reserve Board Chairman Ben Bernanke gave testimony yesterday on the economy before a Senate committee, and emphasized the urgency of the government spending money to stimulate the economy in the short term, to make up for lack of private spending!

The issue of the deficit, Bernanke said, must be dealt with, as it is a threat to our long term economy, but right now the emphasis has to be on promoting economic growth, or else there is a danger of a further downturn in the economy!

Considering that Bernanke was appointed by President George W. Bush, and is seen as a conservative, this is advice that should be taken seriously by Congress and the Obama Administration!

Better to work to expand the economy, than to follow the lead of Franklin D. Roosevelt in 1937, who listened to conservatives who complained about government spending, cut the spending, and helped, therefore, to cause the Recession of 1937-1938! President Obama and the Democrats MUST take action to promote economic growth, no matter what conservatives and Republicans say!

Reappointment Of Ben Bernanke As Federal Reserve Board Chairman

President Obama’s reappointment of Federal Reserve Board Chairman Ben Bernanke for another four year term is a good move at this time of slow economic recovery.

An acknowledged expert on the causes of the Great Depression, Bernanke demonstrated a steady hand in the financial crisis of a year ago, and it is wise at a delicate time like this that he be reappointed to run the banking system of the nation. It is very likely that had he not been in charge last year, that we would now be in a greater economic crisis than the Great Depression, and would not be calling what we are going through the Great Recession.

Of course, for those who want to believe that the Federal Reserve Board is a conspiracy, this is a bad development, but we are not going to base our future on conspiracy theories, now are we? 🙂