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driven
User Rank
Iron
Re: The Letter
driven   12/7/2011 12:49:31 PM
NO RATINGS
I totally agree. One trillion still warrants public scrutiny. And now this bad math just clouds the picture.

Tenacious
User Rank
Platinum
Re: The Letter
Tenacious   12/7/2011 12:44:33 PM
NO RATINGS
Inflating the numbers -- intentionally or inadvertently -- created a handy deflection from a very serious issue.

Drivewaygirl
User Rank
Platinum
Re: The Letter
Drivewaygirl   12/7/2011 12:38:24 PM
NO RATINGS
Nice explanation Scott. Thanks

Phoenix
User Rank
Gold
Re: The Letter
Phoenix   12/7/2011 11:43:19 AM
NO RATINGS
Thank you Noreen for posting the letter and thank you Scott for giving us the right information. It is good to know all the facts. Sometimes misinformation can lead to a lot of unnecessary chaos and I think this was getting out of hand.

Noreen Seebacher
User Rank
Blogger
The Letter
Noreen Seebacher   12/7/2011 11:29:36 AM
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No, I'm not referencing Joe Cocker's big hit. I'm speaking of Ben's letter to Congress about this secret trillions. Here it is for those of you who care to read it:

Bernanke letter to Congress

PAW
User Rank
Iron
Re: In the Media We Trust
PAW   12/7/2011 10:54:25 AM
NO RATINGS
Present company excluded. 

Scott Raynovich
User Rank
Blogger
Re: In the Media We Trust
Scott Raynovich   12/7/2011 9:47:36 AM
NO RATINGS
PAW,

Wait, but you trust us, right?

PAW
User Rank
Iron
In the Media We Trust
PAW   12/7/2011 9:43:03 AM
NO RATINGS
Yet another reason not to trust the media.

Scott Raynovich
User Rank
Blogger
Re: Does it really matter?
Scott Raynovich   12/7/2011 8:54:42 AM
NO RATINGS
tokyogai,

I think you are right, it was an either/or prospect -- flood the system with liquidity and stem collapse, or let the whole thing fall down.

We certainly would have been grappling with a depression. Now, Austrians would argue what would have cleansed the system. But I wonder if the OWS protestors are congnizant of what the alternative to the $1.2T-$7T would have been?

 

 

tokyogai
User Rank
Platinum
Does it really matter?
tokyogai   12/7/2011 8:21:27 AM
NO RATINGS
Other than making sensational headlines, the whole liquidity process was needed to keep the system working and it was done. Headlines after the fact really don't serve much useful purpose. Maybe the Fed should have let things melt down- that would make even more sensational headlines.

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