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Liberty News ForumLNF Forums HerePolitical Opinion Page - The Hot Seat › Ben Bernanke: Economy going "over the cliff" by 2020
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Very Hot Topic (More than 25 Replies) Ben Bernanke: Economy going "over the cliff" by 2020 (Read 383 times)
TowardLiberty
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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #20 - Jun 13th, 2018 at 1:33pm
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Queshank wrote on Jun 13th, 2018 at 1:16pm:
How Bernanke's Fed Triggered the Great Recession - Forbes - July 2011

How did Bernanke create this horrible morass? First, in 2006-2007 he deliberately inverted the Treasury yield curve, even while knowing it would cause a recession and credit-financial crisis. Second, he imposed on the reeling economy a $1.7 trillion flood of "quantitative easing" (QE), euphemistic for the hazardous policy of money-printing. His first policy caused economic stagnation, his second policy caused monetary inflation, and combined, his policies have generated "stagflation" -- the corrosive mix last seen in the 1970s. It's the direct opposite of the supply-side polices (pro-growth, sound-money) that made the 1980s and 1990s so prosperous.[/i]

Queshank

Yikes. Can you believe Forbes published this piece?!

I'll take each point one by one.

The idea that Bernanke deliberately inverted the yield curve is silly. Fed tightening policy put a damper on future growth expectations and that is what sent people into the 10 year, as a flight to safety, and that led to a decrease in yields for the 10 year, thus resulting in an inverted yield curve.

That's not Bernanke's doing. That is Greenspan. Bernanke did not become chairman until 06, when the Fed had reached the end of its tightening cycle.

Secondly, QE did not cause the crisis, it was a response to the crisis. Now we can debate the merits of QE but the fact is the crisis came first.

I am shocked to see the Forbes folks get the facts so wrong on such a simple point.

As to the analysis of what these policies actually accomplished, I would tend to agree with the article. Their use of theory is fine but their grasp of the facts is tenuous.
  

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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #21 - Jun 13th, 2018 at 1:36pm
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Queshank wrote on Jun 13th, 2018 at 1:23pm:
You're right I mispoke.  It's not the capital R Reason, but is one of many reasons.  I more meant it's the best mile marker.

And it is deteriorating.  Which lends credibility to Bernanke's observations.  I should point out I'm not arguing that Bernanke is wrong.  Just trying to get the whole picture.

Queshank

Understood. And for that it is a great tool. And like you say, lends some credibility to his prediction.

The other thing that leads credibility to it is the fact that Fed has never engaged in tightening that didn't slow down economic activity. A soft landing does not appear to be in the cards, historically speaking.
  

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Queshank
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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #22 - Jun 13th, 2018 at 1:37pm
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TowardLiberty wrote on Jun 13th, 2018 at 1:33pm:
Yikes. Can you believe Forbes published this piece?!


Right???! lol

Quote:
I'll take each point one by one.

The idea that Bernanke deliberately inverted the yield curve is silly. Fed tightening policy put a damper on future growth expectations and that is what sent people into the 10 year, as a flight to safety, and that led to a decrease in yields for the 10 year, thus resulted in an inverted yield curve.

That's not Bernanke's doing. That is Greenspan. Bernanke did not become chairman until 06, when the Fed had reached the end of its tightening cycle.

Secondly, QE did not cause the crisis, it was a response to the crisis. Now we can debate the merits of QE but the fact is the crisis came first.

I am shocked to see the Forbes folks get the facts so wrong on such a simple point.

As to the analysis of what these policies actually accomplished, I would tend to agree with the article. Their use of theory is fine but their grasp of the facts is tenuous.


Most people blame Greenspan when they point to the Fed.  Not Bernanke.  I actually thought it was entertaining this one guy holds this opinion.  He really is the only one.  I've researched him to try to figure out his political biases but he looks like he hasn't published much since 2011.  Wonder why...

Queshank
  

BowHunter wrote on Nov 30th, 2017 at 10:24am:
I am not aware of any article
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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #23 - Jun 13th, 2018 at 1:42pm
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Queshank wrote on Jun 13th, 2018 at 1:37pm:
Right???! lol


Most people blame Greenspan when they point to the Fed.  Not Bernanke.  I actually thought it was entertaining this one guy holds this opinion.  He really is the only one.  I've researched him to try to figure out his political biases but he looks like he hasn't published much since 2011.  Wonder why...

Queshank

Well, it gives me hope. If this guy can get published at Forbes, maybe I should apply to be an editor or something. lol
  

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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #24 - Jun 13th, 2018 at 1:51pm
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I check into him a little more and he does seem like a curious fellow. I wonder what other ideas he has.

Link me if you find anything.
  

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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #25 - Jun 13th, 2018 at 5:16pm
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Ulysses wrote on Jun 13th, 2018 at 12:53pm:
And none of those quotes show that Bernanke was responsible for the US housing and financial meltdown of 2008.



You missed the point, megabrain.  Smiley  He made stupid predictions in the past that were wildly wrong, and now here he's making predictions again.
  
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Re: Ben Bernanke: Economy going "over the cliff" by 2020
Reply #26 - Jun 13th, 2018 at 8:06pm
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one is not an economist unless they have made completely wrong predictions.
  
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