Apparently the federal government on November 4rth, right after the eleciton, created yet another stimulus package via the Fed. The Fed intends, "to purchase a further $600 billion of longer term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month."
"The idea behind this "quantitative easing" is for cheaper loans to get people to spend more and stimulate hiring. The Fed says it will review whether adjustments are needed depending on how the economy is performing."
"Thomas Hoenig, president of the Federal Reserve bank of Kansas City, dissented for the sixth straight time saying that the risks of the Fed's extra stimulus outweigh the potential benefits."
To begin with, who authorizes the Fed to produce a stimulus? Does President Obama have to give the "OK" or does he initiate it or what exactly goes on here?
Secondly, will they continue to try the same thing hoping for a different result?
Originally posted by whodey http://www.npr.org/templates/story/story.php?storyId=131044534
Apparently the federal government on November 4rth, right after the eleciton, created yet another stimulus package via the Fed. The Fed intends, "to purchase a further $600 billion of longer term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per mont ...[text shortened]...
Secondly, will they continue to try the same thing hoping for a different result?
From wicki - and whodey you're a regular searcher and paster, gettin lazy?
Anyway the Fed decisions do not need presidential approval. You can't blame our President for that call.
"According to the Board of Governors, the Federal Reserve is independent within government because "its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government." However, its authority is derived from the U.S. Congress and is subject to congressional oversight. Additionally, the members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by Congress. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system's highest-level employees. Thus the Federal Reserve has both private and public aspects.[11] The U.S. Government receives all of the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. The Federal Reserve transferred a record amount of $45 billion to the U.S. Treasury in 2009."
Originally posted by whodey http://www.npr.org/templates/story/story.php?storyId=131044534
Apparently the federal government on November 4rth, right after the eleciton, created yet another stimulus package via the Fed. The Fed intends, "to purchase a further $600 billion of longer term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per mont ...[text shortened]...
Secondly, will they continue to try the same thing hoping for a different result?
The Fed is authorized to produce a stimulus as often as they wish. They do not need authorization from anyone. That's what exactly is going on here. Civics is not exactly your area of expertise...is it? I see you and Sarah Palin have a lot in common.
Originally posted by bill718 The Fed is authorized to produce a stimulus as often as they wish. They do not need authorization from anyone. That's what exactly is going on here. Civics is not exactly your area of expertise...is it? I see you and Sarah Palin have a lot in common.
But Whodey can see the executive branch from his bunker.
Originally posted by badmoon From wicki - and whodey you're a regular searcher and paster, gettin lazy?
Anyway the Fed decisions do not need presidential approval. You can't blame our President for that call.
"According to the Board of Governors, the Federal Reserve is independent within government because "its decisions do not have to be ratified by the President or anyone els deral Reserve transferred a record amount of $45 billion to the U.S. Treasury in 2009."
So the President of the United States does not have to agree pass a stimulus? So we have a group of unelected officials spending our tax dollars, isn't that wonderful!!
So I guess Obama is off the hook now as well as the rest of our elected officials. When it comes to stimulus packages, all they have to do is shrug their shoulders and say, "It's not my fault". Brilliant!!
I suppose we can then expect a stimulus package about every year as they hope for a different result......until the republic goes belly up that is.
Originally posted by whodey So the President of the United States does not have to agree pass a stimulus? So we have a group of unelected officials spending our tax dollars, isn't that wonderful!!
So I guess Obama is off the hook now as well as the rest of our elected officials. When it comes to stimulus packages, all they have to do is shrug their shoulders and say, "It's not my f ...[text shortened]... very year as they hope for a different result......until the republic goes belly up that is.
Since the Fed is printing money, not spending tax dollars, the people footing the "bill" here are those who hold dollars - people and governments with savings in US dollars. This is why the move has angered foreign governments, the German finance minister called the Fed move "clueless".
Originally posted by KazetNagorra Since the Fed is printing money, not spending tax dollars, the people footing the "bill" here are those who hold dollars - people and governments with savings in US dollars. This is why the move has angered foreign governments, the German finance minister called the Fed move "clueless".
http://www.bbc.co.uk/news/business-11697483
Have we found common ground!! 😲
Of course, printing money is a type of tax on the American people as well. It is a round about way to make peolpe pay more for things without an official tax.
Originally posted by KazetNagorra Since the Fed is printing money, not spending tax dollars, the people footing the "bill" here are those who hold dollars - people and governments with savings in US dollars. This is why the move has angered foreign governments, the German finance minister called the Fed move "clueless".
http://www.bbc.co.uk/news/business-11697483
I didn't think the Fed could "print money".
Screw the Germans; some kind of expansionary policy is clearly needed inside the US.
Originally posted by whodey Have we found common ground!! 😲
Of course, printing money is a type of tax on the American people as well. It is a round about way to make peolpe pay more for things without an official tax.
Please give us your proposal to accelerate economic growth in the US. All I ever see you do is screech and complain about any policy adopted; it would be nice to see an actual positive idea come out of you.
Originally posted by no1marauder Please give us your proposal to accelerate economic growth in the US. All I ever see you do is screech and complain about any policy adopted; it would be nice to see an actual positive idea come out of you.
We could build a big fire then try to smother it with hay.
Originally posted by no1marauder Please give us your proposal to accelerate economic growth in the US. All I ever see you do is screech and complain about any policy adopted; it would be nice to see an actual positive idea come out of you.
CUT SPENDING.
Of course, its all monpoly money isn't it? So who the hell cares?
Originally posted by no1marauder Please give us your proposal to accelerate economic growth in the US. All I ever see you do is screech and complain about any policy adopted; it would be nice to see an actual positive idea come out of you.
Wajoma is probably THE outstanding conservative thinker on this board. Or perhaps normbenign. Sorry Wajoma. Maybe your number two.
Originally posted by no1marauder Please give us your proposal to accelerate economic growth in the US. All I ever see you do is screech and complain about any policy adopted; it would be nice to see an actual positive idea come out of you.
Economic growth would not be such a concern if the government's solvency was not dependent upon future tax dollars would it?
Stimulate the economy at the grassroots level by increasing defense spending. Increase employment by cutting unemployment benefits. Liberate the economy - and boost the health sector - by cutting Medicare. Avoid future financial crashes by completely deregulating the entire financial sector.
More Stimulus
04 Nov '10 23:23
Back to Top