Federal Reserve chief Ben Bernanke “urged Asian leaders to build better pension systems and to increase government spending and the Obama administration to address the U.S. budget deficit,” reports the Wall Street Journal.
The audacity did not stop there. The “rebalancing of global growth,” as Bernanke put it, could not be achieved if the Chinese persisted in their errant practices:
“Trade surpluses achieved through policies that artificially enhance incentives for domestic saving and the production of export goods distort the mix of domestic industries and the allocation of resources,” and yield “an economy that is less able to meet the needs of its own citizens in the longer term.”
This from the man who, together with his predecessor, is responsible for distorting production and consumption in the largest economy in the world.
World leaders are coming to “a growing consensus … on the need to rebalance global economic growth so it depends less on U.S. consumers.”
Besides, who made Bernanke the crime boss of the world?
Representative Michele Bachmann, Republican Congresswoman from Minnesota, inadvertently traces the “Minority Housing Meltdown”: The community reinvestment Act” (CRA), a creation of the federal Frankenstein, compelled private banks to make home loans to individuals with poor credit. Since no bank wants to make bad loans, this legislation in effect threatens banks to so do. Unless the bank lends to those unworthy of credit, it will not be allowed to do interstate business or expand its operations.
But, the benevolent government also offers the errant banks redemption. In order to get a positive Community Reinvestment Act rating, a bank may give over cash or in-kind donations to ACORN. A bank can also partner with ACORN to make loans to the pool of poor they represent.
By the way, where are the media stories about Super Mom Bachman who has raised five kids and 23 foster children? Maybe when the morons are through belaboring Michele Obama’s biceps, they can tell us more about Bachmann. (Here you are welcome to improvise with your own clichés of improbability.)
Fast forward toward the end of the YouTube clip for the Bachmann interview.
Update (Oct. 16): No ACORN essay is complete without mention of Bush’s crucial role in the mortgage meltdown. I have not studied the NRO Kurtz piece, but somehow I doubt it gives Bush the “credit” he is due in the diversity depression.
“Today the House passed, by voice vote, the American Dream Downpayment Act (HR 1276). This new welfare program forces taxpayers to subsidize the downpayments of ‘low income’ Americans. This new welfare program is a Bush Administration priority and was sponsored by Katherine Harris. The GOP is already touting how this will help with their outreach to minorities.”
Unless our token conservatives pay their “respects” to Bush, author of the “ownership society,” reborn conservatives—NRO, Weekly Standard—should not be lauded.
And by the by, the many poisonous pundits should atone again and again for being wrong at the time, and misleading the masses for Benito Bush. On second thought, why don’t they just go away?!
Take “snake-oil merchants like Stephen Moore of the Wall Street Journal,” who is Fox’s new Philosopher King. Moore obfuscated about the bailout (while making the obligatory noises about the merits of the free market he flouts). And Moore’s previous book was entitled Bullish on Bush: How the Ownership Society Is Making America Richer. If that’s not an indictment, nothing is. ‘Bush’s bailout society’ is an instantiation of the principles upon which ‘Bush’s ownership society’ was founded: credit for those who are not creditworthy.”
The only pundit who was vocal about the Bush economics was Michele Malkin. Not party hack Ann Coulter.
[Thanks, Stephen; I have been rather ill, but I hope to be back at my WND perch next week with renewed verve.]
It is undeniable that, for better or for worse, economist Paul Craig Roberts is a fiercely independent thinker. Make up your own mind, but I have long agreed that America’s outsourcing and trade deficits—the last being emblematic of a consumer society—are a sickly specter, although I shun Roberts’ illiberal recommendations:
“The main cause of this decline is the offshoring of U.S. high value-added jobs. Both manufacturing jobs and professional services, such as software engineering and information technology work, have been relocated to countries with large and cheap labor forces.
The wipeout of middle-class jobs was disguised by the growth in consumer debt. As Americans’ incomes ceased to grow, consumer debt expanded to take the place of income growth and to keep consumer demand rising. Unlike rises in consumer incomes due to productivity growth, there is a limit to debt expansion. When that limit is reached, the economy ceases to grow.
The immiseration of working people has not resulted from worsening crises of overproduction of goods and services, but from financial capital’s power to force the relocation of production for domestic markets to foreign shores. Wall Street’s pressures, including pressures from takeovers, forced American manufacturing firms to “increase shareholders’ earnings.” This was done by substituting cheap foreign labor for American labor.
Corporations offshored or outsourced abroad their manufacturing output, thus divorcing American incomes from the production of the goods that they consume. The next step in the process took advantage of the high-speed Internet to move professional service jobs, such as engineering, abroad. The third step was to replace the remains of the domestic workforce with foreigners brought in at one-third the salary on H-1B, L-1 and other work visas.”
[SNIP]
Our “moonbat” frequent poster will no doubt agree with the following Robert’s assessment:
What is happening is that the hundreds of billions of dollars in TARP money given to the large banks and the trillions of dollars that have been added to the Federal Reserve’s balance sheet have been funneled into the stock market, producing another bubble, and into the acquisition of smaller banks by banks “too large to fail.” The result is more financial concentration.
The expansion in debt that underlies this bubble has further eroded the U.S. dollar’s credibility as reserve currency. When the dollar starts to go, panicked policy-makers will raise interest rates in order to protect the U.S. Treasury’s borrowing capability. When the interest rates rise, what little remains of the U.S. economy will tank.
It is undeniable that, for better or for worse, economist Paul Craig Roberts is a fiercely independent thinker. Make up your own mind, but I have long agreed that America’s outsourcing and trade deficits—the last being emblematic of a consumer society—are a sickly specter, although I shun Roberts’ illiberal recommendations:
“The main cause of this decline is the offshoring of U.S. high value-added jobs. Both manufacturing jobs and professional services, such as software engineering and information technology work, have been relocated to countries with large and cheap labor forces.
The wipeout of middle-class jobs was disguised by the growth in consumer debt. As Americans’ incomes ceased to grow, consumer debt expanded to take the place of income growth and to keep consumer demand rising. Unlike rises in consumer incomes due to productivity growth, there is a limit to debt expansion. When that limit is reached, the economy ceases to grow.
The immiseration of working people has not resulted from worsening crises of overproduction of goods and services, but from financial capital’s power to force the relocation of production for domestic markets to foreign shores. Wall Street’s pressures, including pressures from takeovers, forced American manufacturing firms to “increase shareholders’ earnings.” This was done by substituting cheap foreign labor for American labor.
Corporations offshored or outsourced abroad their manufacturing output, thus divorcing American incomes from the production of the goods that they consume. The next step in the process took advantage of the high-speed Internet to move professional service jobs, such as engineering, abroad. The third step was to replace the remains of the domestic workforce with foreigners brought in at one-third the salary on H-1B, L-1 and other work visas.”
[SNIP]
Our “moonbat” frequent poster will no doubt agree with the following Robert’s assessment:
What is happening is that the hundreds of billions of dollars in TARP money given to the large banks and the trillions of dollars that have been added to the Federal Reserve’s balance sheet have been funneled into the stock market, producing another bubble, and into the acquisition of smaller banks by banks “too large to fail.” The result is more financial concentration.
The expansion in debt that underlies this bubble has further eroded the U.S. dollar’s credibility as reserve currency. When the dollar starts to go, panicked policy-makers will raise interest rates in order to protect the U.S. Treasury’s borrowing capability. When the interest rates rise, what little remains of the U.S. economy will tank.
