Bush: Bernanke doesn't have credibility problem

Fri May 5, 2006 5:28pm ET10

WASHINGTON (Reuters) - President Bush said in an interview on Friday that new Federal Reserve Chairman Ben Bernanke did not have a credibility problem.

Asked if the rising price of gold, increasing bond yields, a falling U.S. dollar and a report that Bernanke had been misinterpreted when he delivered testimony to Congress last week meant that the Fed chief had a credibility problem, Bush told CNBC television: "No."

"This guy's sound, he's smart, he's capable. You might remember, when I first nominated him, he was well received by most accounts as being a sound thinker who will be independent from the politics of Washington," Bush said in the interview with CNBC's Larry Kudlow.

http://today.reuters.com/news/newsArticle.aspx?type=politicsNews&storyID=2006-05-05T212850Z_01_WBT005313_RTRUKOC_0_US-BUSH-BERNANKE.xml&archived=False

Hot on the heels of awarding Goss the resounding endorsement of calling him 'able,' The Pretzel Monkey now says that the new Chairman of the Fed 'was well received by most accounts.' Well that's just spiffy. What did the people who didn't receive him 'well' think of him? The mind boggles.

And no, Bernanke does not have a credibility problem. He simply has no credibility. Where's the problem?

because as far as I can see, the man has plenty of crediblity but has to deal with the lying bastards in the WH who issue fake numbers and generally don't give a crap about the country's economic well being or its citizens.

:rofl:

The idiotsonofanutjob with ABSOLUTLELY NO CREDIBILITY attempts to say that the CRETIN WITH A PRINTING PRESS was "well received" and THAT is why the CWPP has "credibility"????


Oh My!

My SIDES HURT!!!

:rofl:

don't you love the line , nomination was well received....'Chopper' Ben, well received....:rofl: well not in some circles I know-but then we figured out what Greenspan was doing to the economy too.

cause the wheels are falling off the bus to never, never land.

credibility problem? If that ain't cheeky, I don't know what is... bush IS a credibility problem.

reserver chairman.

Thanks for warning us George!

The crooks probably going to rob the us mint.

printing money like there is no tomorrow. They think there won't be, because they plan to nuke the planet to hell and then we won't care if we're broke.

Why would Bush** WANT to undermine his own newly-appointed Fed Chairman
(and why appoint "Helicopter Ben" in the first place)?

They WANT the dollar to go down. They're all short on the dollar,
and they've been doing everything they can to sink it,
but it's not dropping fast enough because the Chinese keep propping it up.

In the Orwellian BushWorld, up is down, right is left, black is white. Hence, Bernanke has absolutely no credibility, and is just following orders.

if you don't have it in the first place.

n/t

.. capital gains taxes to zero, and says the US economy is firing on all cylinders.

interpretation of Bernanke's positions and history?

Please?

Cause Paul Krugman said tapping Bernanke was the one thing Bush did right in his entire term.

.. and Dividends

... In .. prepared testimony before the House Joint Economic Committee .. Bernanke said:

Additional tax legislation passed in 2002 and 2003 provided incentives for businesses to expand their capital investments and reduce the cost of capital by lowering the tax rates on dividends and capital gains.

Together with the appropriate monetary policies, these policy actions helped spur economic growth in both the short run and the long run. Today the U.S. economy is in the midst of a strong and sustainable economic expansion.

... Market News International reported from the same hearing:

Bernanke said that if the Congress were to delay taking action on extending or making permanent the Bush administration’s dividend and capital gains tax cuts it could negatively affect the economy.

http://www.sia.com/press/2005_press_releases/07045965.html


Low capital gains taxes most efficient - Bernanke
Thu Apr 27, 2006 12:26 PM ET

WASHINGTON, April 27 (Reuters) - ... "I think most public finance economists would agree that, on an efficiency basis, that a zero tax rate on capital gains is the optimal one," Bernanke told the congressional Joint Economic Committee. "The idea being that by exempting savings from taxation you create more rapid capital accumulation and that does generate more rapid economic growth" ...

"So, the final policy decision is a complex one. But I think purely from an efficiency perspective, it's a fairly broad view among public finance economists that capital income should be taxed at a low rate," Bernanke said.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-27T162711Z_01_WAT005449_RTRIDST_0_ECONOMY-BERNANKE-TAXES-URGENT.XML


... Bernanke said the economy appeared to have grown unsustainably fast in the beginning of 2006 ... http://www.latimes.com/business/la-fi-bernanke28apr28,1,5283174.story?coll=la-headlines-business


Fed chief says the economy is healthy
By Paul R. La Monica, CNNMoney.com senior writer
April 27, 2006: 12:39 PM EDT
... "The economy has been performing well and the near-term prospects look good," the new central bank chief told the Joint Economic Committee of Congress ... "Unfortunately nothing can be done to effect oil or gasoline prices in the short term," Bernanke said, adding that the reason oil prices have risen so sharply is simply due to supply and demand issue ...
http://money.cnn.com/2006/04/27/news/economy/fed_bernanke/?cnn=yes


The traditional soundbite for this position is vague gibberish, with a follow-up several days later, along the lines of "I was misunderstood," and such cryptoquotes are intentionally difficult to parse. But IMO Bernanke has a history of promoting the Bushista tax cuts, and from his recent remarks I consider him a team player for the Gas Oil Petro party ...

the Treasury quietly (at least in the business MSM) did away with the M3-the printing press report. Many think it was done to hide the amount of money they are printing. Did I get that right UIA?

You can't have a problem with something you don't have.

At this point, anyone still in the employ of the White House or dependent on this administration for an appointment has to be suspect. There's just nobody left who has even a shred of decency anymore.