Obama & Wall Street will make you poor...

[WhiskeyGirl]

Federal Reserve chairman tells college graduates money isn't everything. Really?

By Agustin C. Torres/The Jersey Journal
May 08, 2010, 8:00PM

Ben Bernanke the Federal Reserve chairman today told graduates at the University of South Carolina that money isn't everything. In other words, don't worry -- be happy.

According to the Associated Press, guest speaker Bernanke told the graduates at the commencement exercise that getting a better paying job is the reason most go to college but eventually "the thrill quickly wears off."

Hmmm...does this mean...

There is no opportunity to change your stars?

No opportunity to work hard and create wealth?

Obama & Wall Street will continue to work together to make you poor?

more here - http://www.nj.com/hudson/voices/index.ssf/2010/05/bernanke.html

It doesn't how much education you get, there will be no jobs, no opportunities, and taxes beyond anyone's wildest imagination?

from the comments -

Posted by picnik
May 09, 2010, 1:12AM

After these bums grabbed all the money now there telling you money is not everything !

And we're still printing more money to bail them out?  Is the US printing press really a magic get out of jail/death sentence machine?

jackie8
Posted by nancy8
May 09, 2010, 7:20AM

Really? Another Obama the socialist stooge telling Americans money isn't everything. Why do Obama's stooges go around the country telling Americans that money isn't everything?

Is Obama really Wall Street's stooge?

[WhiskeyGirl]

Those "old timers" had survived repeated inflationary booms, busts and destabilizing monetary instability going back to the 1860s. From experience, they understood the perils of rapid credit expansion and the necessity of reining in excesses early in the cycle. The "anti-inflationists" were convinced that the only way to return to a more even keel was to bring down the inflated price level; to bring down inflated asset values; to bring down inflated incomes; and to stabilize economic output at more sustainable levels.

After a massive inflation, the "old timers" understood that the only way to return balance and monetary order to the system was through quashing speculation, financial excess and economic profligacy. And this view was much more based on the understanding of the inherent instability of credit inflations than it was a "puritanical" judgment. Sustaining a bubble was certainly not a viable policy option.

The financial world would be a safer place today had trillions of additional dollars (and euros, yen, etc) of liquidity not been unleashed upon the markets. After all, ultra-loose financial conditions accommodated 20 months of historic deficit spending in Greece, periphery Europe, here at home and all about. Massive government borrowing likely fomented heightened trading activity and speculation in sovereign credit default swap markets around the world. Clearly, synchronized fiscal and monetary stimulus incited speculative excess throughout global securities markets.

The "inflationists" would argue that fiscal and monetary stimulus was essential for fostering US economic recovery. A "liquidationist" ("anti-inflationist") would counter with the argument that the cost of trillions of additional government debt and related marketplace distortions far outweigh what will prove ephemeral benefits. Attempts to avert system adjustment and restructuring - efforts to sustain the previous bubble economy structure - will prove unsuccessful. This will in large part be because of the enormous amounts of ongoing credit expansion and monetary profligacy required for such an endeavor. There are a host of issues related to the government throwing trillions (of new "money") at a maladjusted economy. I have over the years broadly referred to these types of consequences as "monetary disorder." Some of these effects have of late made themselves conspicuous

Perhaps "purge the rottenness out of the system" is too strong. But the financial world would be a safer place today had zealous government market intervention not bailed out the crisis-imperiled "leveraged speculating community".

more here - http://www.atimes.com/atimes/Global_Economy/LE11Dj02.html