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Ben Bernanke is no longer a Republican

walker_harris3
Posts: 273
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2/3/2016 12:48:55 AM
Posted: 10 months ago
At 2/3/2016 12:43:40 AM, dylancatlow wrote:
http://www.usnews.com...

Somehow I totally missed this.

"It's the stupid economics."

I always take this guy's word with a grain of salt, but now I'm going to take his word with a grain of flour. Seriously, can you really call someone's economics stupid when you completely failed to recognize the oncoming of the financial crisis in '08?
1harderthanyouthink
Posts: 13,102
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2/3/2016 1:23:43 AM
Posted: 10 months ago
At 2/3/2016 12:45:09 AM, EndarkenedRationalist wrote:
At 2/3/2016 12:43:40 AM, dylancatlow wrote:
http://www.usnews.com...

Somehow I totally missed this.

How I wish JMK were here to see this.

I told him about that in a Hangout like a week ago.
"It's awfully considerate of you to think of me here,
And I'm much obliged to you for making it clear - that I'm not here."

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EndarkenedRationalist
Posts: 14,201
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2/3/2016 1:26:05 AM
Posted: 10 months ago
At 2/3/2016 1:23:43 AM, 1harderthanyouthink wrote:
At 2/3/2016 12:45:09 AM, EndarkenedRationalist wrote:
At 2/3/2016 12:43:40 AM, dylancatlow wrote:
http://www.usnews.com...

Somehow I totally missed this.

How I wish JMK were here to see this.

I told him about that in a Hangout like a week ago.

What did he say?
1harderthanyouthink
Posts: 13,102
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2/3/2016 1:31:17 AM
Posted: 10 months ago
At 2/3/2016 1:26:05 AM, EndarkenedRationalist wrote:
At 2/3/2016 1:23:43 AM, 1harderthanyouthink wrote:
At 2/3/2016 12:45:09 AM, EndarkenedRationalist wrote:
At 2/3/2016 12:43:40 AM, dylancatlow wrote:
http://www.usnews.com...

Somehow I totally missed this.

How I wish JMK were here to see this.

I told him about that in a Hangout like a week ago.

What did he say?

He didn't know. Didn't say much about it though.
"It's awfully considerate of you to think of me here,
And I'm much obliged to you for making it clear - that I'm not here."

-Syd Barrett

DDO Risk King
dylancatlow
Posts: 12,252
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2/4/2016 9:36:51 PM
Posted: 10 months ago
At 2/3/2016 12:48:55 AM, walker_harris3 wrote:
At 2/3/2016 12:43:40 AM, dylancatlow wrote:
http://www.usnews.com...

Somehow I totally missed this.

"It's the stupid economics."

I always take this guy's word with a grain of salt, but now I'm going to take his word with a grain of flour. Seriously, can you really call someone's economics stupid when you completely failed to recognize the oncoming of the financial crisis in '08?

Pretty much no one saw it coming. The few who did also predicted a much of crises that never happened. It's harder to predict exactly when a financial crises will strike than knowing how to treat it once it does. There are many ways in which the economy can go wrong, but only a few ways of bringing about recovery.
TBR
Posts: 9,991
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2/4/2016 10:35:43 PM
Posted: 10 months ago
At 2/4/2016 9:55:04 PM, Wylted wrote:
Bernanke was always a Democrat

Love you panache with disowning anyone you disagree with.

Bush was your disaster, so is this a$$hat.
ResponsiblyIrresponsible
Posts: 12,398
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2/5/2016 2:56:41 AM
Posted: 10 months ago
The thing is... this really doesn't mean all that much.

Indeed, Ben was appointed by a Republican, but he wasn't exactly uber conservative. I have no clue where he is on foreign policy and/or social issues -- he's Jewish, so you might be able to discern where he stands on Israel; and he's a brilliant academic, so you might be able to discern where he stands on social issues -- but on economics he's pretty much a middle-of-the-road New Keynesian. The few differences between him and a Krugman that I can tell are that (a) he's a bit more reluctant to implement in practice what he wrote about as an academic (that could've just been due to the pressures of trying to forge a committee consensus), (b) he's a bit more skeptical on fiscal expansion and deficit spending (but even then he constantly railed about austerity in the years following the crisis), and (c) he's expressed hesitance about the minimum wage. But, other than that, this is someone who:

(a) supported massive--but not as massive as it could've been--stimulus.

(b) thinks infrastructure spending is great.

(c) supports an independent central bank.

(d) supports financial regs, like Dodd-Frank.

Doesn't sound like a Republican to me. This is someone who was, at best, center-right back in the 1990s, but is totally disillusioned by the anti-intellectual rift in the Republican party today--with people denying evolution, climate chance, downward nominal wage rigidity (if they even know what that is), wanting to take a dagger to the Fed, b1tching about nonexistent inflation, and more. Bernanke is far too intelligent to fall into that trap, and this is a great sign.
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Wylted
Posts: 21,167
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2/5/2016 3:00:32 AM
Posted: 10 months ago
At 2/4/2016 10:35:43 PM, TBR wrote:
At 2/4/2016 9:55:04 PM, Wylted wrote:
Bernanke was always a Democrat

Love you panache with disowning anyone you disagree with.

Bush was your disaster, so is this a$$hat.

Is Bernanke pro establishment like real Democrats or anti establishment like real republicans?
thett3
Posts: 14,373
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2/5/2016 3:03:11 AM
Posted: 10 months ago
Bernanke isn't a Republican anymore because after he quit his fed job he had to work in the private sector as an economist, making only 35-40k. Democrats look after the little guy, so that's where he stands now
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: At 11/12/2016 11:49:40 PM, Raisor wrote:
: thett was right
TBR
Posts: 9,991
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2/5/2016 3:16:18 AM
Posted: 10 months ago
At 2/5/2016 3:00:32 AM, Wylted wrote:
At 2/4/2016 10:35:43 PM, TBR wrote:
At 2/4/2016 9:55:04 PM, Wylted wrote:
Bernanke was always a Democrat

Love you panache with disowning anyone you disagree with.

Bush was your disaster, so is this a$$hat.

Is Bernanke pro establishment like real Democrats or anti establishment like real republicans?

Its your own personal "no true Republican" fallacy
ResponsiblyIrresponsible
Posts: 12,398
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2/5/2016 9:56:57 PM
Posted: 10 months ago
At 2/5/2016 3:03:11 AM, thett3 wrote:
Bernanke isn't a Republican anymore because after he quit his fed job he had to work in the private sector as an economist, making only 35-40k. Democrats look after the little guy, so that's where he stands now

Actually, he works for for both Brookings and Pimco, the latter of which is a hedge fund. He's making a hell of a lot more than 35-40k. Private-sector economists tend to make a lot more than either academics or policymakers. He's also not a Democrat.
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