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Top Economist Mishkin: Worse Than the Depression
Andrew Fisher
CNBC
Tuesday, September 23, 2008
Economics scholar and former Federal Reserve Governor Frederic Mishkin says the shock that continues to rip through the nation’s economy is actually worse than what was felt during the Great Depression.
“The difference is, we have people on the ball,” the Columbia University professor told CNBC.
Mishkin said he was impressed by the way his former colleagues at the Fed handled crises.
“During all these episodes…everybody stayed very cool, calm, and collected,” he recalled. “Chairman Bernanke is someone who sits down, is very analytical, thinks through, doesn’t get excited, just, ‘Let’s do the job,’ the staff operated that way, the rest of the board operated that way.” (Watch the accompanying video for more on what Mishkin has to say on the economy…)
(ARTICLE CONTINUES BELOW)
That said, he believes it is appropriate for the Federal Reserve to turn the management of the crisis over to Congress and the Administration.
“The Federal Reserve is not supposed to be doing fiscal policy,” he said. “In fact, when you’re spending taxpayers’ money in a big way, it’s got to be dealt with by the legislative branches and the executive branch.”
The key, he explained, is timing.
“When things happen, you have to act very quickly,” he said. “The problem is, if you try to act well before anything happens—particularly in terms of any bailouts—then in fact you create incentives for people to take on excessive risk.”
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14 Responses to “Top Economist Mishkin: Worse Than the Depression”
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September 23rd, 2008 at 9:57 am
this is a very serious article of truth !!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=e7vb1ZtmMIE
September 23rd, 2008 at 11:17 am
Dont listen to the idiot above, his crappy video is about abortion.
I bet this idiot wont kill an few unwanted cells but he will cut the tip of his sons penis off. And then he will cry about overpopulation or tax money helping poor families with their children he wants them forced to have.
Stupid is as stupid does.
Better yet I bet he will teach his children to pretend to drink the blood and eat the flesh of his magical idiot, someone he will teach his children can walk on water and leave Earth’s gravity.
Pathetic brainwashed idiot.
September 23rd, 2008 at 11:51 am
Homeschoolers don’t have “lower social skills.” In fact, their social development is superior to their public schooled counterparts. The reason is as follows…In public (or private) school children are segregated based on age and only develop comfort in relating to people of an identical age group. If you think back I’m sure that you’ll remember how “different” kids only a few grades up or down seemed.
Homeschooled kids, despite what is commonly believed, have a very large social network that includes all ages and thus; they are as comfortable watching over very young children as they are with kids their own age as they are carrying on a conversation with an adult.
September 23rd, 2008 at 12:24 pm
Worst ever?
Maybe so.
This is not the worst yet to come, though.
http://illumatrix.proboards105.com/index.cgi
come discuss this.
your views matter.
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September 23rd, 2008 at 2:18 pm
its not about being ” cool, calm and collected ” as they keep telling us, its the opposite!
we have seen where all this ” coolness” is leading us and its not the time to be fucking COOL CALM AND COLLECTED but to be running wild and berserk and wrathfully joyful against the perpetrators of the coming financial armageddon which threatens all countries and all persons. I am sick of these ” cool, calm and collected ” blue collar bastards who in their dumb and dead ways are ” coolly, calmly and collectedly ” watching helplessly how we are all COOL LY CALMLY AND COLLECTIVELY drowning!
September 23rd, 2008 at 3:13 pm
The 700 billion dollar bailout is about much more than the issues of our dollar or forcing the Amero on the USA. It is about Bushes drive to staying in office. He and his cabal are long game Fascists.
Under the Constitution Congress controls the purse and the ability to Declare War. Yet we are at war with no Declaration of war. Bush has gutted the First and Fourth Amendments. He has a private army. When the troops leave Iraq, they will return, under the threat of terrorism. The troops will be posted on our streets. To control and intimidate Citizens.
Bush now grabs the money through the Fed and Tresuary away from Congress. Posse Comitas is no longer operant. Troops in the street.He is a horriffic war crimminal. He and his cabal need to be tried at the Hague. And punished accordingly. Like the leaders of the Nazi’s
Bus/ Cheney have not done all this work to walk away from power on their Constitutionally mandated date.
Bush has the troops because Congress did not do it’s job. Their job is to Declaring War and controlling those purse strings of the military and Treasury. Congreess allowed Bush to have Blackwater as a huge private army, that is well equiped, to control Citizen revolt. In a few cities at the time, to make a point. They answer too no one and no laws. Bush has Blackwater and other groups to back him, as his private army. Fema and the TSA routinely violate our rights. They will help keep Citizens in line tooThey already have a large Midnight List of people to ferret away.To Render away. Why are there emty prison with the sharp angled iron pointed inward. To keep the Rendered in.
Lets see, he has the military, a well armed private army, gutted the important base of the pyramid of our Constitution and soon all the money. In violation of the Constituion. He wants the money real fast. He will not tell us where it will go. He wants Congress to approve a huge check from Congress. But he will not tell us who it will go to. A violation of the Constituion. Congress must be told how money they authorize will be spent. That’s the law. He will not leave office. He and his cabal have worked to hard to steal elections. Violate the laws of our nation. And now will be stationing troops in our cities. Municipal leaders will have to answer to the military before acting. Fascism anyone?
Just as all totalitarians Bush is accummulating, all forms of govermental powers in his office. Rendering the Congress a and courts impotent. Using bribery in all it’s forms, blackmail and infiltration, to contol these Constitutional bodies to give up their power of Checks and Balances.
Bush has all the pieces in place once he grabs the tresuary. Then a false flag event, followed by Martial Law.Then everything will change. We will all be prisoners. America will be dead. Rusia, China and other nations will see our adventurism as acts of an itolerable, tryranical nation.
With our military equipment and infrastructure a wreck. Shortage of engineers, metal workers and fabricators. We will be a paper lion. Unable to repair our equipment in a timely fashion The world will see us like Hitlers Germany. Power up front but no capacity to back up our endlesss forays. Thus much of the world will become the Allies and blow our totalitarian butts out of the water.
Russia and China will hit us with a four megaton nuclear weapon on one Canary That will blow up a mountain. Collapsing part of it and thus sending a five hundred foot wave at 600mph to our East Coast. New York, Wshington, Miami and all other East Coast civilians buildings and militarry bases will be utterly detroyed, 20-40 miles inland. 16 megatons on Yellowstone will cause the giant cauldera to erupt. Destoying two thirds of our nation. With lava flows that have in he past have filled the Grand Canyon. From Montana down to Califofnia. and several feet of roof crushing ash on buildings, over half the nation. Rain will fall as nitric acid. America will be dust.
You do not become an international war crimminal by accident, destroy laws+
and take the Tresuary, unless you plan to stay in power for a long time.
In less than 20 years our nation will be destroyed. Because the world will correctly see our leaders as imperialisic tyrants. That must be destroyed like Rome, Greece and countlless others who have been historical tyrants.That once were novel and good in many ways. But collapsed into tyranny.
HE WHO LIVES BY THE SWORD DIES BY THE SWORD
Can you name an exception? No I did not think so. Some how we must make Bush and his cabal go. If we are to survive.They must stand trial at the Hague for their genocide and other war crimes.
September 23rd, 2008 at 3:13 pm
TELL CONGRESS TO SAY “NO!” TO PAULSON: Some notes on the World Bank and the Insane Power Grab being made by Henry Paulson and Ben Bernanke…
Here are some clips I did as research this morning on my blog. You can get a taste below, but for the whole shebang, please go directly to my blog at this address below (includes direct links to the videos and such):
http://www.HumanBeingsAreFree......-some.html
The current World Bank President is Robert B. Zoellick. Prior to joining the Bank, Zoellick served as Vice Chairman, International of the Goldman Sachs Group, and Chairman of Goldman Sachs’ Board of International Advisors 2006-2007. I think it is VERY important to note that Secretary of the Treasury Henry Paulson, the man who is now essentially telling the US Congress that they must give him dictatorial powers over the American economy, was formerly the Chairman and CEO of Goldman Sachs. And now, among the Wall Street investment bank giants, Goldman Sachs is now one of the two left standing. Coincidences? No way! Cronyism and Insane Dictatorial Power Grab? Absolutely.
The U.S. Congress, the beleaguered power that they are, does have the power to say “no” to this, but it looks like they actually may pass it! The proposed bill, which is so short (849 words!) anyone can read it and readily understand that constitutes financial dictatorship, is being argued for as I write now. If you do anything today to try to stop this nation’s downfall, please tell your Congressmen and tell everyone you know to tell their Congressmen that this bill is UTTERLY UNACCEPTABLE. It is the equivalent of the Patriot Act for finance, and it is one of the final steps in the shredding of our Constitution.
Say NO now… it is getting very late in the game, and fast.
Here you can read the text of the LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS, along with a bit of helpful commentary: Http://www.economicpopulist.or.....action-now
ACT NOW!
You may ask, “Won’t the economy collapse if the Congress does not take this step?” Of course it will! It’s going to one way or another. The U.S. Dollar has been completely devalued already. The question is, do we make it much, much harder on ourselves by extending the imminent Depression into the far reaching future (by bailing out rich speculators), or do we deal with things as we must now, with our remaining liberties and sovereignty in tact? Here’s a bit from Ron Paul about the matter: Late Edition With Wolf Blitzer Guest Ron Paul (~7 min.): Direct Link: http://www.youtube.com/watch?v=A2DK3gytzBk
RESEARCH ON PAULSON AND WHY WE SHOULD SAY “NO!” NOW:
http://www.HumanBeingsAreFree......-some.html
September 23rd, 2008 at 3:34 pm
So basically the the federal reserve acts completely outside the boundaries of our elected government.
It is a rogue entity that dictates the status of our entire economy.
Why isn’y anyone in our government doing anything to stop them?
Does America even have a government?
WTF?
September 23rd, 2008 at 7:44 pm
God absolutely did not call Jews the sinagogue (sic) of satan. What John did say in Rev 3:9, however, is “Behold, I will make them of the synagogue of Satan, WHICH SAY THEY ARE JEWS, AND ARE NOT, BUT DO LIE; behold, I will make them to come and worship before thy feet, and to know that I have loved thee
September 24th, 2008 at 2:03 am
THE GUY LOVES THE FED HE IS IN A MINORITY WE NEED TO GET MAD AS HELL AND GO CRAZY ARRRRGH
September 24th, 2008 at 4:32 am
George Bush is Jewish? Dick Cheney is Jewish? The Rockefellers, Clintons, etc. ARE NOT JEWISH –
September 24th, 2008 at 5:25 am
spread this you tube virally its on the front of http://www.gcnlive.com about paulson and the bailout, Alex jones http://www.youtube.com/watch?v.....nlive.com/ thanks very much call everyone in congress now. say no , hell no. April Gallop http://www.thepentacon.com
September 24th, 2008 at 9:52 am
uh… hey guys… this guy said that the Fed and Treasury shouldn’t be in the business of choosing how to burn our money. What part of that was bad? This guy is an academic and the only academics who aren’t card-carrying commies are in the econ departments. Get over your Jew stuff.
September 24th, 2008 at 7:01 pm
=================================================================
> PLEASE FORWARD, POST, BLOG, TAG, COMMENT, AND SPRAY PAINT THIS
> EMAIL ON THE WALLS OF THE WORLD WIDE WEB.
> =================================================================
>
> Tim,
>
> The RTR team is closely monitoring the activity and discussion
> occurring concerning the emergency 700 Billion dollar bailout.
>
> Members of Wall Street are pointing fingers, the FBI has
> started investigations, FED Chairman Bernanke is acting like a
> unshaven homeless beggar with the shakes, Treasury Secretary
> Paulson is asking Congress to start a Nationwide Chipin… and
> the world is watching it all.
>
> While America is distracted trying to see who is pointing at
> who to blame, the members of the Freedom Movement all slowly
> turn our heads and extend our finger and point to the problem
> we have been screaming about for years… THE FEDERAL RESERVE!!!
>
> Ron Paul said today, “The claim that the market caused all
> this is so staggeringly foolish that only politicians and
> the media could pretend to believe it. But that has become
> the conventional wisdom, with the desired result that those
> responsible for the credit bubble and its predictable
> consequences- predictable, that is, to those who understand
> sound, Austrian economics – are being let off the hook. The
> Federal Reserve System is actually positioning itself as the
> savior, rather than the culprit, in this mess!”
>
> The Republican elite could have had their solution ride in on a
> white horse if they grew a spine and opened their ears and
> opened their doors to Ron Paul, but now they will be forced to
> stand in breadlines with the rest of us as we throw piles of
> cash into our furnaces to keep warm this winter.
>
> NOW IS THE TIME TO STRIKE WHILE THE IRON IS HOT.
>
> The national dialogue on every news network, in every newspaper,
> on every radio show is revolving around the bail out. Only a
> small few have stepped up and pointed at the FED as the source
> of the problem.
>
> Because we are not funded by corrupt FED money we exposed the
> truth back in our January issue of Republic Magazine, and Russo
> exposed the truth TWO YEARS AGO in “America: Freedom to Fascism”!
>
> Here is the course of action we must take as a movement today:
>
>
> Step One:
>
> Download and email the “Financial Collapse” issue of Republic
> Magazine to everyone you know to educate them on the SOURCE of
> the problem:
> http://www.republicmagazine.co.....azine4.pdf
>
> Order bulk hard copies of issue 4 for hand distribution by visiting:
> http://RepublicMagazines.com
>
> (only 5000 copies left)
>
>
>
>
> Step Two:
>
> Join us in the national protest to END THE FED on November 22nd
> by visiting and signing up at http://EndTheFED.us
>
>
>
>
> Step Three:
>
> Share the video link that exposes the Federal Reserve as a PRIVATE
> Bank FROM THEIR OWN MOUTH: http://MeetTheFED.com
>
>
>
>
> Step Four:
>
> Join JBS in their initiative to DEMAND a NO vote on the bail out:
>
> Tell Your Representative and Senators to Vote NO on the $700
> Billion Bailout Proposal
>
> September 23, 2008: Congress is poised to vote on an unprecedented
> $700 billion Wall Street bailout bill late this week.
>
> Congress must decide between:
>
> * Voting NO and allowing the free market to liquidate
> bad debts and unviable companies through allowing
> market prices to prevail; or
> * Voting YES and empowering the Treasury Department and
> Federal Reserve to provide bailouts for troubled
> financial institutions with $700 billion (more likely
> trillions of dollars) created out of thin air, leading
> to rampant inflation of the dollar at best and the
> destruction of the dollar at worst.
>
> Take Action! Email and/or phone your representative and
> senators immediately:
> http://capwiz.com/jbs/utr/1/BC.....2422893266
> Tell them to stand up for the Constitution, the free market,
> and the dollar by voting NO on the $700 billion Wall Street
> bailout bill.
>
> Take Action! Visit your congressman’s local office this
> Thursday (September 25th) in opposition to the $700 billion
> Wall Street bailout bill and to help get the ball rolling to
> End the Fed.
> http://capwiz.com/jbs/utr/1/BC.....2422893266
>
> Tell your representative and senators to stand up for the
> Constitution, the free market, and the dollar by voting NO
> on the $700 billion Wall Street bailout bill.
>
> =================================================================
> PLEASE FORWARD, POST, BLOG, TAG, COMMENT, AND SPRAY PAINT THIS
> EMAIL ON THE WALLS OF THE WORLD WIDE WEB.
> =================================================================
>
>
>
> Sent from the Freedom Movement Headquarters at:
>
> RestoreTheRepublic.com, 3149 Dundee Rd #176, Northbrook, Illinois 60062, USA
>
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