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<p>[QUOTE="mikem2000, post: 2221837, member: 30574"]A couple interesting points here. There were a lot of folks that though QE would "break" the system and there would be no way the FED could end QE. Most of this stuff, really didn't have facts behind it, just wild specualtion. Many of these "theories" came from folks like zerohedge, where their only interest was selling bullion, so not very reliable in my opinion. And the other side of the coin, Ben B. said it would work and he could end it. The zerohedge crowd laughed at him and called him an idiot.</p><p> </p><p>Let me do a quick post from WIKI, about this "idiot's" education and credentails</p><p> </p><p><font size="4"><b><span style="color: #ff0000">Education[</span><a href="https://www.cointalk.com/w/index.php?title=Ben_Bernanke&action=edit&section=4&editintro=Template:BLP_editintro" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/w/index.php?title=Ben_Bernanke&action=edit&section=4&editintro=Template:BLP_editintro"><span style="color: #ff0000">edit</span></a><span style="color: #ff0000">]</span></b></font></p><p><span style="color: #ff0000">Bernanke was educated at East Elementary, J. V. Martin Junior High, and </span><a href="https://www.cointalk.com/wiki/Dillon_High_School" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Dillon_High_School"><span style="color: #ff0000">Dillon High School</span></a><span style="color: #ff0000">, where he was class </span><a href="https://www.cointalk.com/wiki/Valedictorian" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Valedictorian"><span style="color: #ff0000">valedictorian</span></a><span style="color: #ff0000"> and played saxophone in the </span><a href="https://www.cointalk.com/wiki/Marching_band" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Marching_band"><span style="color: #ff0000">marching band</span></a><span style="color: #ff0000">.</span><a href="https://www.cointalk.com/#cite_note-16" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-16"><span style="color: #ff0000">[16]</span></a><span style="color: #ff0000"> Since Dillon High School did not offer </span><a href="https://www.cointalk.com/wiki/Calculus" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Calculus"><span style="color: #ff0000">calculus</span></a><span style="color: #ff0000"> at the time, Bernanke taught it to himself.</span><a href="https://www.cointalk.com/#cite_note-Time09-17" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-Time09-17"><span style="color: #ff0000">[17]</span></a><a href="https://www.cointalk.com/#cite_note-18" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-18"><span style="color: #ff0000">[18]</span></a><span style="color: #ff0000"> Bernanke scored 1590 out of 1600 on the </span><a href="https://www.cointalk.com/wiki/SAT" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/SAT"><span style="color: #ff0000">SAT</span></a><a href="https://www.cointalk.com/#cite_note-Time09-17" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-Time09-17"><span style="color: #ff0000">[17]</span></a><a href="https://www.cointalk.com/#cite_note-19" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-19"><span style="color: #ff0000">[19]</span></a><span style="color: #ff0000"> and was a </span><a href="https://www.cointalk.com/wiki/National_Merit_Scholarship_Program" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/National_Merit_Scholarship_Program"><span style="color: #ff0000">National Merit Scholar</span></a><span style="color: #ff0000">.</span><a href="https://www.cointalk.com/#cite_note-20" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-20"><span style="color: #ff0000">[20]</span></a><span style="color: #ff0000"> He also was a contestant in the </span><a href="https://www.cointalk.com/wiki/38th_Scripps_National_Spelling_Bee" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/38th_Scripps_National_Spelling_Bee"><span style="color: #ff0000">1965 National Spelling Bee</span></a><span style="color: #ff0000">.</span><a href="https://www.cointalk.com/#cite_note-ben-21" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-ben-21"><span style="color: #ff0000">[21]</span></a></p><p><span style="color: #ff0000">Bernanke attended </span><a href="https://www.cointalk.com/wiki/Harvard_University" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Harvard_University"><span style="color: #ff0000">Harvard University</span></a><span style="color: #ff0000">, where he lived in </span><a href="https://www.cointalk.com/wiki/Winthrop_House" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Winthrop_House"><span style="color: #ff0000">Winthrop House</span></a><span style="color: #ff0000">, as did the future CEO of </span><a href="https://www.cointalk.com/wiki/Goldman_Sachs" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Goldman_Sachs"><span style="color: #ff0000">Goldman Sachs</span></a><span style="color: #ff0000">, </span><a href="https://www.cointalk.com/wiki/Lloyd_Blankfein" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Lloyd_Blankfein"><span style="color: #ff0000">Lloyd Blankfein</span></a><span style="color: #ff0000">, and graduated with an </span><a href="https://www.cointalk.com/wiki/Bachelor_of_Arts" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Bachelor_of_Arts"><span style="color: #ff0000">A.B.</span></a><span style="color: #ff0000"> degree, and later with an </span><a href="https://www.cointalk.com/wiki/Master_of_Arts" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Master_of_Arts"><span style="color: #ff0000">A.M.</span></a><span style="color: #ff0000"> in </span><a href="https://www.cointalk.com/wiki/Economics" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Economics"><span style="color: #ff0000">economics</span></a><span style="color: #ff0000"> <i><a href="https://www.cointalk.com/wiki/Summa_cum_laude" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Summa_cum_laude">summa cum laude</a></i> in 1975. He received a </span><a href="https://www.cointalk.com/wiki/Doctor_of_Philosophy" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Doctor_of_Philosophy"><span style="color: #ff0000">Ph.D.</span></a><span style="color: #ff0000"> degree in Economics from the </span><a href="https://www.cointalk.com/wiki/Massachusetts_Institute_of_Technology" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Massachusetts_Institute_of_Technology"><span style="color: #ff0000">Massachusetts Institute of Technology</span></a><span style="color: #ff0000"> in 1979 after completing and defending his dissertation, <i>Long-Term Commitments, Dynamic Optimization, and the Business Cycle</i>. Bernanke's thesis adviser was the future governor of the </span><a href="https://www.cointalk.com/wiki/Bank_of_Israel" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Bank_of_Israel"><span style="color: #ff0000">Bank of Israel</span></a><span style="color: #ff0000">, </span><a href="https://www.cointalk.com/wiki/Stanley_Fischer" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Stanley_Fischer"><span style="color: #ff0000">Stanley Fischer</span></a><span style="color: #ff0000">, and his readers included Irwin S. Bernstein, </span><a href="https://www.cointalk.com/wiki/R%C3%BCdiger_Dornbusch" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/R%C3%BCdiger_Dornbusch"><span style="color: #ff0000">Rüdiger Dornbusch</span></a><span style="color: #ff0000">, </span><a href="https://www.cointalk.com/wiki/Robert_Solow" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Robert_Solow"><span style="color: #ff0000">Robert Solow</span></a><span style="color: #ff0000">, and </span><a href="https://www.cointalk.com/wiki/Peter_Diamond" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Peter_Diamond"><span style="color: #ff0000">Peter Diamond</span></a><span style="color: #ff0000"> of MIT and </span><a href="https://www.cointalk.com/wiki/Dale_Jorgenson" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/wiki/Dale_Jorgenson"><span style="color: #ff0000">Dale Jorgenson</span></a><span style="color: #ff0000"> of Harvard.</span><a href="https://www.cointalk.com/#cite_note-22" class="internalLink ProxyLink" data-proxy-href="https://www.cointalk.com/#cite_note-22"><span style="color: #ff0000">[22]</span></a></p><p> </p><p>Call me silly, but I put my money on the summa cum laude grad from Harvard, and not a "salesman" from zerohedge. Sometimes it is about picking the correct horse.</p><p> </p><p>As far as the debt coming to some type of reckoning, well that is true, the debt must be paid, but that "reckoning day" does not need to be some sort of cataclysmic event. It could just be economic headwinds that slow our growth, but DO NOT stop it for some time. Also, even if a severe downturn does occur, there is really no reason to think that "this time is different" and we will not recover. There have been 11 bear markets (-20% or more) in US history and 27 corrections ( -10% - 20%). We have recovered from ALL of them wiht NO exceptions. I just really like those odds.</p><p> </p><p>Mike[/QUOTE]</p><p><br /></p>
[QUOTE="mikem2000, post: 2221837, member: 30574"]A couple interesting points here. There were a lot of folks that though QE would "break" the system and there would be no way the FED could end QE. Most of this stuff, really didn't have facts behind it, just wild specualtion. Many of these "theories" came from folks like zerohedge, where their only interest was selling bullion, so not very reliable in my opinion. And the other side of the coin, Ben B. said it would work and he could end it. The zerohedge crowd laughed at him and called him an idiot. Let me do a quick post from WIKI, about this "idiot's" education and credentails [SIZE=4][B][COLOR=#ff0000]Education[[/COLOR][URL='https://www.cointalk.com/w/index.php?title=Ben_Bernanke&action=edit§ion=4&editintro=Template:BLP_editintro'][COLOR=#ff0000]edit[/COLOR][/URL][COLOR=#ff0000]][/COLOR][/B][/SIZE] [COLOR=#ff0000]Bernanke was educated at East Elementary, J. V. Martin Junior High, and [/COLOR][URL='https://www.cointalk.com/wiki/Dillon_High_School'][COLOR=#ff0000]Dillon High School[/COLOR][/URL][COLOR=#ff0000], where he was class [/COLOR][URL='https://www.cointalk.com/wiki/Valedictorian'][COLOR=#ff0000]valedictorian[/COLOR][/URL][COLOR=#ff0000] and played saxophone in the [/COLOR][URL='https://www.cointalk.com/wiki/Marching_band'][COLOR=#ff0000]marching band[/COLOR][/URL][COLOR=#ff0000].[/COLOR][URL='https://www.cointalk.com/#cite_note-16'][COLOR=#ff0000][16][/COLOR][/URL][COLOR=#ff0000] Since Dillon High School did not offer [/COLOR][URL='https://www.cointalk.com/wiki/Calculus'][COLOR=#ff0000]calculus[/COLOR][/URL][COLOR=#ff0000] at the time, Bernanke taught it to himself.[/COLOR][URL='https://www.cointalk.com/#cite_note-Time09-17'][COLOR=#ff0000][17][/COLOR][/URL][URL='https://www.cointalk.com/#cite_note-18'][COLOR=#ff0000][18][/COLOR][/URL][COLOR=#ff0000] Bernanke scored 1590 out of 1600 on the [/COLOR][URL='https://www.cointalk.com/wiki/SAT'][COLOR=#ff0000]SAT[/COLOR][/URL][URL='https://www.cointalk.com/#cite_note-Time09-17'][COLOR=#ff0000][17][/COLOR][/URL][URL='https://www.cointalk.com/#cite_note-19'][COLOR=#ff0000][19][/COLOR][/URL][COLOR=#ff0000] and was a [/COLOR][URL='https://www.cointalk.com/wiki/National_Merit_Scholarship_Program'][COLOR=#ff0000]National Merit Scholar[/COLOR][/URL][COLOR=#ff0000].[/COLOR][URL='https://www.cointalk.com/#cite_note-20'][COLOR=#ff0000][20][/COLOR][/URL][COLOR=#ff0000] He also was a contestant in the [/COLOR][URL='https://www.cointalk.com/wiki/38th_Scripps_National_Spelling_Bee'][COLOR=#ff0000]1965 National Spelling Bee[/COLOR][/URL][COLOR=#ff0000].[/COLOR][URL='https://www.cointalk.com/#cite_note-ben-21'][COLOR=#ff0000][21][/COLOR][/URL] [COLOR=#ff0000]Bernanke attended [/COLOR][URL='https://www.cointalk.com/wiki/Harvard_University'][COLOR=#ff0000]Harvard University[/COLOR][/URL][COLOR=#ff0000], where he lived in [/COLOR][URL='https://www.cointalk.com/wiki/Winthrop_House'][COLOR=#ff0000]Winthrop House[/COLOR][/URL][COLOR=#ff0000], as did the future CEO of [/COLOR][URL='https://www.cointalk.com/wiki/Goldman_Sachs'][COLOR=#ff0000]Goldman Sachs[/COLOR][/URL][COLOR=#ff0000], [/COLOR][URL='https://www.cointalk.com/wiki/Lloyd_Blankfein'][COLOR=#ff0000]Lloyd Blankfein[/COLOR][/URL][COLOR=#ff0000], and graduated with an [/COLOR][URL='https://www.cointalk.com/wiki/Bachelor_of_Arts'][COLOR=#ff0000]A.B.[/COLOR][/URL][COLOR=#ff0000] degree, and later with an [/COLOR][URL='https://www.cointalk.com/wiki/Master_of_Arts'][COLOR=#ff0000]A.M.[/COLOR][/URL][COLOR=#ff0000] in [/COLOR][URL='https://www.cointalk.com/wiki/Economics'][COLOR=#ff0000]economics[/COLOR][/URL][COLOR=#ff0000] [I][URL='https://www.cointalk.com/wiki/Summa_cum_laude']summa cum laude[/URL][/I] in 1975. He received a [/COLOR][URL='https://www.cointalk.com/wiki/Doctor_of_Philosophy'][COLOR=#ff0000]Ph.D.[/COLOR][/URL][COLOR=#ff0000] degree in Economics from the [/COLOR][URL='https://www.cointalk.com/wiki/Massachusetts_Institute_of_Technology'][COLOR=#ff0000]Massachusetts Institute of Technology[/COLOR][/URL][COLOR=#ff0000] in 1979 after completing and defending his dissertation, [I]Long-Term Commitments, Dynamic Optimization, and the Business Cycle[/I]. Bernanke's thesis adviser was the future governor of the [/COLOR][URL='https://www.cointalk.com/wiki/Bank_of_Israel'][COLOR=#ff0000]Bank of Israel[/COLOR][/URL][COLOR=#ff0000], [/COLOR][URL='https://www.cointalk.com/wiki/Stanley_Fischer'][COLOR=#ff0000]Stanley Fischer[/COLOR][/URL][COLOR=#ff0000], and his readers included Irwin S. Bernstein, [/COLOR][URL='https://www.cointalk.com/wiki/R%C3%BCdiger_Dornbusch'][COLOR=#ff0000]Rüdiger Dornbusch[/COLOR][/URL][COLOR=#ff0000], [/COLOR][URL='https://www.cointalk.com/wiki/Robert_Solow'][COLOR=#ff0000]Robert Solow[/COLOR][/URL][COLOR=#ff0000], and [/COLOR][URL='https://www.cointalk.com/wiki/Peter_Diamond'][COLOR=#ff0000]Peter Diamond[/COLOR][/URL][COLOR=#ff0000] of MIT and [/COLOR][URL='https://www.cointalk.com/wiki/Dale_Jorgenson'][COLOR=#ff0000]Dale Jorgenson[/COLOR][/URL][COLOR=#ff0000] of Harvard.[/COLOR][URL='https://www.cointalk.com/#cite_note-22'][COLOR=#ff0000][22][/COLOR][/URL] Call me silly, but I put my money on the summa cum laude grad from Harvard, and not a "salesman" from zerohedge. Sometimes it is about picking the correct horse. As far as the debt coming to some type of reckoning, well that is true, the debt must be paid, but that "reckoning day" does not need to be some sort of cataclysmic event. It could just be economic headwinds that slow our growth, but DO NOT stop it for some time. Also, even if a severe downturn does occur, there is really no reason to think that "this time is different" and we will not recover. There have been 11 bear markets (-20% or more) in US history and 27 corrections ( -10% - 20%). We have recovered from ALL of them wiht NO exceptions. I just really like those odds. Mike[/QUOTE]
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