Opinion

Felix Salmon

Eat your heart out Matt Taibbi

By Felix Salmon
November 12, 2010

This is without a doubt the funniest video ever made about the Fed, quantitative easing, and Ben Bernanke. Make sure you’re in a place where you can laugh freely, and press play:

(Via Harrison)

Comments
15 comments so far | RSS Comments RSS

More mindless anti-Fed propaganda than funny, but de gustibus non est disputandum.

Posted by 3oosion | Report as abusive
 

Wrong on the facts and theory and not that funny. This one is somewhat better in substance and a lot funnier. http://www.youtube.com/watch?v=IGYAhiMwd 5E

Posted by Charles1111 | Report as abusive
 

Meh.

Posted by david3 | Report as abusive
 

I thought it was hilarious and spot on. The Benbernake
Kind of devastating when you just state what they did, and what happened.

Posted by fresnodan | Report as abusive
 

Damned by faint praise, I’d say.

OK, it wasn’t the Fed, and it didn’t have Bernanke or QE, but the South Park episode on the Treasury bailouts (decision making by chicken sacrifice) was about a billion times funnier.

Posted by Greycap | Report as abusive
 

What everybody else said. It was wrong on the facts (Bernanke was head adviser to Bush) and just not terribly funny.

max
['The thing with the Chinese-American rap battle was better.']

Posted by sonneblume | Report as abusive
 

too true to be too funny

Posted by hsvkitty | Report as abusive
 

The video’s assessment of Bernanke’s forecasting skills is right on. The assessment of the Fed’s credibility is right on. It is true that you can buy Treasurys from Treasury Direct. Plumbers do in fact generally fix things, not break them more. Laundering Fed purchases through Goldman is senseless. QE last year was tried with $2 trillion and did pretty much jack – also true.

As for Obama’s reappointment of Bernanke, I can only assume that Bernanke has a portfolio of compromising photographs.

Posted by johnhhaskell | Report as abusive
 

Geez.

1) This thing is the least funny thing I’ve seen in weeks. And I”m an economist. The voices incredibly lame. The animation less competent than your average Japanese 6 year old could do. And the copy just more right wing vapid rhetoric, devoid of even the attempt to be truthful.

My God, will someone get Felix an editor? Please, God!

2) The Fed DID save the world from another great depression. Love or hate how they went about it and the moral hazard involved, it amazes me how moronic we are forgetting this just 2 years later. Had the Fed not acted, commercial paper would have closed off entirely, business would have closed unable to meet payroll, unemployment would have been 25%. So please, Felix. Let’s get a clue, shall we?

3) It’s the kind of simplistic moronic view of things this video shows that is blocking any ability to actually get things done that would help (like investing through fiscal policy). So, like this video, let’s just keep making up s#*t and letting it become the essence of public debate on a very, very important topic.

God help us. The world economy is toast thanks to brainlessness like this video.

Felix, Felix. Be ashamed. You normally add to the sophistication of the debate, not the debasement of it.

Posted by EconomistDuNord | Report as abusive
 

Mr. Economist,

Perhaps the Fed would not have had to “save” the world from another great depression had it not created the conditions that allowed a massive credit bubble to take place in the first place. And then ignored its collapse until the very end.

Most of us would not have a great deal of respect for a physician who fed us McDonalds seven days a week for ten years. And then ignored our symptoms of heart disease until we ended up in the ER in cardiac arrest. Where we are then “saved” by electroshock.

We may have been “saved”, but we are still fat and bloated, in the ICU being fed more McDonalds by Dr. Bernanke. We will crash again soon, but the paddles next time the paddles will have no charge.

Posted by fed_watcher | Report as abusive
 

fed_watcher says:

“Perhaps the Fed would not have had to “save” the world from another great depression had it not created the conditions that allowed a massive credit bubble to take place in the first place. And then ignored its collapse until the very end.”

I couldn’t agree more.

However, to say that the Fed has done everything at all times wrong, is just inflammatory bulls#*t that helps no one.

Posted by EconomistDuNord | Report as abusive
 

Best analogy ever fed_watcher

Posted by hsvkitty | Report as abusive
 

Is the Fed printing money? No; its pushing on a string.
Are taxes up? No; they are down.
Are house prices up? No; obviously not.
Is the Fed good at managing inflation expectations? No.
Is this funny? No.

Posted by BigBadBank | Report as abusive
 

not funny, not accurate, is anyone else tired of the GS conspiracy theory rhetoric?

Posted by drzaius7734 | Report as abusive
 

Though there is much true in the video, it gets a lot wrong too. I couldn’t endorse it fully.

The “economists” commenting here don’t get it, though. The Fed has made things worse, not better, because they left the overhang of bad debt in place, and we still have to deal with it.

The http://www.youtube.com/watch?v=IGYAhiMwd 5E video is worth a watch though; it is the key distortion in the global economy today.

Posted by DavidMerkel | Report as abusive
 

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