Federal Quotes - page 11
The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.
Ron Paul
Now ACORN has been named one of the national partners, which will be a recipient again of federal money. And they will be in charge of going door-to-door and collecting data from the American public. This is very concerning because the mother lode of all data information will be from the Census. And, of course, we think of the Census as just counting how many people live in your home. Unfortunately, the Census data has become very intricate, very personal (with) a lot of the questions that are asked. And I know for my family the only question that we will be answering is how many people are in our home. We won't be answering any information beyond that, because the Constitution doesn't require any information beyond that.
Michele Bachmann
[P]roperty in slaves, recognized as such by the local law of any of the States of the Union, shall stand on the same footing in all constitutional and federal relations as any other species of property so recognized; and, like other property, shall not be subject to be divested or impaired by the local law of any other State, either in escape thereto or of transit or sojourn of the owner therein; and in no case whatever shall such property be subject to be divested or impaired by any legislative act of the United States, or of any of the Territories thereof.
Jefferson Davis
I don't know of a case where we were discussing such a dramatic step where the federal government will legislatively mandate a specific type of technology to be incorporated in all of this material. Maybe the sky really is falling this time, but I think it is worth suggesting a little bit of skepticism, it's worth offering up a little doubt before we not just entertain this, but jump ahead to what exemptions were required.
John E. Sununu
A Federal is not fit to suck the sweat from your dirty socks. Give them no satisfaction. I am sure that with the strength gained from the certainty of moral rectitude you will bring honor to a thousand generations of your ancestors... With the fanaticism of desperation, yet the cunning and stealth of a Viking warrior, you must live and spread the concept stated in the 14 WORDS.
David Lane (white nationalist)
This view that the action of the Federal Reserve authorities in 1927 was responsible for the speculation and collapse which followed has never been seriously shaken. There are reasons why it is attractive. It is simple, and it exonerates both the American people and the economic system from substantial blame... Yet the explanation obviously assumes that people will always speculate if only they can get the money to finance it. Nothing could be farther from the case. There were times before and there has been long periods since when credit was plentiful and cheap -- far cheaper than in 1927-29 -- and when speculation was negligible. Nor was speculation out of control after 1927, except that it was beyond the reach of men who did not want in the least to control it. The explanation is a tribute only to a recurrent preference, in economic matters, for formidable nonsense.
John Kenneth Galbraith
And after they have started the action will always look, as it did to the frightened men in the Federal Reserve Board in February 1929, like a decision in favor of immediate as against ultimate death. As we have seen, the immediate death not only has the disadvantage of being immediate but of identifying the executioner.
John Kenneth Galbraith
I notice in Kentucky a disposition to cry against the tyranny and oppression of our Government. Now, were it not for war you know tyranny could not exist in our Government; therefore any acts of late partaking of that aspect are the result of war; and who made this war? Already we find ourselves drifting toward new issues, and are beginning to forget the strong facts of the beginning. You know and I know that long before the North, or the Federal Government, dreamed of war the South had seized the U. S. arsenals, forts, mints, and custom-houses, and had made prisoners of war of the garrisons sent at their urgent demand to protect them 'against Indians, Mexicans, and negroes.
William Tecumseh Sherman
Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter. And I've had very good relationships with presidents.
Alan Greenspan
It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.
Ben Bernanke
We did stop the meltdown. We avoided what would have been, I think, a collapse of the global financial system. That was obviously a good thing. But one thing that I was always sure of and the Federal Reserve was always sure of was that a collapse of some of these big financial firms was going to have very serious collateral consequences. There were people arguing even as late as September 2008, "Well, why don't you just let the firms collapse? There is a system that can take care of it: bankruptcy. Why don't you let them fail?” We never thought that was a good option. Particularly, if the whole system had collapsed, we would have had extraordinarily serious consequences.
Ben Bernanke
