I honest wish that the EC would nail them and put them out of business. these are corrupt enterprises that have ruined millions of lives

The reason for this post was before the press conference there was a flurry of articles thinking for some reason....the press would do it's job.

I knew that wouldn't be true and of course it was not. It's about as scripted as an Obama press conference in a lot of ways.

On data, I look at economic data often and their statistics for the most part show a slowing economy, so they are not pushing any fiction.

The industrial production revisions are bothersome but I point out capacity everytime in a graph.

Does it seem we are having some mega disaster once a month these days? I don't know if anyone caught the NatGeo show where they put together home videos from those in Japan but the images are pure horror and it seems every month we're getting these major horrors and events.

On the bail outs and a host of other issues, I'm right with people bashing the Fed, and sticking the consumer financial protection agency under them rendered it guaranteed to not be as such.

That said, they do have a lot of real economists within and they rally are on target in a lot of their research/analysis...

I read them all of the time.

Then, on the entire "abolish the Fed" meme, I just look at our even more corrupt and absolutely crazy, pure economic insanity Congress and this administration doing whatever corporations want them to, and I think, hmmmmm, maybe that's not such a great idea after all.

If we had a real Congress and representation I'd be more amendable.

But EP can handle different views and when it comes to facts, keep 'em coming.

Robert Oak: You or others here at EconPop have criticized the "Down with the Fed" mime, saying that after all the Fed has many good people and competent economic analysts on the payroll. I agree, but I support continued and increasing political pressure on the Fed and especially on Bernanke.

Here's an example of a good economic critic coming out of experiences at the big institutions: Simon Johnson, former chief economist of the International Monetary Fund, currently professor at MIT Sloan School of Management. Here's from his recent (April 26) article at Project Syndicate (you've probably read the article) --

There are many advantages to having an independent central bank run by professionals who can keep their distance from politicians. But when the people at the apex of these institutions insist that the crisis response went well, and that everything will be fine, even as the financial behemoths that caused the crisis lumber forward, their credibility inevitably suffers.

That should worry central bankers, because their credibility is pretty much all they have. The US Constitution, after all, does not guarantee the Fed’s independence. Congress created the Fed, which means that Congress can un-create it. By assuming away the damage that highly leveraged megabanks can do, the myth of a “good crisis” merely makes political pressure on central banks all the more likely.

Yes, I would like people to be more informed about what's happening, and I recommend Econ Pop for that reason, but I think that there is a necessary and well-deserved disrespect for the Fed these days (as the Fed is represented by its ever-glorified Tsar or Chair), whether the populist reaction is well-informed and educated, or not.

My opinion is that there will be severe rate increases in 2012. Will that be timed to an election? You tell me.

That ugly behind of the Emperor without clothes must be ridiculed or we lose any claim to being a free people!

Just my 2¢.

Right now on the blog list is quite the slam on the Fed's discount window and we've been here the entire time, outraged over the protection of derivatives to making a consumer financial protection agency under the Fed, you name it.

That said, the Fed is loaded with economists and sometimes it's just plain economics they are talking about and believe this or not, sometimes these economists actually get it right.

We don't do birth certificate here, we're much too busy showing the multinational corporate/financial sector control of the U.S. political system.

Slow internet connection is my excuse.

I wonder why he decided to have his first news conference at this time? It can't have anything to do with the president's reelection announcement and falling popularity, even among Democrats.

He's been saying for close to six months now (I think) that it will be 4-5 years before we return to full employment. Silly me, I figured he was leading the way and after the election, I hoped Obama would also start some straight talk about our employment mess.

Has Ben ever said "99er" in public, I wonder. I'm pretty sure Obama has not.

Very interesting about gas prices -- both his prediction and how on earth he could know. Time will tell, won't it?

They should have run the story with a laugh track. It would have been an accurate take. There's no there there.

That's an excellent cleansing program below. It would be a nice gesture to find a place for Duck Fuld on the rehab team, maybe strategic consultant.

Dylan Ratigan has been "back on it" lately in terms of economic/financial insanity and he has an interview with Yves Smith, Naked Capitalism as well as Josh Rosner here and it's a great interview on the history of financialization and derivatives.