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See other politics and politicians Articles

Title: Fed Foe Ron Paul Breakfasts With Bernanke at Central Bank
Source: Wall Street Journal
URL Source: http://blogs.wsj.com/washwire/2012/ ... with-bernanke-at-central-bank/
Published: May 9, 2012
Author: Kristina Peterson
Post Date: 2012-05-10 09:30:19 by lucysmom
Keywords: None
Views: 2635
Comments: 10

Republican presidential hopeful Rep. Ron Paul certainly wants to end the Federal Reserve. But he also has to eat breakfast.

One day after chairing a hearing on proposals to abolish or overhaul the central bank, the Texan congressman sat down for the first meal of the day Wednesday with Federal Reserve Chairman Ben Bernanke, the lawmaker confirmed in a brief interview at the Capitol. The decision to meet for breakfast at the Fed was “mutual,” said Mr. Paul, who last year introduced a bill to eliminate the central bank.

The Fed chief and lawmaker had “sort of an open discussion,” Mr. Paul said, while declining to provide any details of the conversation. “It was off the record,” he said. The Fed declined to comment on the meeting.

Wednesday’s visit to the Fed’s Washington headquarters was not the first for Mr. Paul, who has said previously he dined at the central bank with former Fed Chairman Paul Volcker.

Nor is it unusual for Mr. Bernanke to play host to lawmakers, including those proposing to refashion the Fed. The Fed chief had breakfast in February with Rep. Kevin Brady (R., Texas) who earlier this year introduced a bill that would narrow the Fed’s mandate to focus solely on price stability. Currently, the central bank has a dual mandate that also requires it to strive for maximum employment.

Still, Wednesday’s breakfast brought together two figures who publicly agree on very little. A longtime critic of paper currency and fan of the gold standard, Mr. Paul’s fiery Fed-bashing has enthused his campaign trail supporters, who often start rallies with loud chants of “end the Fed!” Mr. Bernanke, meanwhile, dedicated a significant chunk of his first lecture at George Washington University in March to enumerating the flaws associated with a system in which the dollar is valued at a fixed price per unit of gold.

So did Wednesday’s meeting overturn any deep-set beliefs?

“He’s for the gold standard now,” joked Mr. Paul.

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#1. To: lucysmom (#0) (Edited)

Paul's been 'welcomed' to the Club.

He's a player now.

Goes right with his '5 State win' and his seat at the GOP Convention.

Paul could be the next Sec Treasury....at least.

As opposed to when CNBC (99 000 viewrs;) would cut away from the House Committee with Bernanke the moment Paul began to speak.

Welcome to the Club, Paul....;}

mcgowanjm  posted on  2012-05-10   10:06:39 ET  Reply   Trace   Private Reply  


#2. To: mcgowanjm (#1)

Paul could be the next Sec Treasury....at least.

Wouldn't that be a hoot!

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-10   10:14:13 ET  Reply   Trace   Private Reply  


#3. To: lucysmom (#2)

;}

mcgowanjm  posted on  2012-05-10   10:45:15 ET  Reply   Trace   Private Reply  


#4. To: mcgowanjm (#1)

The difference between Ron Paul visiting the Fed Chairman is that he just ate breakfast with him. If it had been Obama or Romney,they would have blown him.

"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011

Stay Hungry...Stay Foolish --Steve Jobs

Steve Jobs,life-long Dim,and major Barry Soetoro supporter.

sneakypete  posted on  2012-05-10   11:15:08 ET  Reply   Trace   Private Reply  


#5. To: sneakypete (#4)

The difference between Ron Paul visiting the Fed Chairman is that he just ate breakfast with him. If it had been Obama or Romney,they would have blown him.

'would have' the wrong tense....;}

And speaking of blowing....

#775. To: A K A Stone (#0)

SURPRISE

[After Hours: 37.95-2.79 (-6.85%) 6:49P EST]

http://www.barchart.com/cache/ab...a5e3a6d9cd42d51d7cd9a.png

JPMorgan has $2 billion trading loss, reputation hit

What reputation was that? It called Geithner and the US treasury cut a check.

mcgowanjm  posted on  2012-05-10   19:11:57 ET  Reply   Trace   Private Reply  


#6. To: All (#5)

Thu, 05/10/2012 - 19:06 | 2415304 lolmao500 lolmao500's picture

Bruno Iksil will be first when this is all over... only to be surpassed by Bernanke and ECB chairman when the US and Europe ponzi schemes collapse. And whoever destroys the derivatives market will win as the biggest rogue trader in history for centuries to come.

mcgowanjm  posted on  2012-05-10   19:19:42 ET  Reply   Trace   Private Reply  


#7. To: All (#6)

Thu, 05/10/2012 - 18:58 | 2415265 HarryM HarryM's picture

No sleep for the Fedsters tonight - tomorrow they will unleash the Kraken

mcgowanjm  posted on  2012-05-10   19:21:53 ET  Reply   Trace   Private Reply  


#8. To: mcgowanjm (#6)

Bruno Iksil

Who is he and who is he connected to?

"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011

Stay Hungry...Stay Foolish --Steve Jobs

Steve Jobs,life-long Dim,and major Barry Soetoro supporter.

sneakypete  posted on  2012-05-10   19:28:02 ET  Reply   Trace   Private Reply  


#9. To: mcgowanjm (#7)

No sleep for the Fedsters tonight - tomorrow they will unleash the Kraken

Ahhh,I remember the good old days,when they just released the hounds.

"It is impossible to talk reason with those who can only parrot Party Slogans." sneakypete Sept 2011

Stay Hungry...Stay Foolish --Steve Jobs

Steve Jobs,life-long Dim,and major Barry Soetoro supporter.

sneakypete  posted on  2012-05-10   19:36:46 ET  Reply   Trace   Private Reply  


#10. To: sneakypete (#9)

Ahhh,I remember the good old days,when they just released the hounds.

Either Go Galactic, or go Home....;}

Thu, 05/10/2012 - 19:16 | 2415345 slaughterer slaughterer's picture

I want to know what trading unit took the $2billion away from JPM. We are going to see some "surprise profits" from somebody next quarter! Who was smart enough to steal this money away from JPM?

And here's what the Mere Mortals are about to find out.

In a Ponzi, you don't go looking for the money. Cause the money's been vaporized.

mcgowanjm  posted on  2012-05-10   20:20:22 ET  Reply   Trace   Private Reply  


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