Ben Bernanke: Fed Chairman Attacks Economic Crisis
By helping to keep the vulnerable economy afloat, he has become one of America's Best Leaders
At a morning question-and-answer session in September, Federal Reserve Chairman Ben Bernanke remarked that technically, the recession was "very likely over." The stock market closed that day at a new high for the year.
That a mild-mannered 55-year-old who spent half his life in the academic refuges of Stanford and Princeton would attain such real-world power might be surprising. But ever since the economy plunged in 2007, he's been one of the most visible, and powerful, faces of monetary policy.
"I come from Main Street," the Dillon, S.C., native told CBS earlier this year. "I've never been on Wall Street, and I care about Wall Street for one reason and one reason only: because what happens on Wall Street matters to Main Street." He didn't enter government until 2002, as a Fed board member under Alan Greenspan. And when Bernanke became chairman in 2006, he largely continued Greenspan's laissez-faire policies.
But all of that changed with the recession—though not soon enough, say critics. After months of underestimating the crisis, the Fed launched what Treasury Secretary Tim Geithner has called "the Bernanke doctrine" in August 2008, which included lending programs for financial institutions to the tune of some $1 trillion. The Fed's power expanded further in the fall when it rescued Bear Stearns and AIG (but allowed other firms, like Lehman Brothers, to fail). To Bernanke, who penned a 1983 article on how the Fed's failure to save banks helped cause the Great Depression, intervention was imperative.
As the country emerges from recession, it seems that he may have been right.
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Okay where is the "just kidding"
So ridiculous I take offense in a thousand different ways. I am not an economist nor in finance but COME ON everyone knows you can't throw money at a problem to fix it. He wouldn't even disclose who received OUR monies, which foreign banks and which ones. This makes me sick to my stomach, END THE FED. Anything in secrecy is dangerous particularly our monies.
Political points to ponder
What would happen if any other political party pushed for a cap and trade bill that could create green jobs of which 9 out of 10 created would be unsustainable, require government subsidizing and cost the nations economy millions of real jobs? And this is not to mention the increase in manufacturing costs that would be passed on to us in time of depression.
No matter if you are a Democrat, Republican, Libertarian or an Independent, what do you think is going to happen when the government revenues are down and spending is quadrupled? As one senator from Florida was categorized as, “One must be a fry short of a happy meal” to believe that wiping out the U.S. dollar and reducing the purchasing power of our salaries and retirement savings is a good thing.
How do you think the media or yourself would react if the republicans were the majority party and were negotiating behind closed doors on a republican senator’s proposal to overhaul one of our economy's largest industries, especially when it hasn't been written yet? On an almost straight party-line vote, Democrats in the Senate Finance Committee squashed an amendment by Senator Jim Bunning that would have required the Obama, Nancy Pelosi, Harry Reed and the Baucus healthcare or “rob our children and their children bill” to be posted on the Internet for all Americans to read for 72 hours prior to the Committee voting on it.
There are Republicans who should be voted out of office as well. They are the ones who didn’t listen to the American people and under the veil of "negotiations," kept the “rob our children and their children” bill scheme to socialize the nation's health care system alive. And those are not the only ones. Every politician who allowed the Federal Reserve to loan two trillion dollars without knowing to whom, for what or the disclosure of terms should be investigated, made accountable for their irresponsibility and thrown out of office as well. Sleeping on the job is no excuse.
The Federal Reserve has no real oversight and it’s time for these politicians to get the message loud and clear. We need to learn from our past mistakes and before voting, find out the candidate’s passed association’s, voting record, speeches made and most importantly, don’t let the progressives in the media or celebrities who receive bribes from the likes of George Soros brain wash you. The buss is speeding to go over a cliff and we need to get hold of the staring wheel and the brakes.
Cybercorrespondent
http://cybercorrespondent.blogspot.com
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