Bernanke is nominated for a second term. Recall that Greenspan was too, and that Joseph Salerno was dead on that it should never have happened. However, Salerno also warned that something even worse could happen once Greenspan retires: “Ben Bernanke could be lurking in the wings.” This 2003 article makes for amazing reading today.
And this is really very remarkable: the Fed has lost in court against Bloomberg, and now must makes it emergency lending records available through the Freedom of Information Act. $2 trillion is at stake here.
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Did anyone read the statement by our fearless leader regarding this?
“Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall,†Obama said Tuesday, taking a break from his vacation in Martha’s Vineyard.
As if he just happened to stumble upon the mess…
Is our president really this stupid?
Does it really matter who’s running the Fed? It’ll continue to do what it was designed to do, thus it needs to be abolished.
Good luck America. Good luck
I agree with Skyler Collins.
I wonder just what “job” is Ben Bernanke really doing aside signing papers and conducting phone calls etc.
I bet a chimp would have enough skills to do Bernanke’s work and would be much better at PR.
Have you noticed that the more powerful your position is, the less skills you need to use ?
At least Bloomberg won over Fed…
Will we see soon who got money
?
Will be interesting to see if the court case stands. my bet is that we’ll get an emegency appeal and stay and it will drag out a while longer with the supremes eventually ruling against the American people and for the FED.
We WANT Ben to serve another term. If he leaves now he can wash his hands and absolve himself of his fiat experinment… even claim to have been a huge success. Shostak believes credit crunch part 2 is coming this fall.
Let Bernanke lay in the bed he made…
I agree that Bernanke should stay for the reasons Nathan Mayer gives.
The only benefit to having Bernanke in charge is that it is pretty widely known what he will do in any given situation. “The devil you know is better than the one you don’t know.” Of course, this still leaves you trapped in hell.
Shane, what is with this “our” president stuff? You can claim him if you want, but let’s keep the incoherence of collectivism out of this, ok?
In regards to your question about Obama’s intelligence, I’ll note that he read the words off of the teleprompter without fail. It is not his job to pay attention to them, let alone understand them. Nor is it yours or mine, given that it is nothing but propaganda.
The funny part is that at times, he does no better at this exercise than W did, including failing to string the words together into a conversational delivery. It seems that he breaks where the prompter breaks, lifelessly waiting for the next few words to finish the “thought.”
Hopefully, the fact that the Fed has to release its emergency lending recipients doesn’t dissuade some Democratic Representatives from backing off of support for HR1207.
It could just be using this as a ruse to calm the Congress so they don’t open up the books entirely…
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We WANT Ben to serve another term. If he leaves now he can wash his hands and absolve himself of his fiat experinment… even claim to have been a huge success. Shostak believes credit crunch part 2 is coming this fall.
Let Bernanke lay in the bed he made…”
That’s called a Pyrrhic victory. Sorry if I don’t share your enthusiasm.
I’m glad Bloomberg won in court. Now we need to press Congress to pass HR 1207, Dr. Pauls Audit the Fed bill. How many trillions are we on the hook for again?
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