Now that President Obama has announced the renewal of Ben Bernanke’s Federal Reserve Chairmanship, I have to ask, WHY?
I don’t approve of the Keynesian methods Bernanke uses to run the economy, which were a major factor in our current economic problems. But even IF you buy into his methods, there is one undeniable fact: Bernanke is a criminal.
Bernanke, along with Treasury Secretary Henry Paulson, used their authority to blackmail Bank of America CEO Ken Lewis into buying Merrill Lynch. There is no law or government regulation that justifies government officials threatening to fire CEO’s if they don’t buy companies, yet we happily overlook the crime because Bernanke supposedly did a good job running the economy during this crisis. What crime did Bernanke have to commit before we would sit up and take notice? Since when did the Federal Reserve Chairman become immune to criminal prosecution?
Bernanke should be sitting in a jail cell instead of running the Federal Reserve. But under our current “Chicago way” government, misuse of your authority is perfectly acceptable.
In addition to the simple corruption, there is also the stupidity factor. With so many “too big to fail” companies receiving government bailouts, why would we want the country’s largest bank to become even BIGGER? So not only is Bernanke corrupt, he is a moron. And we WANT him running the Federal Reserve?
Still don’t believe me? Then feel free to explain why a labor leader is qualified to run New York’s Federal Reserve? From the Wall Street Journal:
The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York’s private-sector board of directors.
Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.
If you look at the New York Federal Reserve’s website, there is NOTHING in Denis Hughes’s biography that makes him qualified to run a bank, let alone help make economic decisions for this country.
But a labor leader makes perfect sense for any powerful position under the “Chicago way” rules. Just as a thug like Ben Bernanke makes perfect sense for an Obama administration that is intent on expanding the power and reach of government. Even if they have to twist a few arms to do it.
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