Posted: 1/28/2010 8:04:17 PM EDT
January 28, 2010
Alan Greenspan’s protege Ben Bernanke is about to be reappointed to a second four-term as the Federal Reserve boss.
Earlier today, the Senate voted 77-23 to end debate on Bernanke after his supporters took to the floor and sang his praises and critics made ominous warnings. “To vote against confirmation could unnerve investors and exacerbate economic uncertainty in the marketplace, which is exactly what we do not need at this time,” said Sen. Robert Menendez, Democrat of New Jersey, according to The Wall Street Journal. “We need the wisdom of patience,” he said. “Let us not judge the man or the work prematurely.”
Bernanke did nothing about the unsustainable build-up of leverage in the housing market. In fact, his Fed inflated the bubble that made it possible.
He oversaw the bailout of Bear Stearns and AIG, a call that Congress and the American people should have made.
Bernanke oversaw the massive expansion of the Fed’s balance sheet from about $900 billion to over $2 trillion.
At the behest of international bankers, Helicopter Ben transcended monetary policy and bank supervision into the world of fiscal policy, financial speculation, and the resultant economic crisis we are now experiencing.
He is a loyal friend of the banksters and has worked tirelessly to cover up where Fed money has gone and prevent Congress and the American people from looking at the Fed’s crooked books.
If the Senate follows through, Bernanke will be allowed to continue the bankster agenda designed to ruin the country and continue the move toward globalization, world government and the bankster plan for a planetary slave labor plantation indistinguishable from the one operating in China.
“Bernanke fiddled while our markets burned,” said Republican Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee. “I believe that it is the duty of this body to hold accountable those regulators whose poor oversight of our financial institutions and markets helped produce the greatest economic crisis this country has experienced in eighty years.”
Bernanke did more than merely fiddle while markets burned — he actively micromanaged the process.
Treasury Secretary Timothy Geithner was grilled yesterday over the AIG deal that benefited Goldman Sachs and the banksters.
Earlier this week we found out that Ben had things to hide. Sen. Jim Bunning, a Republican from Kentucky, said on CNBC that he has seen documents showing that Bernanke covered up the fact that his staff recommended the Fed not bailout AIG. A letter Bunning sent Monday to Banking Committee Chairman Chris Dodd also refers to an “[e]mail exchange regarding restructuring of assistance to AIG, initiated by Treasury Secretary Timothy Geithner” in March 2009.
Only Dodd’s Banking Committee had access to the documents and they were kept close to the vest. Access only came after Bunning publicly complained that Dodd and Sen. Richard Shelby (R-Ala.) were the only members of the committee could see them, writes Ryan Grim. “On Monday, Bunning sent a letter to Dodd, asking him to subpoena the emails and other documents. Bunning and other committee members have thus far had to view the documents at the Federal Reserve and are bound by confidentiality from revealing their contents.”
Not that it matters. It looks like the Senate will reappoint Bernanke and send a message to Wall Street and the houses of international finance — Ben’s OK with us and the greatest heist in history can continue with the support of the Senate.
All who gave Ben a wink and a nod should be bounced out of Congress come the elections of 2012.
You didn't really expect any accountability/responsibility in this era, did you?
Shine it...we inherited this mess.