Friday, December 04, 2009

Pistol-Whipping Helicopter Ben Bernanke

Noted by Rhymes, Sen. Bunning's remarks to "Helicopter Ben"* Bernanke: bowed to the political pressures of the Bush and Obama administrations and turned the Fed into an arm of the Treasury. Under your watch, the Bernanke Put became a bailout for all large financial institutions, including many foreign banks. And you put the printing presses into overdrive to fund the government’s spending and hand out cheap money to your masters on Wall Street

...Judging by the current Treasury Secretary, some may think Washington does reward failure, but that should not be the case. I will do everything I can to stop your nomination and drag out the process as long as possible. We must put an end to your and the Fed’s failures, and there is no better time than now.

That was after Bunning reminded Benny-Boy of his ludicrous, embarrassing and totally false statements during his nomination-hearing testimony:

I believe that the tools available to the banking agencies, including the ability to require adequate capital and an effective bank receivership process are sufficient to allow the agencies to minimize the systemic risks associated with large banks. Moreover, the agencies have made clear that no bank is too-big-too-fail, so that bank management, shareholders, and un-insured debt holders understand that they will not escape the consequences of excessive risk-taking. In short, although vigilance is necessary, I believe the systemic risk inherent in the banking system is well-managed and well-controlled

Bernanke is a maroon. Nice guy, but now that the Fed has ~$1Zillion in bad debts from Fan/Fred, and various other banks........what now, Benny-Boy?

*Bernanke at one time proposed 'dropping $100.00 bills from helicopters' to prevent recession.

1 comment:

J. Strupp said...

Ben Bernanke should have won the Nobel Prize in economics this year. He's the primary reason you're looking at 10% unemployment in this country and not twice that.

But we disagree as usual.