Twelve “must see” minutes listing Zimbabwe Ben’s failings with regard to bubbles, monetary policy, T.A.R.P., sub-prime mortgages, Brooksley Born, the Wall Street money dance with billions going to foreign banks, etc., etc., etc. I think the only thing that Senator Bunning missed was the $9 TRILLION that The Fed has “lost”.
Here are a few money quotes as a starter:
- You Are the Definition of Moral Hazard
- You have created zombie banks that are only enriching their traders and executives.
- You are repeating the same mistakes of Japan in the 1990′s on a much larger scale while sowing the seeds for the next bubble.
- In the same letter where you refused to admit any responsibility for inflating the housing bubble, you also admitted you do not have an exit strategy for all the money you have printed, and the securities that you have bought. That sounds to me like you intend to keep propping up the banks for as long as they want.
- Even if that were not true….the AIG bailout alone is reason enough to send you back to Princeton….
- From monetary policy to regulation; consumer protection, transparency, and independence, your time as Fed Chairman has been a failure.
- Judging by the current treasury secretary, some may think that Washington does rewards failure, but that should not be the case. I will do everything I can to stop your nomination and drag out this process as long as I can. We must put an end to your and the Fed’s failure and there is no better time than now. Your Fed has become the Creature from Jekyll Island.
Sen. Bunning Hammers Ben Bernanke's Abysmal Record As Fed Chairman: http://bit.ly/6oNF4n
via @LogisticMonster Senator Bunning Hammers Ben Bernanke’s Abysmal Record As Fed Cha.. http://bit.ly/6jz9ox
OT Sorry Diamond, but this may be of interest to your readers.
http://lamecherry.blogspot.com/2009/12/exclusive-curing-h1n1-obama-flu.html
Kathy – you have to know by now that it is totally okay to drop OT links here. Hele Mai!
Kudos to Senator Bunning. I enjoyed every minute of his lambasting of Bernanke. Would we had more elected officials with the guts and common sense to follow his lead. Another term for Bernanke we do not need. The “Creature from Jekyll Island”, indeed! Eustace Mullens must have enjoyed this tremendously. His book on the Fed. calls it just that. “The Secrets of the Federal Reserve”. I know you’ve read it, Diamond. It is an eye opener for those who did not realize just exactly the Federal Reserve actually is.
Kathy: Thanks for the link. There is no way I’ll go near the H1N1 vaccine. I didn’t know that more water might relieve the swine flu. I’m not a child, but I’m certainly going to double up on my consumption of water. For anyone with a compromised immune system this strain of flu is almost impossible to kick. It goes and then comes back just when you think you’ve licked it.
BTW Diamond, I’ve noticed an improvement in the response time on the site today. Thank you.