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.