Wednesday, June 8, 2011

Bernanke is Bankrupt

Ben Bernanke's main concern in life is getting himself reappointed as Federal Reserve chairman. Nothing else really matters to Bernanke.

Yesterday, Jamie Dimon, CEO of JP Morgan Chase, questioned Bernanke on the effect of Dodd-Frank, Credit Card Reform, the new mortgage lending rules. It is worth noting that Jamie Dimon is a Democrat, contributed personally to the Obama presidential campaign in 2008, and has long spoken favorably about the president. Looks like he doesn't like the president's economic policies.

Dimon argued forcibly yesterday that Obama's economic policies, especially regulatory policies, are thwarting any real chance of a recovery. He's right. Bernanke, on the other hand, praised the so-called "reforms." This is the same Bernanke who was quoted in 2007: "..the sub-prime lending problems are contained." Bernanke stood by while the American economy bubbled and collapsed and he did nothing until it was far, far too late to do any good. Now, Bernanke's policies do harm.

Bernanke is a disgrace. He is the easily the worst Fed Chairman in US history, which is quite an accomplishment.

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