Today and tomorrow, the Federal Reserve Chairman shall be addressing congress. He's expected to tell them about how he has our economy under control. The fact is that it's near completely out of his hands. The one possible exception is that he's handily turned our dollars into wads of toilet paper. His major concern seems to be avoiding recession, which is an admirable goal, but someone forgot to wake the dear man to tell him recession is already here, aided by the fake dollars Bernanke keeps spewing upon the ground.
Once again I'll tell you that Bernanke has gone the exact opposite direction he should have gone. This country needs to be slammed into an economic wall in the form of increased interest rates. The ivory pillars of commercial banking need to be torn loose from their soft leather chairs and should be made to account for what they've done wrong. No federal bailouts, no loosening of money policy, no increase of government underwritten jobs is going to right this ship. We need a cold hard slap in the face. People need to stop living on money they don't have and won't get, plain and simple.
In the near term, credit financing must be harder to get, we're looking at that right now. In the long term, recession shall naturally curb inflation, giving us time to thread the needle again. In my opinion, Ben Bernanke currently should be revaluing the dollar, making it something the world wishes to look at again. Our Federal Reserve Chairman is flying in the face of good sense while waving butt wipe dollars he's printing himself. In his efforts to preserve his big banking friends, he's taken both our treasury and our citizens and thrown them to the stinking dogs.
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Reader Comments (Page 1 of 1)
2-29-2008 @ 12:28AM
al coholic said...
In a perfect, non political world your solution would already have been implimented.
Who knows, maybe Bernanke thinks that inflation is the only short term solution to the mortgage debacle, providing more wiggle room for people to refinance as their houses' values are dragged up by inflation.
We may have to suffer proping up the mortgage outlaws because we fear the solution you suggest carries too much risk of a long term depression.
3-17-2008 @ 7:58PM
Mike Shackman said...
Bernake comment,that he is more concerned about shareholders than the average Joe is appaling, HE SHOULD BE FIRED. How many shareholders does he think are facing forclosure>