Upset about last year's major bailouts? Well, you aren't the only one. At a town-hall meeting in Kansas City, Mo., Fed Chair Ben Bernanke said that he had to "hold my nose" over the bailouts, which were funded by the taxpayer.
Of course, that was about all the outrage that Big Ben had reserved for the situation, as he noted that the action had to be taken in order for the financial system and economy to not fall apart. Bernanke made the comment in response to a small-business owner who complained that small businesses were shortchanged.
Bernanke told the assembled group, "Nothing made me more frustrated, more angry, than having to intervene," blaming the problem on companies that were "taking wild bets." That said, Bernanke noted that taking no action may have demolished the economy. Bernanke stated that he didn't want to be the Fed Chair in power during the second Great Depression. That said, he did admit that the Fed was a tad late stepping to the plate to deal with the subprime lending problem and said that the Fed deserves to "take some heat for that."
That's great, at least Ben is stepping up and noting that the Fed may have been a bit less than vigilant when it came to the current economic crisis. However, what is the Fed going to do now in order to get us out of this mess? He believes it is a bit early to judge whether President Obama's stimulus package is going to work, adding that big budget deficits cannot be avoided this year and next. Was he writing a blank check for the Obama administration to spend whatever is necessary to get us out of this mess? It sure seems that way.
Is a blank check what this administration needs? Who knows, I am sure there are many people out there with plenty of opinions. Yet, there has to be something that is going to get us out of this mess. What is going to kick start the economy and get employers to hire workers? Don't ask me, it's not really my job
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Reader Comments (Page 1 of 1)
7-27-2009 @ 1:11PM
sonnype said...
Benanke`s outrage is for public consumption only.If he were truly outraged he would be screaming and using his influence to push for more reform to make sure that this does not happen again.The Bankers control what happens in Washington so nothing will change.American people are under the illusion that their voice actually matters.The only thing that matters is money and who has it.