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On Thursday, Federal Reserve Chairman Ben Bernanke will appear before the Senate Banking Committee. The purpose of the meeting is to decide whether he will be reappointed for a second term as Fed chairman.
He must be a bit nervous. He has taken to the stump, touting his accomplishments and desires for fiscal reform. He is being charged by some members of Congress for not being vigilant enough during the financial meltdown. Representative Ron Paul (R., Texas) already sponsored a provision in a committee that would audit the Federal Reserve more than it already is. Both the House and Senate are looking at ways to strip Bernanke of some of his powers. They would relegate him to managing interest rates.
Bernanke's latest proposal is for banks to retain a larger capital base, thus avoiding another crisis. While this is a worthwhile idea, it's a day late and a dollar short. Bernanke has allowed the big banks to gobble up failed banks with TARP money. He has allowed the bankers to trade in house instead of forcing them to lend to businesses. He has allowed the bankers to take record bonuses. Unlike the U.K., which has imposed tough measures on its banks, Bernanke has done nothing. Now, conveniently, just a few days before his reappointment, he wants to enforce some regulations. He has not specified what he will do. So far, for the past year, it's been all talk and no action.
Bernanke has to defend pledging $12.2 trillion to bail out a handful of bankers. He should be held accountable for his actions. He must tell the truth to the American people. Where did all this money go?
Should Bernanke be reappointed?
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Reader Comments (Page 1 of 1)
12-01-2009 @ 9:54AM
clikdawg said...
Step right up and place your bets --
clik' and friends will cover your debts!
Eenie, meenie, minie, moe,
Get 'em down, now, don't be slow!
Blood of bat and eye of newt --
That Dubal thang sure looks a beaut!
Fudge the figures, cook the books,
The country's being run by crooks!
If you should die before you wake,
Just mutter, 'Let them all eat cake'!
Investor heaven's where you're bound --
With Ben and Timmy you'll be found!
Pay the piper? Don't be funny --
Give him someone else's money!
Trouble with all you carping types:
You ain't connected -- get a life!
-- with my sincerest apologies to Mother Goose, and, well ... whoever ...
12-01-2009 @ 2:28PM
Liberty for Life said...
Ref: "Federal Reserve Abolished as of 02 Dec 09”
Dear Ben,
We, the People of the United States of America are writing to inform you that, as of the 2nd of Dec 09 your function and service ARE NO LONGER REQUIRED and HAS BEEN ELIMINATED by We, the People, the American people.
We, the People have come to the conclusions that having the Federal Reserve:
- Is immoral, impractical, promotes bad economics and it undermines Liberties.
- Its destructive nature makes it a tool for a tyrannical government.
- Nothing good comes from your institution.
- Is the biggest taxer of them all.
- Is diluting the value of the dollar by increasing its supply is vicious, sinister tax on the poor and the middleclass.
- Your unchecked powers and policies have brought us to where we are today...
- Continuation of the same inflationary policies CANNOT revive the current system...
- The evidence is abundant and that your agency IS AT FAULT and THEREFORE SHOULD BE and WILL BE ABOLISHED!!!
THE PEOPLE HAVE SPOKEN!
You sir, have FAILED, your institution has failed the American people. And there’s NO LONGER a need of your function and the institution.
Best of luck in your future endeavor,
The Americans, you don't represent...
12-01-2009 @ 3:22PM
paintballsfortwo said...
Bernanke and Geitner are both treasonous crooks that should be tried for the crimes they have committed.
12-01-2009 @ 10:59PM
isengupta said...
I would vote for the removal of Ben Bernanke. As they say in politics, there are too many flip-flops. He is part of the team (main character being Henry Paulsen) that decided that the banks needed to be saved and forced them to take money. Most of these banks have now given back the money saying they do not need it. The biggest mistake was to let Lehman fail. The inability to control paychecks at the banks and financial institutions where financial aid was provided is another big sign of weakness. It does not bode well when we have an unemployment of 10.2% and people loosing their homes.
I say bring a new person.
Thanks,
Indranil Sengupta
TalkFN.com