South Carolina native Ben Bernanke will get another four-year term as head of the Federal Reserve Bank if President Barack Obama gets his way, but today’s reappointment will no doubt spark a fresh round of sniping over this secretive, unaccountable “agency” and the massive bailouts it has approved over the last twenty months.
Bernanke’s Federal Reserve – which answers to no one – has approved trillions of dollars worth of loans to various banks and government-run mortgage programs over the last year. And while liberals (including Obama) credit him with “pulling the economy back from the brink,” the fact is the nation’s credit markets remain frozen and the economy continues to suffer from high unemployment and non-existent wage growth. Seven million jobs have been lost in the current recession – which caught Bernanke flat-footed, incidentally – most of them since the government started pumping taxpayer cash into failing banks and bureaucracies by the hundreds of billions.
Frankly, we’d argue that Bernanke’s policies have pushed the economy over the brink …
Also, Bernanke refuses to open the books of the secretive Fed to an audit, despite the fact that taxpayers are assuming all of the risk associated with his loans.
Worst of all?
Bernanke’s “intervention overload” has put the U.S. at substantial risk for severe inflation. In fact, long-term interest rates are likely to double under this “debt explosion,” a senior analyst at the Federal Reserve recently concluded.
Oh well … guess this is just what happens when you let a big gubmint’-lovin’ South Carolinian run things …
If you want to read more about Bernanke’s reappointment, we recommend checking out the Wall Street Journal …
Pic: Freaking News
By John Walsh August 25, 2009 at 2:06 pm
Good Move Obama keep up the good work..
By Anna Kelsly August 25, 2009 at 3:56 pm
What’s with the jab at South Carolinians at the end? Bernanke would be a bad thing for the country regaurdless of where he came from. He just doesn’t know, or care most likely, how to solve this huge mess that is our economy.
By dirtbogger August 26, 2009 at 2:49 pm
Just more proof that Obama is just a scumbag pupet for the elite. He has kept every Bush policy in place. Are the Obama worshiper’s f’n brain dead, really these Dumb ass’s actully prase the same crap they complained about with Bush. This is not football you dont just pick a team and and root for them thin and thick, We have to hold them all accountable for their crimes against liberty weather republican or democrat. This I will say and I do not mean it racial, the majority of black people are so happy to have a black president he cant do no wrong in their eyes and the white people can not see it eather for their hatred of bush, hell I hate both Bush and Obama equally. Why did Cynthia McKinnly not get fare air time the same as Obama why not any 3rd parties. Is it because Prople think all their needs are covered by the two party system or is it because they are afraid they will loose their oligarchal control of our country.