The confirmation hearing for Federal Reserve Chairman Ben Bernanke began today, and among the many voices echoing how wonderful Ben Bernanke is comes one voice that speaks the truth.
Numerous senators spoke of praise and how grateful they are that Ben Bernanke was at the helm. Folks, the honest truth here is that while Ben Bernanke ‘may‘ have stopped the blood shed on Wall Street in the short term, his actions have planted the seeds of what may very well grow into even greater consequences. This time it is not systemic risk of banks or other Wall Street firms that is at risk, this time it puts in jeopardy the entire financial health of the nation.
Additionally, it was Ben Bernankes own actions of the past four years that was instrumental in creating the financial crisis in the first place. And this is reason for praise? Ben Bernanke should be sent back to Princeton!
Ben Bernanke may have saved Wall Street for the short term, but the cost in doing so has jeopardized the entire financial system of the United States.
It is very clear that those who praise Bernanke the most are those very same people who have the greatest connections with Wall Street firms and financial lobbyists. But, there are some lone voices who will stand up and tell it like it is. Thank goodness there are still some (not many sadly) in Washington who have not sold their sole.
You should listen to the words here very carefully…
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