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VIDEODear Mr. Bernanke: Congrats on Your Reappointment
By
Ron Coby
Feb 08, 2010 8:50 am
Well, kind of; you must be wondering what the Senate was thinking.
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I know it's been a while since we've talked, but I just had to send you a heartfelt note of congratulations on your reappointment as Federal Reserve Chairman. Well, kind of. Let's face it, even you have to be wondering what the Senate was thinking. I mean, do they share the same collective short-term memory loss? Did the Senate "forget" you were the co-captain of the US Titanic that almost sunk the global economic ship? Or do they suffer from a failure of comprehension that you're The Anti-Robin Hood (you know, the one who steals from the poor taxpayer and gives to the rich stock-market speculators)?
Maybe the Senate is simply insane; doing the same thing over and over again and expecting a different result is, after all, absolutely nuts! Come on Ben, you're a former economics professor from Princeton University for crying out loud. The Federal Reserve floods the economy with easy money creating speculative excesses and imbalances. Then, when the first sign of trouble emerges, the Fed cuts interest rates to create large speculative bubbles and a moral hazard situation. After the bubble implodes, the Fed does that same thing all over again hoping -- no, expecting -- a different result. Instead, here comes the boom-and-bust economy all over again in 2010.
Mr. Bernanke, sir, why do you encourage wild speculative frenzies while at the same time penalize responsible savers with zero interest rates? You're simply robbing from the savers only to pass on easy money to the wild market speculators. This is an Anti-Robin Hood monetary policy you're running and it’s ludicrous. I’m talking about your failed top-down approach to the economy of bailing out the reckless, pumping up Wall Street, and hoping it all trickles down to Main Street. And then you have the gall to go out and take tax payer money, with the help of your friends in Washington, and bail out failed institutions with debt at the expense of our nation’s entire future.
Are we supposed to be impressed that you can create money out of thin air so that bailed out speculators can go wild again in the stock market? I hope you're happy as Wall Street has raised an enormous amount of money in your Fed-induced rally so they can now go buy all the foreclosed homes from the poor families on Main Street. Main Street lost their jobs and their homes due to the speculative madness the Federal Reserve created. The monetary and fiscal policies of "make the rich richer and the poor poorer" is creating class warfare. The trenches are already being dug.
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