The hypocrisy and BS from the bank bailouts and credit bust fiasco grows deeper by the day. Despite assurances that the Fed Chairman would remain free from political influence and I quote; “I will be strictly independent of all political influences.” Mr. Bernanke makes the rounds to kiss the hands of no less than 18 of the 23 legislators on the Senate Banking Committee prior to their 16-7 vote this month on his second term. An unprecedented level of political pandering by a Fed Chairman seeking an additional term. The list goes on and includes other politicians and a some CEO’s as well as per the article in Bloomberg.
Bernanke Met With 24 Senators After Renomination as Fed Chief
To his impressive list of accomplishments we can add clueless lying hypocrite as well.
A more recent piece in the Wall Street Journal:
Does Harry Reid Want Something From the Fed For His Vote?
Suggests that influence peddling is part of the Federal Reserve Chairmans nomination process. While certainly no surprise it serves to underscore just how corrupt and compromised the whole government big business relationship really is. A relationship more commonly known as Fascism-by definition. Or to put it another way, the banksters utilize the AAA sovereign debt rating of America to back their highly levered fractional reserve lending scheme that allows $1 in deposits to be backed be 3 Cents in reserves, 33-1 leverage, add a growth rate of 7-10% periodically go broke and run to our supposedly independent Fed for a taxpayer funded bailout, so that they can do it all over again.
What has been passed of as financial innovation derived economic growth and prosperity is in fact a mirage of consumerism funded by debt and leading to indentured servitude, ala the 2005 Bankruptcy Reform and Consumer Protection Act, incidentally written by the banksters.
Nero continues to fiddle whilst Rome burns, a sad state of affairs. America and its people are a resilient bunch, very good at getting their collective acts together when their backs are against the wall. My hope is that this will happen again as the social cost of this fiasco will prove steep indeed and the one thing that really keeps me going is the hope that this will motivate my fellow citizens to effect real change on society for the benefit of America and its populace, change that is desperately needed yet still lacking despite promises to the contrary.
Source:
Bloomberg
Bernanke Met With 24 Senators After Renomination as Fed Chief
Wall Street Journal
Does Harry Reid Want Something From the Fed For His Vote?
