BERNANKE LIKELY TO BE RECONFIRMED
The New York Times and Fox Business are now reporting that Ben Bernanke is likely to be reconfirmed as Federal Reserve Chairman later this week. Chris Dodd and Judd Gregg issued a joint statement on Saturday declaring that there was sufficient votes to reconfirm the Chairman.
“Chairman Bernanke has done an excellent job responding to one of the most significant financial crises our country has ever encountered,” they said. “We support his nomination because he is the right leader to guide the Federal Reserve in this recovering economy.”
Not surprisingly, neither Senator is up for re-election next year as both are retiring. In other words, they have nothing to lose by maintaining the status quo. The public, on the other hand, has loudly voiced their opposition to Bernanke, who has furthered the problems of too big to fail, the dollar crisis and the Federal fiscal issues.
Most pundits, economists and supporters of Bernanke appear to be frightful of the market response should Bernanke not be reconfirmed. Well, of course the market will respond negatively, as the friendliest big bank Central Banker of all time will be ousted. On the other hand, the markets are not the real economy, as we’ve clearly learned over the last 9 months. The public did not want to bailout the banks last Fall, but the fear generated by the markets suckered Congress into passing the trillions in bailouts. I fear the same thing is occurring now. In terms of a replacement – there are plenty of fine options. That argument doesn’t carry an ounce of weight.
Obama needs to make this economic recovery his own as opposed to crashing and burning on the failed ideas of his economic advisers. It is not too late in his term to make sweeping changes when it’s clear that the current path is failing. I fear he is making another catastrophic mistake by supporting Bernanke, the biggest big banker of them all. These decisions will not be forgotten the next time the electorate enters the voting booth. For Obama, it looks like he is going “all in” with the man who failed to forecast the downturn, responded too late, provided nothing for Main Street and saved the banking system that brought this crisis upon us.
I am watching the movie “TITANIC” and the captain of the ship has the same look on his face as Bernanke as he comes to the realization that the Titan is sinking.
This just proves what we already know, US economy is merely a Ponzi scheme, so asset price and interest are with political importance. Yes public is angry but angry people can do more harm than good. By electing Scott Brown, an empty tank and libreal republican, American public just prove themselves hopeless losers. Instead get “change” they expect, they will get all kinds of things other than positive.
SUPRISES 2010
A Third Party Emerges In The United States- When Obama’s first and last term ended the American public was fed up with anything that had to do with the elite- Wall Street, the big banks, Congress, the Senate, the Federal Reserve and both of the big parties. As a result a third party emerged which managed to get a large amount of seats in both houses. The party’s candidate for president got 25% of the votes in 2012 and won the election in 2016. The third party fundamentally changed the way politics is done in Washington and resulted in a large change in United States foreign policy. A lot of countries where left to deal with their problems alone. At the beginning, this policy caused havoc and even chaos in different countries around the world which suddenly where shocked by the shortage of American financial and military aid.
http://israelfinancialexpert.blogspot.com/2010/01/11-big-surprises-for-next-decade.html