Why is this guy getting reappointed? He let the bubble inflate, dismissed worries about the dangers of subprime mortgages and derivatives, said in mid-2008 that the recession was unlikely to get too serious (just as it was about to get very serious)—and then, when everything fell apart, set about writing big big big giant big checks to Wall Street. Yes, in a financial crisis, it’s essential that a central bank flood the system with money to keep things from imploding utterly. But he’s done so without any clear strategy or accountability, and absolutely no commitment to insuring that it doesn’t happen again. Truly the American ruling class is a rotting social formation.
Who benefits from the actions of Bernanke? The elites, obviously. Certainly not us. Nor have there been any new regulations, laws, or investigations targetting the obviously corrupt governmental officials who sat back and let the plunder happen.
It’s remarkable that we have economists like Brooksley Born, Stiglitz, Roubini, and Krugman and they have no place in the present administration. This speaks volumes regarding the depth of corruption and the ongoing theft of our treasure.
I don’t know whether to laugh or cry. The rich have just been bailed out by the taxpayers; who don’t happen to be the rich; they’re everybody else.
Who’d have ever thought so much treasure could be stolen from people with no money? There is a form of genius operating here. It’s a sick form, a criminal form, and a cold-blooded form that should’ve brought a rebellion.
I would love to see one million people march on Washington and every-man-jack one of them brandishing a pitchfork. God! What a sight that would be . . .
I came of age in the 60’s and was political then too. The anger now is way more broad-based than it was in the 60’s. It’s gone mainstream too. That’s the big difference between now and the 60’s. Plus it’s cutting across traditional political boundaries.
We may get that million man pitchfork march yet. Be still my heart.