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.
Of late I find myself with increasing frequency admonishing folks that while he may indeed have been the worst president ever, Bush’s ‘presidency’ was not a failed presidency. Make no mistake, the Cheney Administration accomplished everything it set out to.
On a lighter note: as a student of psycho-history, the premise that the greater the size of the population model the more predictable the behavior of the population, be it physical or biological, I tend to view phenomenon as a spherical statistical model – if you can step back far enough you can begin to see the pattern. Mix in a little physics – where a body at rst remains at rest until encountering an external force great enough to overcome the ‘at rest’, and where a body in motion, momentum, will remain in motion along a single pathuntil encountering an external force great enough to overcome the body ‘at motion’, it occurred to me this morning…
If there were a group of people who have for a thousand or two years, perhaps ten or fifty thousand years, plotted to ‘rule the world’, and if for a thousand or two years, perhaps ten or fifty, held true to the course laid out veering only as political or, as with a flood, forces disrupted that course until at the moment the Reich realizes fruition, an external force great enough to overcome the body ‘at motion’ rattles it all apart like so many marbles in the mud. Climate Change is that force. Unanticipatible, given the science of the times, in fact the result (cause and effect) of that dogged pursuit, it has lain waste to the best laid plans…
You can see the desperation in cap and trade, this last minute scramble to make money off of what may very well destroy us – fiddling while the planet burns – and Russian spys hacking the computer networks of scientific organizations around the world to find ‘dirt’ to trash the science.
It’s really rather humorous.
Great Article. Thanks for the info. Does anyone know where I can find a blank “sick form” to fill out?