Bernanke is ‘the perfect puppet’ and a ‘total success’ for the elitists … but a total disaster for the people.
– Jim Rogers: We are going to have another Depression in the U.S. (Video):
“Mr. Bernanke has never been right. He has been in the government for six or seven years, he has never been right.”
Such ‘competence’ needs to be rewarded by the other perfect puppet:
Inquiring minds are reading Bernanke Flubs Tryout, Still Up for Leading Role by Caroline Baum.
Most often I agree with Caroline, but not this time.
After trashing (and rightfully so) Bernanke’s last appearance before Congress, Caroline somehow arrives at the following conclusion.
It would be hard to find someone more suited for the job of Fed chairman than Bernanke. His performance yesterday has nothing to do with his unique qualifications for the position. … Unless President Barack Obama wants a solo pilot, he would do well to tap Bernanke for a second term.
Let’s take a look at the qualifications of which Baum speaks.
1) Bernanke is either a liar or has a memory problem. I believe the former. Either way, there is a problem when a Fed chairman cannot recall a conversation with another Fed governor over something as critical as the Bank of America/Merrill Lynch merger. See Bernanke Suffers From Selective Memory Loss; Paulson Calls Bank of America “Turd in the Punchbowl” for my take.
2) Bernanke claims to be a student of the great depression yet amazingly concludes the cause was misguided Fed policy after the stock market crash. This is nonsense. The cause of the great depression and the cause of the current depression (yes we are in a depression), is the massive expansion of credit and debt fostered by the Fed itself. Bernanke is no student of history, he is a dunce.
3) Bernanke has on many occasions promised transparency. This is an outright lie. There is no transparency and Bloomberg has filed freedom of information lawsuits requesting information that should have been disclosed. Moreover, Congress had to subpoena the Fed in regards to the Bank of America / Merrill Lynch shotgun wedding which is how we know about Bernanke’s selective memory loss. What else is Bernanke hiding?