Republicans delaying confirmation of Ben Bernanke
Certainly good news, although doubtful this will translate into anything meaningful. Three brave Republicans are delaying man of the year's reconfirmation as they seek out documents pertaining to the bailouts of 2008.
First of all, where is the public outrage? Why is it that when Democrat voters justify their votes, they do so based on some odd perception that Democrat politicians fight for the "little guy" and against the big corporations. Yet the biggest corporation of them all, Federal Reserve, gets a free pass and yet these same voters do not bat an eyelash? Is it because the Federal Reserve's presence and function is unclear to people or is this just another case of electorate ignorance. Just this past election in Massachusetts I personally heard justifications for defending Coakley even though she is completely swimming in corporate money, how is it not blatantly obvious as to where the loyalties of these politicians truly lie? How can she protect citizens from corrupt corporations when these same corrupt corporations got her elected in the first place? Isn't this obvious?
So for those not following Bernanke is entirely complicit and responsible for the trillions of dollars that he personally put us on the hook for. Not only did he illegally purchase almost a trillion dollars worth of rapidly depreciating mortgage backed securities he is refusing to disclose to Congress the details of his operations. Yes, he did so illegally because the original Fed charter never allowed the Fed to purchase these types of instruments let alone be the sole market for them.
So I ask once again, where is the outrage? Why is it that only Republicans seem to care about this financial atrocity? In case you are not convinced which party has our back and which party has the banking interest in mind, examine the voting on the Fed audit . A vote taken in the House finance committee and the results are alarming at best. 21 Democrats voted against a fed audit, against transparency against showing to the American taxpayer where our FUTURE money is being directed. Nothing could be simpler than this vote and with the exception of two individuals the Republicans seem to have understood that. Yes there are senators Bernie Sanders, have also voiced their objection, but it is unclear to me why it takes a minority party to actually raise the alarm.
So now we have three Senators, DeMint, Vitter and Bunning who have pitted themselves against the likes of Chris Dodd to attempt at least some kind of truth extraction. I applaud these three and you should too, because reigning in our central bank and bringing to light trillions of dollars in direct payments, bailouts and debt monetization is the FIRST and ONLY step we should be doing right now. Nothing else matters if Congress has a mechanism by which it can freely spend on any program while burdening our future generations with the payment of it all.
If you want to stop the advance of socialization and central planning, then fight to break the centrally planned monetary monopoly in our country. Bernanke getting denied further opportunity to damage this country is a fantastic first step.
Update: If Bernanke fails to get confirmed and is replaced with Larry Summers, then we are not any better off. Unfortunately because the entire system is inherently broken any chairman with the exception perhaps of Paul Volcker could be in the same heap of trouble.
First of all, where is the public outrage? Why is it that when Democrat voters justify their votes, they do so based on some odd perception that Democrat politicians fight for the "little guy" and against the big corporations. Yet the biggest corporation of them all, Federal Reserve, gets a free pass and yet these same voters do not bat an eyelash? Is it because the Federal Reserve's presence and function is unclear to people or is this just another case of electorate ignorance. Just this past election in Massachusetts I personally heard justifications for defending Coakley even though she is completely swimming in corporate money, how is it not blatantly obvious as to where the loyalties of these politicians truly lie? How can she protect citizens from corrupt corporations when these same corrupt corporations got her elected in the first place? Isn't this obvious?
So for those not following Bernanke is entirely complicit and responsible for the trillions of dollars that he personally put us on the hook for. Not only did he illegally purchase almost a trillion dollars worth of rapidly depreciating mortgage backed securities he is refusing to disclose to Congress the details of his operations. Yes, he did so illegally because the original Fed charter never allowed the Fed to purchase these types of instruments let alone be the sole market for them.
So I ask once again, where is the outrage? Why is it that only Republicans seem to care about this financial atrocity? In case you are not convinced which party has our back and which party has the banking interest in mind, examine the voting on the Fed audit . A vote taken in the House finance committee and the results are alarming at best. 21 Democrats voted against a fed audit, against transparency against showing to the American taxpayer where our FUTURE money is being directed. Nothing could be simpler than this vote and with the exception of two individuals the Republicans seem to have understood that. Yes there are senators Bernie Sanders, have also voiced their objection, but it is unclear to me why it takes a minority party to actually raise the alarm.
So now we have three Senators, DeMint, Vitter and Bunning who have pitted themselves against the likes of Chris Dodd to attempt at least some kind of truth extraction. I applaud these three and you should too, because reigning in our central bank and bringing to light trillions of dollars in direct payments, bailouts and debt monetization is the FIRST and ONLY step we should be doing right now. Nothing else matters if Congress has a mechanism by which it can freely spend on any program while burdening our future generations with the payment of it all.
If you want to stop the advance of socialization and central planning, then fight to break the centrally planned monetary monopoly in our country. Bernanke getting denied further opportunity to damage this country is a fantastic first step.
Update: If Bernanke fails to get confirmed and is replaced with Larry Summers, then we are not any better off. Unfortunately because the entire system is inherently broken any chairman with the exception perhaps of Paul Volcker could be in the same heap of trouble.
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