Brain Dead Senate Re-elects Bernanke
Did you need more proof that Dumb, Dumber and Dumbest were large and in charge of the Senate? The latest proof is the Senate re-election of Ben Bernanke as Chairman of the Federal Reserve. Just what medication are these people on? Do stupid pills come in mega doses? They must if those elected to serve our needs elect those responsible for its downfall, not once, but twice!
Here are a few statistics for you to consider about Ben Bernanke and his ability to lead the federal reserve:
- Since Bernanke took office the S&P index has declined 35%
- He has been in charge of the biggest financial decline since the Depression
- Latest unemployment rates are skyrocketing. As of December that was 10.0%
- Economy has fallen into a DEEP Recession
- Bernanke is a scholar of the Great Depression. A guide to the future?
Doesn’t that just give you all kinds of confidence in the man’s ability to lead us out of trouble? How about your confidence levels in those of the Senate??? If I had any it would have fallen off the chart. The latest unemployment figures show the following:
- Adult males-out of work 10.2% .
- Adult Females out of work 8.2%
- Teenagers out of work 27.1 %
And those are just the ones getting unemployment benefits, not those who have fallen off the rolls because their benefits ended. The reality is that these figures should be doubled. In December, 4 in 10 unemployed workers were jobless for 27 weeks or longer. The civilian labor force participation rate fell to 64.6 percent in December. That number is only for those still receiving unemployment which means that the numbers are actually higher. It also means that with this number 35.4% are being reported unemployed.
Bernanke is also a scholar of the Great Depression. How better to understand how to bring an economy down than through the study of the worst possible time in united States history and implementing those concepts in the here and now? Banks continue to fail at record levels. But the Senators believe Bernanke is the man for the job of restoring our economy. The deadly duo of Bernanke and Geithner dominate our financial situation and show just how incompetant they are.
Robert Auerbach, Professor, Lyndon Baines Johnson School of Public Affairs, The University of Texas at Austin has written an article which tells us that those at the federal reserve intend to shred their records as the Audit the Fed movement gains strength. How can Bernanke justify shredding records of financial transactions and have any credibility? And the Senate thinks this is the man for the job??? Who are they trying to kid? How much did they receive in kick-backs to pull this stunt and get away with it??? I definitely want some of what they are smoking!
Should the policymaking committee of the most powerful peacetime entity in the United States government be allowed to destroy their source records? The Federal Open Market Committee of the nation’s central bank, an intricate part of the United States government may be continuing to destroy its source records, a policy it began in 1995 with an unrecorded vote -no fingerprints – conducted by then Chairman Alan Greenspan.
The FOMC controls the nation’s money supply, targets short term interest rates and since 1962 took it upon themselves to bypass the Congressional appropriations process and loan money to foreign governments. I have described [in Deception and Abuse at the Fed] how the FOMC mislead the Congress in 1962 when they began this activity. In 1995 they voted a $5 billion loan to Mexico to keep the peso from falling when the Congress would not appropriate the money and the Treasury did not have sufficient funds. The then secret transcripts reveal that some Mexican Yucatan oil collateral was to be used. The full deliberations are not available because that is when the FOMC voted to start destroying the source transcripts. When the announcement of the loan was made public the peso stopped falling and the loan was never consummated.
I knew they had lied about their transcripts for 17 years after they were forced to show them to me around the corner from Chairman Greenspan’s office in an investigation in which I assisted House Financial Services Chairman Henry B. Gonzalez. The Fed had said in 1976 they would stop making transcripts to avoid the Government in Sunshine laws. Although Governor Paul Volcker voted to end the transcripts, reportedly when he became chairman he stopped the staff from destroying them.
The federal reserve must keep things hidden or the Citizens of this country will revolt. And why doesn’t the media cover this stuff on a daily basis? It isn’t news apparently. Can someone tell me what other financial agency is allowed to destroy financial records with impunity? You would think the Internal Revenue Service might have something to say about this practice. Oops, my bad, they are probably in charge of the IRS.
This graph shows just how steep the recession was predicted to be. What the real figures are I can only guess. However, in 4 short years the economy has plunged to record lows. How bad does it have to get before we try something different than the same thing different day stupidity that has gotten us here? Does Congress have a clue that Americans are watching their every move and we aren’t as stupid as they hope?
It seems that those in Congress along with Gheithner and Bernanke are highly paid professional liars, crooks and criminals. Are you going to re-elect these fools to office again?
In January of 2010, 14 MORE bank failures. In 2009, because of the policies of the federal reserve, 136 banks failed. How many bank failures does it take to show the utter incompetence of a person in a position of power? Shall we track back all the bank failures since Bernanke was appointed by dubya? were recorded. Yet Bernanke was re-confirmed to his current position. If Bernanke is doing such a bang-up job, why are banks still failing? Do these failures not count when a person is considered for a job? In what other industry does this type of failure not cost the person their job? Oh, that’s right, you don’t fire a phuck up, you promote him!
To see how the Senators voted click HERE: My opinion is that anyone who voted yes needs a permanent vacation! There are 70 of these permanent vacation seekers. Let’s make sure they get what’s coming to them shall we?
One serious question I have is why these banks are failing. According to IPA news bank reserves in 2008 were approximately 68 billion dollars but as of December of 2009 this figure had risen to an incredible 1.14 TRILLION DOLLARS! How does that kind of increase shut down a bank? Want to know why you can’t get a loan? Because the banks are hoarding their/your money and getting paid interest on their holdings. It is not in their best interest to loan you money. What a con game huh?
I think all of Congress, both House and Senate need some serious shaking up. The whole kittenkabootal needs to be let go for lack of intelligence. Their immunities need to be stripped from them so that they are held accountable for the bills they pass. They should be forced to take the same health insurance the rest of us have to use. Maybe then they could actually do a good job. But as long os those in Congress remain detached from the everyday working stiff, there will be NO bills passed that do WE the People any good. I decided to look up the immunity clause that Congress has and found this interesting bit:
Privilege From Arrest This clause is practically obsolete. It applies only to arrests in civil suits, which were still common in this country at the time the Constitution was adopted. It does not apply to service of process in either civil or criminal cases. Nor does it apply to arrest in any criminal case. The phrase ”treason, felony or breach of the peace” is interpreted to withdraw all criminal offenses from the operation of the privilege.
Perhaps congress is counting on us believing in an old law? If so, they are no liable to be held accountable for their stupidity.
The Obaminator was also involved in the strong-arming of those in Congress to re-elect the biggest financial failure in history. Even Barry Madoff can’t compete with Bernanke’s financial double dealings and yet he is in prison. Perhaps if we all became lawless criminals we would see some improvement in Congress?
Dodd, other Senate leaders, and the White House, with the personal involvement of President Obama, cajoled senators reluctant to support Bernanke in a difficult political climate.
As the final vote came to a close, Sen. Richard Shelby (R-Ala.), the ranking Republican on the committee and a Bernanke opponent, noted to Dodd that a few people who had said they’d be no votes had changed their minds.
Dodd could be overheard in the press gallery correcting his terminology. “They were reconsidered,” Dodd said, as he and Shelby shared a laugh.
Dodd then turned to Sen. Evan Bayh (D-Ind.), who was casting his aye vote, waved and said, “Thank you.” Bayh nodded back.
I found the statement of Senator Bernie Sanders to be enlightening: He talked with VPR news and in an interview with them made the following comments:
(Sanders) “I think it’s just very wrong to appoint somebody who was asleep at the switch, whose job is to protect the safety and soundness of our financial institutions and he didn’t do it. He failed and I don’t know that you reappoint somebody who failed so terribly at the most important thing that he’s supposed to be doing.”
“The idea that there is only one person in the United States of America who can run the Fed – no other economist out there – and Wall Street has said that there’s going to be a massive sell off unless we give them their guy. I don’t think that passes the smell test, I don’t think that’s what American democracy should be about.”
Senator Jeff Merkley was also heard to comment on the Huffington Post:
A coalition of rank-and-file senators from both parties made the case against Bernanke, arguing that he failed to see a housing bubble that blew up and brought down the economy, chose not to enforce consumer protection laws, blocked congressional attempts to obtain documents that would shed light on his actions before, during and after the financial collapse, testified on behalf of cuts in Medicare and Social Security, and failed to regulate the derivatives market, which nearly took down the global economic system.
“In short, Bernanke’s decisions over the last eight years — as a member of the Federal reserve Board, as [President Bush’s] Chair of the Council of Economic Advisors, and as Chairman of the Fed — helped set the fire that destroyed the economy,” Sen. Jeff Merkley (D-Oregon) told his colleagues in a letter opposing his nomination.
At least some are thinking there. Too bad that money talks so much louder than common sense. It is highly apparent that those in Congress do not believe we will retaliate come election time. I hope they get the biggest suprise of their lives then. If the Senate and House actually worked for these united States, this country wouldn’t be where it is today. Obama is part of the problem and not likely to actually help American Citizens with anything. The Good-Ole Boys club has got to be retired. Citizens can’t afford these men and women in charge of anything, let alone passing confirmation of proven destroyers of our economy. Bernanke is a bad man, no matter how you look at him.