"Ten Reasons why Bernanke should be fired" by Nomi Prins

[hfojvt]

http://www.thedailybeast.com/blogs-and-stories/2009-12-02/ten-reasons-bernanke-should-hit-the-road/

"If Ben Bernanke’s predecessor as Federal Reserve chairman, Alan Greenspan, could be dubbed the Maestro, Bernanke surely deserves to be called the Magician. His mastery of illusion and deflection is impeccable.

Bernanke, who goes before the Senate Banking Committee on Thursday in a bid to be confirmed to a second term, still wants us to believe he “done good” by cleaning up the financial mess that was created on his watch. But here are 10 reasons Bernanke shouldn’t be reconfirmed:

A confirmation of Bernanke would affirm that the Fed can do whatever it wants, no matter what the cost, as long as we live under the ethos that making bad decisions is better than making worse ones.

1) His view of what constitutes “transparency” is dubious. About 300 members of Congress have thrown their support behind Ron Paul’s HR1207 Audit the Fed bill, which would further inspect the Fed’s clandestine love affair with the big banks. But Bernanke has told Congress that providing too much detail about what the Fed did for the banks would be “counterproductive.” Thus, the man who wrote in a pre-emptive Washington Post op-ed that “In its making of monetary policy, the Fed is highly transparent” doesn’t feel the same way about its Wall Street Welfare strategy.

..."

[PM Martin]

1. Europe is taking a hardline stance regarding these abusive banks.

If America does not follow their lead, you are going to fall behind.

[orwell]

2. She lost me with the first sentence...

...the blame needs to be dumped at Greenspan's feet. He was never "a maestro." He was the prime architect, over two decades, of Bubblenomics. Greenspan's inability to ever say or do anything to either stand in the way of his Republican cronies or offset clearly exploding bubbles with tight monetary policy should be hung around his neck like a scarlet letter. He was a clown. He was never an economist, but a Ayn Rand acolyte who fell upward. Bernanke was left with a rusty hulled sinking ship. You can fault how he handled the transition from "good times" to crash, but he at least stabilized a situation that could be far, far worse.

Greenspan drove this clown car over the cliff, but just as Bushie before him has managed to exit stage right before the blood really ran in the streets.

Lest anyone think I am late to this party, I was saying the same thing 20 years ago about this clown. He was an embarrassment then and is still one now. Bernanke would have to screw up for the next two decades to even hope to approach Greenspan's legacy.

Maestro indeed...

[Ruby the Liberal]

4. Did you miss the word "if" in that prose?

I recommend reading through to the end. She is not saying Greenspan was a "maestro" only that some call him that. The balance is about why Helicopter Ben should be on unemployment effective manana.

[truedelphi]

6. I don't think you re getting it.

Greenspan may well have driven the car off the cliff, but by continuing with his policies, Bernanke has driven the replacement car, paid for not by the investing class but by the workers' sweat and tears, off the cliff as well.

And why Obama thought this charlatan deserved to be at the Fed, I have no idea, other than that is the ageement he made with the devil to be the first Dem to win in the last three elections.

Somehow, somewhere the election machinery suddenly correctly tallied the votes. Why?

[orwell]

16. Yeah...

...why would we want to have someone with a BA in econ from Harvard, who also taught at Stanford Business School and went on to hold the Princeton Economics Chair. He also spent years at the Fed on the Board of Governors. Oh yeah, a main emphasis of Bernanke's studies was the political and economic causes of the Great Depression. Who needs that kind of expertise right as we're staring into the maw of the Great Depression II? What a stupid idea.

Now here come the monday morning quaterbacks, most of whom couldn't explain the difference between the elasticity of demand or a rubber band. Suddenly we're all experts at global banking, derivatives, hedging, reserve requirements, Reg T, and currency swaps.

I'll say it again, if you want to lay out blame, it sits squarely at Greenspan's feet.

Bernanke has nothing to do with fiscal policy, stimulus packages, wealth distribution or any other of the things that he is being blamed for. And as far as I know, Bernanke didn't repeal Glass-Steagal. That was done under President Clinton with Greenspan's encouragement.

Frankly, it's hard for me to defend any of the Fed's actions. I've been "Ron Pauling" them for decades. But in this case, Bernanke is being made a scapegoat for Greenspan's failings. He deserves better.

[truedelphi]

17. How can someone who has been "Ron Paul-ing" the Fed's actions for a long time

Not be aware of the fact that Bernanke could "Ron Paul" it himself if he wanted to.

Ron Paul wants to abolish the Fed - maybe Bernanke couldn't go that far, but he certainly could make things far more transperent if he wanted to. I mean, the guy has gone on the record saying that if the Auditing of the Fed were to occur, he'd gum up the works of the economy in return for that!

[Ruby the Liberal]

3. Brava. Well done on stating the case.

With Sen Sander's hold block, we are at 60 rather then a majority to rehire him for a second term. Hopefully, it will stand.

Other than Brooksley Born, I have no choices for Fed. Anyone?

Next up, replace Geithner with Ms. Warren. On that, I'm a huge fan.

[BeHereNow]

5. She was interveiwed on C-span by Bernie Sanders last Sunday.

It made my head explode.
If you are so inclined, look up the program.
It was on "After Words" Sunday morning.
EXCELLENT summary of what has happened;
so clearly presented a five year old could comprehend the information.
We need more like her.
BHN

[hfojvt]

7. it's here

http://www.booktv.org/Watch/11085/After+Words+Nomi+Prins+author+of+It+Takes+a+Pillage+interviewed+by+Sen+Bernie+Sanders.aspx

[BeHereNow]

8. Did you see it or have you watched it?

It's REALLY GOOD!
Thanks for the link!
BHN

[hfojvt]

14. I just listened to it

not sure how much of it I got, nor what I can do with the information.

[rollingrock]

9. Getting rid of Bernanke won't change a thing

he'll simply be replaced by some Wall Street clone who is equally objectionable.

[hfojvt]

10. perhaps a slight improvement might be made

as well as seeming to create some accountability.

[rollingrock]

11. I think you're dreaming

a cosmetic change is no change at all.

[hfojvt]

12. dreaming?

it's hope

and change.

[rollingrock]

13. lol

indeed it is.

[Greyhound]

15. K&R