“I will do everything I can to stop your nomination and drag out this process as long as I can. We must put an end to your and the Fed’s failure and there is no better time than now. Your Fed has become the creature from Jekyll Island.”
~ Senataor Jim Bunning December 3, 2009
One person can make a difference. Sometimes I forget that. For four long years now, I’ve watched Congress, Wall Street and the media swoon over the actions of Federal Reserve Chairman Ben Bernanke. It has been like watching a dramatization of The Emperor’s New Clothes. Jim Bunning doesn’t see the “magic” and has said so in no uncertain terms. The general public, who overwhelmingly wants to see Bernanke return to waiting tables at South of the Border, is beginning to turn to their elected officials and ask, “What do you see?” Don’t look now, but I think the shit just got real.
Here in my little world, anyone who throws a perfect game in a Phillies uniform automatically qualifies as a diety. Doing it on Father’s Day against the Mets is arguably a greater feat than parting the Red Sea. Sadly, like Moses, the Kentucky Senator will not be remembered as a silver-tongued orator, but he can still play hardball, as the Fed Chair discovered Thursday at his confirmation hearing. Let’s just say it wasn’t the Tee-ball session Bennie expected…..
“…. the A.I.G. bailout alone is reason enough to send you back to Princeton”
“Rather than making management, shareholders, and debt holders feel the consequences of their risk-taking, you bailed them out. In short, you are the definition of moral hazard.”
“You are repeating the mistakes of Japan in the 1990s on a much larger scale, while sowing the seeds for the next bubble.”
“From monetary policy to regulation, consumer protection, transparency, and independence, your time as Fed Chairman has been a failure.”
Great Job, Ace!