Mark McHugh

Ben Bernanke Must be Stopped: A Call for Action

Note: This blog is in a holding pattern until Bernanke’s fate is decided (meaning this will remain the front page).  More recent posts can be found in the “recent posts” section at the bottom of the page.  There’s nothing more important than this right now.

 The pending reappointment of Ben Bernanke as chairman of the Federal Reserve is the non-story of the Century, and I find this terrifying.  Propaganda of his alleged “success” has been crammed in every orifice of the American people by the rich and shameless (yet relatively few believe it).   This is truly the time for action, unless you really enjoy Tea-partying ’til you puke.  I’m asking every American to demand that their Senators stand up and oppose the nomination.  Our future depends on it.     

 Contact your Senator    

So much for that “Of the people, by the people,  for the people” crap…    

Explain this to me: 21% of adult Americans favor the re-appointment  of Federal Reserve Chairman Ben Bernanke, yet only four Senators have had the intestinal fortitude to step up and say they oppose him.  An alarming 39% of Americans aren’t sure.  This I cannot fathom;  it’s as pathetic as being “on the fence” about slavery or child-pornography.  Let’s review the mind-boggling difference between what Bernanke did and what he was supposed to do.    

Here is the Federal Reserve’s Mission Statement, presented in its entirety:    

  • conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
  • supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
  • maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
  • providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.
  • ***

    These four simple sentences comprise Ben Bernanke’s job description.  There’s not anything in there about monitoring men’s underwear sales to divine economic conditions (which seriously, is what Greenspan did).  Worse yet, the Fed is trying to leverage its own criminally negligent failures into a coup to seize even more power and control.  But hey, if four sentences is too much for you, the so-called congressional mandate for the Fed can be boiled down to five words:  

      

    Stable Prices and Maximum Employment    

    The Federal Reserve failed to follow very simple instructions.  There is no other way to see it.  It wasn’t circumstances beyond their control, it was the very circumstances that they were supposed to control that caused the meltdown.  They sat on their hands while housing prices soared on easy money and created the biggest asset bubble the world has ever seen.   No money down, subprime, ARM, 125% loan-to-value, and interest-only mortgages were “all-good” with Ben and Al.  The fact that these were credit-driven, unstable, and unsustainable prices was lost on them.    

        

     Bernanke ignored both reality and his job instructions for as long as possible.  The fallout from that failure looks like this:  

      

        

    It is important to note that this is the polished-up “official” government numbers.  Anyone on this side of the rainbow already knows, the reality is much worse.  In fact the smart guys at Trim Tabs assert that the BLS missed the November jobs report by over 200,000.   

      

    A Vicious Cycle continues…    

    Thanks to Bernanke’s incompetence, price instability has reached biblical proportions.  For example, Oil has traded everywhere between $32.40 and $147 per barrel in the last 18 months.  How’s that for price stability?  I can sight so many examples of price instability that, rather than list them all, I made this nice collage:  

      

        

    And if this isn’t enough to convince you how horrendous a job Bernanke has done, there’s always this:    

      

    (Image from http://www.babylontoday.com/)    

    Bernanke “saved” Wall St.  with US taxpayer money, who have borrowed more than $6000 for every man, woman and child in the country in the last twelve months alone.  Yet  to this day, he refuses to divulge exactly what  is on the Fed’s balance sheet.  The idea that any nation can borrow its way to prosperity is utterly insane, yet here we are, trying to drink ourselves sober, and sticking our kids with the bill.  To call the architect of such a plan a “hero” is an insult to our intelligence.  

      

        

    America should be discussing prison terms for Bernanke and his accomplices (who incidentally will be getting record bonuses this Christmas), not reappointment, and anyone who says he’s done a good job is either a liar or a fool.  He’s an arsonist masquerading as a fire fighter and there is no other way to see it.  This story should be front and center in America.  Instead it’s being treated like a non-event, a forgone conclusion.  And the few Senators who have stood up against the generational-rape of America are being labeled cranks.     

     Madness……    

    Let your Senator know that if he doesn’t stand up right now, his punk-ass is gone!  Link to list at Senate.gov    

    (this is the official end of the post)    

    Bonus material (how I really feel):

    I am an American, first and foremost.  The principles our Country was founded on are more important to me than my own comfort, even my own life.  Anyone willing to compromise those principles is destined to be enslaved, and of no use to me.    

    Change you can believe in” has been cancelled, we now return to another episode of “Crooks playing musical chairs    

    Pick a Conspiracy Theory….

    Any shit-for-brains conspiracy theory you want, and you’ll find those whack-jobs have far more evidence than Bernanke supporters.  I find Bernanke supporters every bit as loathsome as Holocaust deniers.  People willing to stick their heads in their asses, so they can live with themselves.     

    I’m making a list and checking it twice…..

     It’s time to do the right thing.  I expect every American to make their voice heard loud and clear about Bernanke’s reappointment.  This goes a hundred-fold for those in the public eye (TV personalities, writers, and yes, even bloggers).  Those who fail to take a clear stand are cowards in my eyes and will be treated with the disrespect cowards deserve.    

    My letters:

    Dear Senator Casey,
    I am writing you to inquire why you have not spoken out in opposition to the reappointment of Ben Bernanke as Chairman of the Federal Reserve. It should be clear to anyone of average intelligence that Bernanke has behaved in a criminally negligent manner and I am confused as to why any Senator would be reluctant to say so.

       

         

    If you fail to speak out against the generational-rape of America, I will make it my business to make sure people like you are removed from office.  

     

       

    America can no longer afford cowardly, or dim-witted leadership.    
    Thanks for your time,    
    Mark    
     

    ***    

    Dear Senator Spector,    

    I am urging you to stand up in oppostion to the reappointment of Ben Bernanke as chairman of the Federal Reserve.    

    Anyone who has been around as long as you should understand what functions the Fed is supposed to perform and that Bernanke has been criminally derelict in those duties. Why would you remain silent on the generational rape of America?    

    Pennsylvanians deserve integrity in their leaders, please don’t leave a legacy of cowardice.    

    Thanks,    

    Mark    

         

    1. Sorry about the wierd spacing, indents etc. I think freebie WordPress has some bugs.

    2. Excellent post Mark, you done your research. Ben Bernanke’s real job description is to do what his real masters tell him to do.

    3. New post at Sonic’s :)

      {blaaaaaaaaaaaggggghhhhh!!!!!}

    4. Merry Christmas Mark.

    5. and A very Merry Christmas to you, my friend.

    6. Happy New Years Mark.

    7. Hi Mark! Gee, I assume you are very busy with real work–like making a living and stuff–but things are very interesting over at DB. Care to drop in for awhile–for fun? :)

    8. Hey Sonic,

      Thanks for noticing my absence. It’s just been hectic lately.

      I did want you to know however, that I thought highly enough of your Coleman-Grayson breakdown to post it on facebook (and I am not one who uses facebook to promote my ideology). I thought it was great and hope you get some reads from it.

    9. Thank you SO much, Mark. It is exciting that word seems to be getting out, although I have this theory–that there are only 500 bloggers & commenters, 200-200 kinda split D/R, then 100 of us ‘others’, and a couple thousand readers. And you know that “Six degrees of separation” game? Well, for blogrolls, it’s probably 4 degrees of separation. In other words, it’s a small world after all….

      HEY–Check it out–Steve is going to be on a blog talk radio show tomorrow night (Sunday)!! You can log in and chat, 8pm Eastern time: http://sonicninjakitty.wordpress.com/2010/01/16/tune-in-sunday-night/

      !!!!!!!!

    10. Of all the things that need to be changed, he does QE2. What is wrong with this man? Must he answer to a higher authority than God?

    11. He is transferring the debts owed by the big banks to the government who’s borrowing becomes cashflow from the taxpayers back to the banks. Their debts will become our debts, plus interest.

    12. Thought i was the only one to ‘get it.’ Came to this post late, but glad to see it. BB is a walking disaster for this county. Greenspan and BB will go down in history as the worst of their lot in modern times. But i don’t think Obama wants to hear from us. It looks as if the righwingers will take the next election and the collapse will come on their watch. Unless they engineer it to happen before Obama leaves office, so they can heap blame on him. I rather think he might be in a mess he can’t extricate us from. Whatever he does will make the collapse happen sooner, rather than later.

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