Tuesday, August 25, 2009

Bernake - Hurray for the guy who has been wrong 90% of the time

Well, there you have it...

The depression has been averted 
and our well alphabeted FED chief is now back on the job with a delusional and resounding endorsement of our president. 

Could Obama and Bernake care about their reputations less? Now is not the time for them to risk credibility when that's the thing that will be most sorely required in the future. 

Mind you, this is not just any administration but one of the administrations with the most Wallstreet executives among its ranks in history. Given the alphabet soup that Mr Bernake has created - trying to replace him with someone equally well versed in wallstreet pedigree,  unnecessary complexity, delusional concepts regarding depression economics and special interest adgenda's would be extremely challenging. But since the guy has such a consistent record of being a contrarian indicator - lets reappoint him even if he has been demonstrated to be incompetent. His recent comments certainly will likely demonstrate that incompetence in spades in the very near future. 

It does not hurt that his policies are directly beneficial to the Wall Street hierarchy and destructive for American's and American business - let's reappoint him anyway - "...he's done a fantastic job". If I was an administration composed of Wallstreeter's I would absolutely reappoint Bernake.

Mind you that one of the characterisitcs of all the recent administrations - is that they reappoint the very people who preside over the development of a financial crisis as the people to fix it. Geithner, Bernake, Greenspan, Summers, Rubin and the list goes on and on. The fox will never guard the hen house for the hen house owner (even if it looks like he is)...but will be very happy to protect the spoils for itself.

I think that its rather interesting that Bernake is so confident with himself exactly at the time when he should be most worried. But there in lies the rub. Instead of trying to get reappointed he should quit!

But he MUST be reappointed in order to help continue the coverup and manipulation executed with the banks, fed and special interest government bureaucrats. Bernake avoided perjuring himself rather well I thought...and that's certainly a skill that also resoundingly votes for his qualifications to command over a ponzi scheme. Certainly he did a much better job than Paulson - who looked like a buffoon trying to explain his roll in the BAC/MER deal. 

If Bernake was so good at misunderestimating every step of this crisis and the mechanics that it is based on (namely ponzi scheme accounting) then why should we take him at his word now?

Certainly, among the best attributes of a re-appointee in Government has to be "failure". On that particular skill, our over-confident Fed chief is definately particularly overqualified.

With the FDIC up soon...is it any wonder that Bernake is re-appointed while Obama is on vacation? 

Ofcourse, if the FDIC gives any reason to doubt the sanctity of the system...the dollar shortage will explode...and so will this trading range for the dollar and the highs for the market.
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