Ben Bernanke, "Time Magazine’s Man of the Year".
How about “Dumbass of the Decade?”
You just can’t make this stuff up! This choice by Time Magazine displays the collusion between the government and the main stream media. Bernanke as "Person of the Year" is almost as bad as President Obama receiving the Nobel Peace Prize.
I believe in the next year or so it will become apparent to all the "sheeple" out there, who just gobble up all the BS from the main stream media as the truth, that Ben Bernanke is actually "Dumbass of the Decade" instead of "Man of the Year" when everyone realizes what he actually did with our money. The only true way to find out what he did is to audit the Fed. Unfortunately, if the Fed were audited today we would probably have another stock market crash when everyone realizes where all the money went to.
The Dumbass Bernanke Timeline:
- July 1, 2005, Bernanke stated without hesitation that we were not experiencing a housing bubble: "I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit."
- November 2005, on derivatives: "With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly." And "the Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well managed and do not create excessive risk in their institutions."
- February 15, 2006: "Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."
- February 2008: "I expect there will be some failures of smaller banks." (Bear Stearns collapsed a few weeks later.)
- But then again, I guess in regards to his nomination we are talking about achievements in 2009. That was the year Bernanke said, "Currently, we don’t think [the unemployment rate] will get to 10 percent."
This is the same chairman of the Federal Reserve who told us that Fannie and Freddie were "adequately capitalized" and "in no danger of failing".
Unfortunately, he has not just been wrong about housing, unemployment, banking, and derivatives – his policies have directly contributed to all of the problems we now face.
High unemployment and the weak dollar threaten to further undermine our economy, yet his policy is to just keep borrowing. The massive debt his policies have slapped the American taxpayer in the face with are weakening the U.S.’s position as a global economic leader and hurting already tenuous relations with foreign governments. Bernanke has supported the policies of Greenspan and our current and previous administrations – the very policies that got us into this mess. He has supported the leveraging of the American economy to rescue companies long past saving and the borrowing of billions from foreign governments to line the pockets of corrupt investment bankers.
