The controversy about Ben Bernanke being confirmed by the Senate as the Chairman of the Fed is silly. Our government made plenty of mistakes in the housing and mortgage industry (and it still does). The SEC, FDIC, the US Treasury, the banks, their managements and their risk committees all blew it. And so did Alan Greenspan and Ben Bernanke. But when the …. hit the fan he got in there (along with Hank Paulson) and got us past the emergency. It wasn’t pretty!
The problem was long in the making and will be extraordinarily expensive to solve (my estimate is $7 trillion). But let’s not shoot the messenger. As we talk, Obama is trying to force the banks to make loans they don’t want to make (the same kind of political loan making that lead this mess). In other words loans that will default and more of the same.
Bernanke is far from perfect, but let’s get behind him and spend that pissed off energy getting rid of the senators and congressmen that have made the situation worse – not Ben Bernanke.
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