"Bubbles" Bernanke Shouldn't Be Reconfirmed

Up for re-confirmation as the Fed chief this Thursday, Goldman Sachs alumni, Ben Bernanke is a poor choice for the job. Along with current Treasury Secretary Tim Geithner, another former Goldman exec, Bernanke ran the largest economy in the world off the tracks by pursuing a free market ideology that required the elimination of regulations promoting market stability since the end of the Great Depression.

What's more, Bernanke seemed wholly unaware of the impending collapse of the markets and was the primary architect of the bailout of the financial industry that put over a trillion dollars of taxpayer money into the hands of institutions all over the world without an iota of oversight. Claims that this wholesale robbery of the US Treasury to save the hides of his former colleagues on the Street are make as much sense as thanking a gunman for saving your life because he holstered the pistol he was holding against your head.

Bernanke is incompetent but nonetheless it seems he will be confirmed without much resistance. I agree with renowned analyst Henry Blodgett that Paul Volcker, Fed chief in the 1980s, would be an excellent replacement for the disgraced Bernanke of whom Blodgett says, "Today, we are led by men like Ben Bernanke and Tim Geithner. Men who are so afraid of the consequences of making people pay for their profligacy and stupidity that they have restarted the debt bubble (free money and bailouts for Wall Street, FHA, cash for clunkers) and made Too Big To Fail a national policy."