Wikinvest Wire

Ben Bernanke was wrong

Thursday, January 28, 2010

This seems like as good a time as any to watch this again...

Senator Ted Kaufman (D-DE) issued the following statement after voting against confirmation of Federal Reserve Chairman Ben Bernanke for a second term:
I believe the Fed Chairman did an admirable job after the financial meltdown occurred. He was proactive and took the necessary measures to stave off another Depression. But as a regulator in the period leading up to the financial crisis, Mr. Bernanke failed to insist on prudent risk management by the financial institutions it was his responsibility to oversee.

Going forward, I believe strongly Congress needs to do two things: First, we must reconfigure Wall Street institutions to eliminate conflicts of interest. Second, there must be no financial institutions that are too big to fail. If Congress fails to draw hard lines, then we especially will need strong regulators who will stand up to powerful Wall Street interests.

I do not believe Chairman Bernanke meets that test.
At least there are a few elected officials who aren't proud of what happened today.

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Anonymous said...

Where did you find this video?

Bernanke isn't only inept but divorce from reality. I can't believe any calls this guy an expert on anything after watching this video and living through his and Greenspan's actions at the Fed.

CrisisMaven said...

It's utterly amazing how any "member of (any) parliament" can be so daft as to believe increasing money amount twenty-fold was a good strategy. Let's see what they're up to next: British Economy Creeps Out of Recession?

David said...

Shame on the senate for reconfirming such a incompetant.

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