Recent discussion on Ben Bernanke’s confirmation for his second term has brought the institution under the microscope. The “Will of the People”, which has recently been tossed aside is in uproar again over Ben Bernanke’s second term, US Congressman have expressed that they will not confirm Mr. Bernanke for a second term, which has caused the Administration to show public support for Bernanke and their accompanying agenda.
The debate is whether he is the creator or the solver of the current economic downturn and if he has the ability to get us out of this mess. Our socialist Federal Reserve truly reflects our lack of a true free-market system with the chairman of the Federal Reserve essentially controlling the monetary system in America. The lack of regulation of the Fed has always been a concern of many, and just recently has Ron Paul (R-Texas) proposed legislation in Congress to regulate the Federal Reserve, with little movement thus far. The Federal Reserve system scares me to death that so much power is put into the Chairman’s hands. Of course, the Administration and Wall Street support a second term for Bernanke with interest rates painfully low and with a real interest rate negative, money can easily transfer hands with little risk. Isn’t this the reason we got into this mess in the first place? Bernanke is a direct disciple of Greenspan, who sat next to him as interest rates became woefully low providing a catalyst for the Sub-Prime mortgage mess and risk-less spending. Wall Street supports the confirmation mainly because they benefit greatly from lower interest rates, in turn allowing them to organize their portfolio to recoup losses from the recent downturn. Considering there’s no accountability for risk in Wall Street, the Good Ole Boy network of Bankers and Obama Advisors need Bernanke and consumers confidence to continue their agenda and the accompanying Billions currently being generated by Banks.
Surprisingly enough, Rolling Stone magazine has a great article showing the lack of change in the White House in the Obama Administration. This article http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/1 , details that a majority of his advisors are Wall Street bankers. It’s no surprise that those people that got us into this financial crisis are now responsible for getting us out!? Their interests will come first and the Administration will begin the political speak to justify their actions and the Bernanke confirmation.
So, what happened in New Jersey, Virginia, Massachusetts, and now the confirmation of the Fed Chairman is that people are anti the establishment. The institution is in trouble in up-coming elections and incumbents are scattering to frame this campaign to adhere to recent political speak. From Liberals dissociating themselves with the term, “Annoying Hippie Liberal Douche” (I couldn’t help myself) to wanting to be known as a “Progressive”; or the Republicans claiming they are “Conservative” and not, “The Party of No” . It will be interesting to see how the Administration and incumbents fight off the anti-institution uproar from the American people. I believe this is a result of force legislation and the wording of the Stimulus failure from “Jobs Created” to “Job Saved” , the American people are not stupid and they know when a clam-shell game is taking place.