Ben Bernanke: Worst Failure in the History of World Finance

Let us review. Ben Bernanke was appointed Fed chairman in 2006, just as sighns of the bursting of the housing bubble began to appear. Barack Obama, INSIDER, was already a member of the United States Senate, and would become a member of the MAJORTIY in January of 2007 (when Democrats took control of all of Cngress. Even though signs of the bursting of the housing bubble were beginning to appear when Bernanke was appointed, the actual housing "crisis" was still more than a year away--not trulyl becoming dangerous until late 2007. Further, the recession of 2008 was still TWO YEARS away--more than two years away in terms of the financial collapse of Octoer of 2008. Bernanke had TWO YEARS to do somehting. What did he do, besides panic when it was too late? NOTHING. Bernanke presided over the WORST RECESSION since World War II, and was there for the key years leadin gup to thhat recession. This is the man wo somehow gained a reputation on Wall Street as our "savior"--ONLY becaue he BAILED OUT WALL STREET. From the point of view of the country, Bernanke FAILED, and was RESPONSIBLE (along with the peoiple in Washington and the people on Wall Steet) for not doing anything to head off or mitigate the terrible recession that occurred on his wathch. And what of Barack Obama? What did HE do? Well, I guess you could say he did somehting. He RAN FOR PRESIDENT, without doing anyting at all about the coming disaster (not even sounding a warning). In fact, Obama SUPPORTED all of the FAILED Bush/Democrat measures that were supposed to head off the recessioni., including the FAILED "stimulus" of 2008 (the first failed "stimulus" bill from the Democrat controlled Congress). So much for "inheriting" this mess.


You could argue that the ONLY thing that really changed in the time leading up to the recession wa that Democratws took control of Congress; Bernanke was appointed head of the Federal Reserve; and Hank Paulson (Democrat favorite) was appointed Secretary of the Treasury. Why are not REPUBILCNAS maknig the point that Obama inherited the recession from DEMOCRATS, and peoiple fully supported by Democrats? Beats me. Sure, it is overly simplistic to blame Democrats in Congress for everything, just because the recession occurred after Democrats took control of Congress, but it is at least as true as Obama's claim that he "inherited" the mess that a DEMOCRATIC Congress left--a Congress of which Obama was a part of the majority.


Back to Bernanke. Remember, Bernanke, as of October of 2008, has already FAILED to do anything t head off the worst recession since World War II. Furtehr, he has NOT anticipated the recession in any major way. Remember, again, the rrecession supposedly started in January of 2008, even though the economy would continue to GREOW at a very slow pace for the first two quarters of 2008 (just as is true NOW). What did Bernanke do when we were already in a recession? Not much. From January to the Bear Stearns/Lehman Brothers/AIG crisis, bernanke did ery little. He certainly did NOT see it coming--at least not before problems were evident to everyone in the second half of 2008. The man is an UTTER FAILUE. Yet, somehow Wall Street, Democrats, and the mainstream meida seem to regard him as some kind of "expert"--haning on his every word. WHY? Again, it boggles my mind how this record of FAILURE can get you a reputation as a "genius".


But Bernanke was not done with faiure. He had already presided over getting us into the worst recession since World War Ii--since the Great Depression--by October of 2008. He then went into action, primarily by bailing out Wall Street. Did his act5ions WORK. Lok at the record again. This is not ony the wrost recession since the Great Depression. It is alos the WORST RECOVERY since the Great Depression. And Bernanke has presided over that as well. You should get a glimmer of why this blog accurately refers to Bernanke as The Wort Failure in the History of World Finance. But Bernake was still not through.


Through most of this "recovery"--including as recently as about a month, or maybe two, ago---Bernanke and the Fed were still telling everyone that the "recovery" was still on track, even if a bit slower than hoped. In fact, this blog had an article mere WEEKS ago about how Berrnanke gave a speech balaming the "slow patch" in the economy on "special factors" like Japan (tsunami) and other factors outside of Bernanke's control. Bernanke was still suggesting that we would return to better growth in the second half of this year.


What ahappened? ON Wednesday afternoon, the Fed released its present assessment of the econmyh, and it was GRIM. That was a major reason (asied from the computer gaming on Wall Street) that the stock market went down 391 points yesterday (Dow points) . That made well over 600 points in two days. What the Fed said was that there is now a "significant downside risk" in the economy. Translation (as Wall Street understood): We are very close to a SECOND major dip in the recession, or a second recession (if you believe the first one ever ended in any real way). Thus, Bernanke, on Wednesday, told us he has been WRONG--again. We are either in big trouble, or right on the edge of big trouble--BEYOND the trouble we have already been in with the wrost "recovery' since the Great Depresson. For all intents and purposes, Bernake has ADMIITTED that he is the worst failure in the history of world finance. He has not PREDICTED anything right yet. Again, HOW did this FAILURE get a reputation as a "genius"?


You should see why the Fed statement on Wedneday was such a SHOCK. The Fed had been acting like there was a temporary slowdown in the economy, and that the recovery would soon resume. Now the Fed is saying that it was WRONG to dismiss the dangers of another large dip in the economy.


What has Ben Bernanke DONE or SAID that indicates he knows what he is doing? I can't see anything. On Wednesday, Bernanke again PROVED that he does NOT know what he is doing. Why shoudl anyone pay any attention to him on anything?


Okay . One reason is that Bernanke may have DESTROYED the cou ntry. He has asserted "unprecedented" powers for the Fed, and has engaged in "unprecedented" PRINTING OF MONEY in a way the Fed has never done before. All it has done is make things WORSE. The man is a failure.


No proofreading or spell checking (bad eyesight).