Yippee! Obama to Nominate Bernanke to 2nd Term!
Great news is being reported by the LA Times today… The man who increased the money supply a measly 1.1 trillion dollars over the last 2 years, is probably going to be awarded with another term by the Obama Administration. (If you haven’t noticed, I’m laying on the sarcasm pretty think)
If you read my blog often, you know I am not a fan of the Federal Reserve Bank and despise the thought of the continued rule of Keynesian Economics within our economy. By nominating Bernanke, I can guarantee more printing of money, more bailouts, more interference into the free market by government, and more inflation…
It is a extremely bad choice, in my opinion. If President Obama wanted to increase our freedom and lead us back to economic prosperity he would End the FED and elect a Austrian Economist to serve as Secretary of Treasury.
An excerpt from the LAT article is below…
Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned tonight.
Obama plans to make the announcement on Tuesday during a break from his vacation on Martha’s Vineyard. A senior administration official discussed the nomination on the condition of anonymity because it was not yet public.
In remarks prepared for the announcement, Obama praised Bernanke for leading the country through a financial crisis and, with his expertise on the Great Depression, helping to prevent a similar crisis.
“Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall,” Obama said in prepared marks obtained by the AP.
“The actions we have taken to stabilize our financial system, repair our credit markets, restructure auto industry and help the overall economy recover have all been steps of necessity, not choice. They have faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, all of these steps have brought our economy back from the brink. They are steps that are working,” Obama said.
Reading this statement above, practically makes me fall over with laughter. The profound ignorance of these statements astound me… Why?
Anyone with any significant economic knowledge knows that the government caused the financial crises. Oh yes, they certainly did. The federal government was the primary reason behind the economic collapse and the reason we have not yet fully recovered, which makes the statement above just ridiculous.
For an excellent article (from the Wall Street Journal) on the subject, please see the here.
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