Ben Bernanke gives himself an F

Ben Bernanke's Greatest Challenge - CBS News: "'You know Mr. Chairman I think the Federal Reserve, for most people, is a mystery,' Pelley remarked.

'Well, it's an institution that people don't hear so much about but it's a very important one. It manages monetary policy for the country. It's one of the main tools we have for stabilizing our economy and keeping prices stable,' Bernanke said."

Well, I guess the fed hasn't been doing a very good job of managing monetary policy since the economy is not stable.

Why aren't these assholes ever fired?

(I know the answer - nobody has the courage to stand up to the "expert" except bloggers. Bloggers FTW!)

Asked if it's tax money the Fed is spending, Bernanke said, "It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. It's much more akin to printing money than it is to borrowing."

"You've been printing money?" Pelley asked.

"Well, effectively," Bernanke said. "And we need to do that, because our economy is very weak and inflation is very low. When the economy begins to recover, that will be the time that we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation."

That's what they all say, Ben. We'll just print some money for now, and later we'll fix it. Right Ben, right.

And that makes it all the more outrageous when he hears of financial firms handing out perks and bonuses after they've taken bailout money. "The era of this high living, this is over now. And that they need to be responsible and use the money constructively," he said.

You know, I think he's right about this. And I think Henry Paulson should give back the $250 million he made as head of Goldman Sachs. That seems right to me. I think I'm going to go start a Facebook group called "Henry Paulson should return the $250 million he made fleecing America." I like that idea.

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