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Thursday, December 3, 2009

Come on now. Give Bernanke some credit.

I don’t mean for saving us from economic Armageddon, I mean for causing it!

Ben Bernanke took a fragile but functional economy and single handedly demolished it by acting on his delusional fears of inflation. With all of the finesse of a pot smoking locomotive engineer, he locked the brakes instead of feathering them. You can find decades of bi-partisan action and inaction sewing the seeds of this catastrophe, but Bernanke was the man who chose to run the train off the tracks. I wrote about the warning signs
here, and here, and here.

Reconfirm Bernanke? Hell. Dismiss the entire Federal Reserve Board before they destroy the world. As I said in an earlier post, part of the reason that we have boom and bust economic cycles is because The Fed over-corrects on both the downside and upside. Unless he wants to step forward to accept a large chunk of the blame for our economic mess, Ben Bernanke needs to have a good old-fashioned cup of “Shut the fuck up!”

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