"Ten Reasons why Bernanke should be fired" by Nomi Prins [View All]

[hfojvt]

http://www.thedailybeast.com/blogs-and-stories/2009-12-02/ten-reasons-bernanke-should-hit-the-road/

"If Ben Bernanke’s predecessor as Federal Reserve chairman, Alan Greenspan, could be dubbed the Maestro, Bernanke surely deserves to be called the Magician. His mastery of illusion and deflection is impeccable.

Bernanke, who goes before the Senate Banking Committee on Thursday in a bid to be confirmed to a second term, still wants us to believe he “done good” by cleaning up the financial mess that was created on his watch. But here are 10 reasons Bernanke shouldn’t be reconfirmed:

A confirmation of Bernanke would affirm that the Fed can do whatever it wants, no matter what the cost, as long as we live under the ethos that making bad decisions is better than making worse ones.

1) His view of what constitutes “transparency” is dubious. About 300 members of Congress have thrown their support behind Ron Paul’s HR1207 Audit the Fed bill, which would further inspect the Fed’s clandestine love affair with the big banks. But Bernanke has told Congress that providing too much detail about what the Fed did for the banks would be “counterproductive.” Thus, the man who wrote in a pre-emptive Washington Post op-ed that “In its making of monetary policy, the Fed is highly transparent” doesn’t feel the same way about its Wall Street Welfare strategy.

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