On February 1, 2006, Ben Bernanke took over as Chairman of the Board of Governors of the Federal Reserve System. This is his final day on the job.
In preparation for his reign of error, students at the Columbia Business School (CBS) produced one of the great music videos of all time. In it, the singer warned of rising interest rates (“bips,” or basis points) and an inverted yield curve (90-day T-bill rates above 30-year T-bond rates), which soon happened. Then came the collapse of 2008-9.
So, as Dr. Bernanke rides into the sunset, leaving behind a monetary base 4.8 times larger than when he arrived, let us sing along.
Please preserve forever the name Bernanke Bubble. Remember, when it blows, it is all on him. See my blog at http://cranky-conservative.blogspot.com
Good riddance. The only thing is that I'm afraid that the person that is going to replace him is just as big a moron as he is and we are going to be no better off. The Fed chairman should be chosen by the several Federal Reserve Banks and the President of the US should have no say at all in the process. Better than that, there should be NO Federal Reserve at all, and banks should have no physical presence outside of their home state. Things were much better when that was the way it was. No banks were "to big to fail" then and they shouldn't be now.
There should be no such thing as the Federal Reserve. They have been screwing America and Americans since 1913.
Tea Party Economist? Maybe. Other than the reality that the average Democrat voter thinks 'Economy' is a type of automobile, this video could just as well have been made for the DNC/Barack Hussein Obama/Hillary Rodham Clinton campaigns.
The fact that a Bank is to Big to fail is the most stupid statement I've ever heard. Any company can fail, look at the auto makers. The biggest problem I have with the whole thing is NO-BODY is accountable for what has happened and congress and the senate don't care. All of the banks that went out on the limb need to be held accountable to the People who bailed them out and the CEO is the guy who let it happen, he / she whoever it is, in each bank, needs to go to jail for at least 5 years to show the rest that the people are not going to let this kind of thing happen without repercussions!
Yes, I agree with Phillip, NO-Vaseline, NO-hug, NO-kiss! you would think we would have been tired of this long before now .
As we used to say when we were youngsters: " Good riddance to bad rubbish !" Now if the electorater would only wake up to the fact that there is much more bad rubbish to go to the dump…
Amen to that. And their sole interest is the profit of the large banks and to hell with the American people. This shady outlfit was conceived in secrecy and is still shrouded in darkness. It's time to audit the Fed and see exactly where all the money is. However, it won't be a big surprise if that happens, it'll all be in the hands of the big banks.
I'm going to miss "Bernanke Panky." He was so much fun to ridicule and criticize. Now, he's left the party. Oh well, the currency crises will continue to hum right along with Yellen at the helm and I am sure we are in store for some new treats from the FED. Isn't monetary policy fun?
I can't believe he actually made it! When he signed onboard as captain of Greenspan's ship I thought, "He's crazy. This thing is going down, and he wants to oversee its demise?" But now it appears he's gotten off safely leaving Yellen onboard. I guess in a way it's confirmation of the Greater Fool theory…
The Federal Reserve has been a conspiracy to foment war for profit & power. It is almost as evil as the Vatican Jesuits or Windsors of England.