An exchange on Wednesday with Jim Bunning, the right-wing Republican senator from Kentucky, highlighted the priorities of the Federal Reserve. Citing the role of former Fed Chairman Paul Volcker, who, under presidents Jimmy Carter and Ronald Reagan, raised interest rates above 20 percent and precipitated a wave of plant closures and layoffs, Bunning asked, “But do you have the will as former Chairman Volcker did to tighten even if the economy is still weak?”Bernanke and his fellow thugs at the 12 Federal Reserve banks have looted over 23 TRILLION DOLLARS out of the USA and refuse to say where it went and how it's being used.
Bernanke replied, “We will absolutely do it, so long as we are not forced to do something different by Congress.”
But 'Bennie' has an exit strategy for the Fed. That strategy is for Ben and his fellow hoodlum bankers to 'exit' or make 'aliyah' to Israel once the Fed completely sucks the lifeblood out of this nation.
If you think things got bad because of all the foreclosures in the housing real estate market, wait until that same Tsunami hits the commercial real estate market.
While Wall Street banks are paying out record bonuses, Main Street is turning into a Ghost Town, thanks to 'Shalom' Bernanke.
NWO currency, here we come.
Can you say Amero?
Fed Head Bernanke says hundreds of billions more needed for commercial bailouts
In his prepared statement, Bernanke cited the rally on Wall Street and the renewed profitability of major banks as signs that the financial crisis had abated. At the same time, he made clear that unemployment and home foreclosures would continue to rise and remain at near-record rates for at least the next two years, and warned that consumer spending would remain depressed.
Much of the discussion at both hearings focused on fears of an impending avalanche of commercial real estate defaults. Trends Research Institute Director Gerald Celente, who forecast the subprime mortgage crisis, has predicted that defaults will turn into a commercial real estate collapse that will “dwarf the subprime problem.”
Moody’s Investor Services reported that the number of commercial properties in default, foreclosure or bankruptcy in June was more than twice the number six months earlier and almost twice the value.
Bernanke at one point acknowledged that “Many banks will be facing mountains of CRE (commercial real estate) challenges going forward.” He told the Senate Banking Committee that it “may be appropriate” for the government to guarantee commercial mortgages, an allocation of government funds that could run into the hundreds of billions of dollars.
Bernanke used the hearings to oppose an Obama administration proposal to establish, as part of a revised bank regulatory system, a largely token consumer protection agency, a measure that is fiercely opposed by Wall Street. He also denounced a pending bill in Congress that would expand the powers of the Government Accountability Office, an arm of Congress, to audit the Federal Reserve.
No one at either hearing raised the charges leveled Monday by the special inspector general for TARP, Neil Barofsky, that TARP funds were being misused by the banks. Nor did any congressman or senator cite his denunciation of the Obama administration for refusing to compel the banks to reveal how the bailout funds are being used. In his report, Barofsky estimated the total in government funds allocated for the various bailout programs at $23.7 trillion.