AND HE’S FIXED NOTHING.
Banks remain insolvent (if you marked their assets at market value, they’d all wipe out equity in a second), mortgages remain underwater, hundreds of thousands of Americans continue to lose their jobs every month, foreign investors grow increasingly distrustful of the dollar, and the financial system continues to have multiple black swans… all of which could bring about another CRASH.
Indeed, anyone looking to proclaim Bernanke as a savior should review the below video which shows that the guy DIDN’T HAVE A CLUE about the financial system/ economy from 2005-2007. Prepare to see an Ivy-league educated guy who’s in charge of our monetary system NOT see the biggest housing bubble in US history OR the worst financial crisis since the ‘30s (an era on which he is an alleged expert).
However, to focus on Bernanke’s incompetence is to overlook his culpability in destroying Americans’ wealth. In the last 12 months alone, the man has committed perjury (he lied under oath about no longer monetizing debt), embezzlement ($24 trillion gone to banks at least $9 trillion of which no one, not even the head of oversight at the Fed, kept track of), fraud (any proclamation of green shoots or recovery is fraud), corruption (forcing Bank of America to buy Merrill Lynch), and more.
It would, in fact, be no exaggeration to say that Ben Bernanke is a financial criminal on a scale that makes Bernie Madoff look like Mr. Rogers. Madoff ripped off $50 billion. Bernanke is currently destroying the middle class in the US, trashing our currency, worsening EVERY Americans’ quality of life, and erasing any hopes of retirement for millions of Boomers.
In simple terms, Bailout Ben, in a mere year and a half, has overseen the destruction of 30% of US household wealth (from a housing and stock bubble he FAILED to see coming while working under Greenspan). He has yet to do a single thing to protect the average American or the dollar, but instead has opted to funnel trillions of taxpayer dollars over to Wall Street so that Goldman Sachs and friends could claim they’re not insolvent and pay themselves RECORD bonuses.
This economic depression we're still stuck is directly the result of Bernanke and the FED encouraging Wall Street to go on a looting spree while looking the other way while our economy was getting mugged. The FED's got an incestuous relationship with Wall Street that is making the wealthy elite even richer at the same time WE the People are getting sucked dry of blood and wealth.
The FED has been propping up the stock market, making it appear as if everything is hunky-dory, so "C'mon on back, suckers, the Wall Street Casino dice are hot... and loaded!" in an effort to get those that still have some money to invest suckered back into plopping that money into the next round of Wall Street con games.
The FED has given out 24 TRILLION--of OUR money-- to its bankster buds and is refusing to say who got the money, where it went to or how it is being used.
Some of that 24 TRILLION is being used by the FED to create phantom offshore entities that are dumping money into the stock market, giving an appearance of activity, but not actual activity.
By doing so, the FED had hoped to lure the chumps back to the craps table and make everyone think the depression is behind us.
Guess what, the depression is still going strong and the FED's offshore con games are losing steam.
While this was going on, Wall Street firms were making BIG BUCKS on the trades, enabling them to pay RECORD bonuses... AGAIN.
While We the People watch our family and friends lose their jobs and homes, the wealthy elite are living big, using OUR money from the FED.
And it's going to get worse.