In a great fit of hubris and apparent ignorance of the current financial crises that called for billions of dollars in bailouts to an industry seemingly hell bent on the destruction of the United States´ economy; Bernanke assured the Senate today that the Fed was more than capable of regulating banks despite the clear failures of the past.
In a statement of arragance reminiscent of a six year old child that seems to have the answer for everything or at least an excuse Bernanke said, “It’s hard for me to understand why, in the face of crisis that was so complex and covered so many markets and institutions, you would want to take out of the regulatory system the one institution that has the full range and breadth of skills to address those issues.”If indeed the Fed was so capable why are we currently in the dire straits that are today’s economic woes?
In what can only be deemed head-up-your-ass-ness, Bernanke went on to pretend that the Fed was in know way responsible for the errors of the past when he waxed idiotic with, “The Federal Reserve, in contrast, by virtue of its efforts in monetary policy, has substantial knowledge of financial markets, payment systems, economics and a wide range of areas other than bank supervision, and in our stress tests we demonstrated that we can use that full range of disciplinary skills.”
Demonstrated what? If Bernanke is allowed to continue in this vital position it would be a treat to hear him speak of the errors made in the past. Instead this man seems to have blinders on when it comes to matters of accountability. I dare say rather than the “grave” mistake that Bernanke spoke of in regards to lowering the regulatory powers of the Fed it would be a “grave” mistake to allow this man to continue in a position he seems to feel he is entitled to hold despite his failings.
I trust the Senate as much as I do a sixteen year old kid with a bottle of whiskey and my car keys, but Bernanke even less if he fails to acknowledge the past.