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.” [Read more…]