-- Posted Tuesday, 26 October 2010 | Digg This Article
| | Source: GoldSeek.com
Rick’s Picks
Tuesday, October 26, 2010
“Phenomenally accurate forecasts”
(Today’s commentary, from our friend Steven George Fair, a frequent contributor to the Rick’s Picks forum, dares to challenge the ivory-tower qualifications of Ben Bernanke to run the U.S. economy from his aerie at the Federal Reserve. Sure, Steven’s just blowing off steam –but we’re letting him do it here because it’s so obvious that Mr. Bernanke, for all of his academic accomplishments, has so badly botched his mandate to keep the money system stable that the U.S. economy may not get out alive. RA)
Resume of Ben Bernanke
Federal Reserve System
2005-2006 Chairman of the U.S. President’s Council of Economic Advisers
2002-2005 Board of Governors of the Federal Reserve System
1990-2002 Member of the Academic Advisory Panel
1987-1989 Visiting Scholar, Philadelphia
1989-1990 Visiting Scholar, Boston
1990-1991, 1994-1996 Visiting Scholar, New York
Teaching
1996-2002 Chairman, Princeton Dept. of Economics
1985-2002 Professor of Economics and Public Affairs, Stanford
1983-1985 Associate Professor of Economics, Stanford
1979-1983 Assistant Professor of Economics, NYU Department of Economics
1989-1990, 1993 Visiting Professor of Economics Education, MIT
Education
1979 Ph.D. in Economics, Harvard
1975 B.A. in Economics, Summa Cum Laude, Harvard
Awards and Achievements
Harvard: Best undergraduate economics thesis; outstanding senior in the Economics Department. Guggenheim fellowship. Sloan fellowship. High school valedictorian. Received a 1590 out of 1600 on the SAT. Self-taught calculus. South Carolina state spelling bee winner.
Books Authored: Essays on the Great Depression; Macroeconomics textbook; Principals of Economics; Principals of Microeconomics; Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.
*****
All Theory, No Experience
Our Fed chairman is certainly no slouch, as his resume makes clear. No one would dare question the intellect of the man. No one would dare challenge his education under the cadre of theory-producing progressive think-tanks. But what do we really have from Ben Bernanke other than a theory on how the Great Depression only got worse And another on how a mere man can defeat the Laws of Nature and natural cycles. We as a culture have bet our future, and the future of our great-great grandchildren, on voting for progressive legislators, who for the most part have not even worked a summer job at hard labor, or run a business of any kind except a corporate bank. I guess I’ll have to speak for Oregon, where the two senators, and the representative for downtown Portland, have never had an honest job at hourly labor. And in Washington D.C., Little Timmy Geithner is groomed, mostly in foreign lands, to do exactly what he is doing – with no experience of being a man on the street looking for work, or looking to make a small business succeed in the face of massive government intervention and abusive ordinances passed by the skullduggery of an illegitimate governmental form called democracy.
Bernanke, and the congress are thieves who have stolen 30% of the savings of hard-working people over the past few years. Am I wrong to believe that private savings is the engine of progress and business. Now Bernanke has engaged the G-20 in hopes there will be no currency wars as he induces, via QEII, yet another round of Common Law theft and misrepresentation under the statutes of Fraud. Is the Fed chairman working within his college theory, or has he broken into the unknown in an attempt to defeat the Laws of Nature? We as a whole are betting that the Congress, and the chief executive, as well as Bernanke, can produce wealth, not by working and saving, but by using theory, massive debt, and theft of savings to grow the economy by growing the government and favoring union-protected jobs in the public and private sectors. Exactly what has Bernanke accomplished?
Rewarding Crooks
It appears Bernanke has rewarded everyone who lied to get a loan. Every banking crook was bailed out, and the bankers got to keep what they stole. AIG is ready to pay back their loans with money created by Bernanke and loaned at no interest. Government Motors Company is back on track, using accounting rules to create profits where only problems exist. Last year we spent $1M to create a each $50k job ahead of the elections. Now my dearest Bernanke is going to steal from individual savers to help the corporate gigolos who put legislators in office in the first place within the republicrat system of electing attorneys and hacks who have never been productive in labor in their lives.
Looking at his resume, one might ask “Who would hire Bernanke?” And for what job? What is he qualified to do under the pretense that he must address the Laws of Nature as he did in his Ph.D. thesis? I’ll end with this: A friend told me that corporations are currently sitting on $2 Trillion (that’s t-r-i-l-l-i-o-n) in cash. How could the economy have come to such an impasse that this kind of money could sit idle. Is it even real?
***
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-- Posted Tuesday, 26 October 2010 | Digg This Article | Source: GoldSeek.com
