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« You Can Dance If You Want To, Just Not At The Jefferson Memorial (Video Round-Up) | Main | Congressional Testimony From Dr. James K. Galbraith: The Role of Fraud in the Financial Crisis »
Monday
Jul182011

The Top 10 Failures Of Federal Reserve Chairman Helicopter Ben Bernanke

Flashback to a day of unadulterated insanity.  You can thank Obama and the Senate for the monster who still roams the Fed.

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Proving that job performance is irrelevant in Washington, Obama today reappointed Bernanke to a new 7-year term as Fed Chairman.

Can't say that this is surprising news, given the signals of late.  But still it is remarkable in the context of Bernanke's massive failure as the architect of the U.S. financial collapse.  On a day when most are praising the Fed chairman, we will look at his many and massive failures instead. 

As you will hear in the collection of videos and stories linked below:

  • B-52 failed to recognize asset bubbles of all types, and even encouraged irresponsible 2/28 mortgages and low teaser rates in 2007 at the start of the sub-prime implosion.
  • Failed to shut off the free-money spigot still gushing from the Greenspan years.
  • Failed to provide a framework for adequate regulatory oversight of Wall Street (yet Obama now wants to give the Fed more oversight and regulatory authority).
  • Failed to understand the nature of the crisis when it first broke in the Spring of 2007 (Bear Stearns sub-prime, hedge fund implosion).  The famous meltdown clip from Cramer on Bernanke sums this failure up rather nicely.
  • Failed to understand that housing prices might actually decline in value after such a dramatic rise (seriously, even my mother knew that banks providing new mortgages on massively-inflated housing was not going to turn out well)
  • Failed to negotiate with AIG counterparties; instead choosing to pay all claims at 100 cents on the dollar without asking for any compensation (preferred shares) in return.
  • Failed the American people with his decision to support and reward the failed banks and the bankers for their malfeasance, excessive risk-taking and criminality.
  • Failed to protect taxpayer's interests in deals with AIG, JPM, and Bear Stearns, (with Maiden Lane I, II and III) and the still un-detailed asset guarantees given to Citigroup and Bank of America.

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Eliot Spitzer: "The Federal Reserve is a Ponzi scheme."

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"You want a triple AAA rating?  Just give me some more money."

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Nassim Taleb: "Bernanke should be removed from office."

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Nassim Taleb: "My friend Roubini has a problem...he likes Bernanke too much!"

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Cramer's complete on-air meltdown on Bernanke's failure.

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Additional reading...

What An Audit Of The Fed Might Reveal About Maiden Lane I, II and III

Dean Baker: To Get A Real Systemic Risk Regulator, Fire Bernanke

Did Bernanke Save The World From Economic Ruin?

Dr. William K. Black: The Great American Bank Robbery

Nassim Taleb On Geithner, Bernanke And Generational Theft

 


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Reader Comments (19)

Somehow this story has taken me about 3 hours to put together...so I'm taking a break until later this evening...
Aug 25, 2009 at 7:04 PM | Registered CommenterDailyBail
Taleb is far more spot-on than any of those talking heads with their baseball caps and garbage bags. But I dont think he is making the point clear enough. It is what has been done over the past year or so that creates the depression. You hear all this talk about how a depression was avoided by doing all this hocus-pocus bs. That is just not true. The depression is now a certainty. This type of game playing is EXACTLY what causes it. I dont know why people cant learn from history, but the lesson WILL be relearned. Go to the "news from 1930" blog and spend at least an afternoon reading the stories from back then. Read about how the market turned as all the idiots of the era parroted the same lies. It is fascinating, if not demonic.

It is just a simple case of people not wanting to live in the real world, and paying a high price to avoid reality as long as possible. Printing money will not ever solve this problem. It only destroys the middle class. That is EXACTLY what is happening, and it is ALL that is happening. You have to really step back and look at this scam from a true outside perspective. All the jawboniong is meaningless. You have to look at what is really going on. The middle class is being looted and sacked. That's all this is. All the talk is merely a distraction. I cant emphasize that point enough -- all the talk is merely a distraction. It is no different than a cold blooded killer stabbing you in the back as he whispers sweet nothings in your ear.
Aug 25, 2009 at 8:50 PM | Unregistered CommenterIconoclast421
http://bank-abuse.com/banksters.html

My statement to the banksters:

First let me say that I am for peace. I do not believe that citizens should take to arms because with technology being what it is, that would prove hurtful to our children and grandchildren. But I do call for the government and or military of the United States to do what is necessary, including the use of force to protect the United States citizens from the bankster cartel. The great American experiment was the result of the founding fathers determination to be free of the central bank of England, a private bank, and our independence is derived from that protection of our people by the founding fathers. As to the present state of affairs, here is my statement:

You banksters have the AUDACITY to ask us to cooperate with you in your economic recovery after you have killed the golden goose of world prosperity, we consumers right here in the USA.

There is such a thing as divine retribution for unscrupulous behavior, even a greater judgement for that which hurts many, many people! We have been deceived by your fancy Bank of International Settlements (BIS) and its tools, the Federal Reserve Bank and FASB. You have given us off balance sheet banking and ponzi loans. You robbed our treasury. You hit us with mark to market. You threaten that again in 2011. You plan to put the off balance sheet toxic assets, which you devised, back on to the bank balance sheets in 01/2010 to hurt the banks and make us buy treasury bonds out of fear even there is no intrinsic demand for that massive debt. Had you not allowed off balance sheet banking in Basel 2 you could have maybe gotten away with your evil deeds. But what is done is done.

I declare to you banksters (and plead that our government to take note) that the Bank of International Settlements is public enemy number one of the United States and should be taken down, by force if necessary. http://bank-abuse.com/TowerofBasel.html

The United States government, or military if necessary, has the duty to protect the American banks from these banksters so that our big banks, such as Bank of America, JP Morgan, Goldman Sachs, Citibank and a few others, will not feel the desperate need to take advantage of the citizens of this country with unfair loans and interest rates and fees. Woodrow Wilson said 1913 was a time of great error. That is when he allowed the arm of European Central Banking, known as the Federal Reserve, to usurp the monetary power of the congress of the United States and her citizens.

It is past time that we urge our military and civilians in power to do something about this to save our nation from years of financial ruin.

http://hubpages.com/hub/The-Abuse-of-the-Middle-Class-by-the-World-Elite
Aug 25, 2009 at 11:19 PM | Unregistered CommenterKen
DB,

I think you failed to mention his biggest failure: not doing his job. This is the fed's mission statement:

http://www.federalreserve.gov/aboutthefed/mission.htm

Right there in the first sentence: STABLE PRICES!! I still have a standing challenge for someone to produce a chart of anything suggesting we've had stable prices since Benny showed up at the fed in 2002. He and Greenie rationalized away unstable house prices instead of doing their job.

Maybe it's just sour grapes on my part, because I've spent a lot of my working career not actually doing my job and no one ever called me "innovative" or said I "saved the system from calamity". Lucky bastard.
Aug 25, 2009 at 11:23 PM | Unregistered Commentermark mchugh
At mark who wrote:

I think you failed to mention his biggest failure: not doing his job. This is the fed's mission statement:

http://www.federalreserve.gov/aboutthefed/mission.htm

Right there in the first sentence: STABLE PRICES!!

Maybe it's just sour grapes on my part, because I've spent a lot of my working career not actually doing my job and no one ever called me "innovative" or said I "saved the system from calamity".


Very good points that deserved repeating.
Aug 26, 2009 at 1:01 AM | Unregistered CommenterDailyBail
@Iconoclast

Very well-written comment. Enjoyed reading it.
Aug 26, 2009 at 1:03 AM | Unregistered CommenterDailyBail
Former St. Louis Fed President William Poole Says Bernanke Should not Have Been Reappointed

http://stlouis.bizjournals.com/stlouis/stories/2009/08/24/daily19.html
Aug 26, 2009 at 4:56 AM | Registered CommenterDailyBail
@Iconoclast

I to enjoyed your post.

@
Mark

conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates

supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers

maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system

Don't seem like they are doing any good at their "mission statement", thanks for the link.
t
Aug 26, 2009 at 6:10 AM | Unregistered CommenterS. Gompers
Gompers,

No they're not. And it's about as simple as job descriptions get. Maybe we should be thankful he's not working at a garage doing brake work.
Aug 26, 2009 at 7:59 AM | Unregistered Commentermark mchugh
'Maybe it's just sour grapes on my part, because I've spent a lot of my working career not actually doing my job and no one ever called me "innovative" or said I "saved the system from calamity".'

Mark,

I bet you never fucked up the entire system, either. As such, there's an indictment of the entire system packed into this little gem of yours.
Aug 26, 2009 at 10:20 AM | Unregistered CommenterJames H
Mark,

Thank God he's not an airline pilot, no building in America would be safe.
Aug 26, 2009 at 12:57 PM | Unregistered CommenterS. Gompers
DB,

I am wondering if this might be a "smoking gun". I heard Bernanke testify that last September, there was a $500 billion drawdown of Money market funds one fateful morning...

Has anyone ever asked him to identify where those draw downs came from?

I think the clip I'm referring to is with Grayson, and wouldn't knowing who was responsible for that "run on the bank" be useful knowledge?
Aug 27, 2009 at 11:50 AM | Unregistered Commentermark mchugh
yes it would be quite helpful to know this info....

I have also often wondered if the drawdown was real...
Aug 27, 2009 at 12:11 PM | Registered CommenterDailyBail
I'm lazy, so I put together a list of Bernake's successes:
Mar 26, 2011 at 3:21 PM | Unregistered Commenterj r
Bernanke is a plant and his job is to drive the U.S. economy into the ground. The people are too busy staring into the mirror and believing the lies of security and personal blessedness their mothers told them.

Pres. B.O. is a punk. Biden is the president of vice. Hillary is a vampire. The rest and the newly appointed SCOTUS make up a Chucky meets Talking Tina puppet Village People administration. The Village People were a 1970's disco band who dressed up in various costumes to dance out a parody of life. They knew they were a parody. B.O. and the Piglets were assembled to alienate us from the dignity of self-governance and belittle the concept of life without the dominance by a relatively stupid , greedy family of inbred wankers and thieves. America, you must report for duty or you will lose your country. You will never find it better than what is being taken. Your carelessness is as bad as intent with the genocide by B.O. and the Piglets. Your CARELESSNESS BREEDS WAR.

Maybe if I put TITS and a loud BANG BANG , a BABY and a PUPPY on this this letter you might read it.
Mar 26, 2011 at 7:28 PM | Unregistered CommenterHoward T. Lewis III
Secularists are wrong when they ask believers to leave their religion at the door before entering into the public square. Frederick Douglas, Abraham Lincoln, Williams Jennings Bryant, Dorothy Day, Martin Luther King - indeed, the majority of great reformers in American history - were not only motivated by faith, but repeatedly used religious language to argue for their cause. So to say that men and women should not inject their "personal morality" into public policy debates is a practical absurdity. Our law is by definition a codification of morality, much of it grounded in the Judeo-Christian tradition.
Jun 11, 2011 at 11:02 PM | Unregistered CommenterHarrison J. Bounel
"But still it is remarkable in the context of Bernanke's massive failure as the architect of the U.S. financial collapse. "....Actually, from Bernacke's view, the failure was/is a huge success. Banks are rolling in (our) dough. We're broke. That's how it was drawn up.
Jul 21, 2011 at 11:02 AM | Unregistered Commenterrobertsgt40
secret footage shows Obama punishing Ben Bernanke for doing a useless job on reviving the US economy. chekc it out here http://youtu.be/Iqb0ch5kFWI
Sep 25, 2013 at 10:26 PM | Unregistered Commenterjon slater

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