Wednesday, March 04, 2009

Why Was Ben Bernanke Not Arrested?

Incredibly the Chairman of the Federal Reserve, Ben Bernanke, refused to answer a direct question from a U.S. Senator yesterday during hearings in Congress. Mr. Bernanke was asked to disclose which banks have received bailout funding from the American taxpayers. He refused to answer saying in essence that it would undermine the confidence in those banks. I ask you, do you have confidence in our banking system?

It appears that gentle Ben has only just bailed out his friends and acquaintances. This former Princeton economist has presided over the largest banking fiasco in my lifetime. He should have been fired long ago. These banks are the ones centered in the Northeast, the ones he rubs shoulders with.

His comment rings strangely hollow in the Obama era, supposedly an era of transparency and accountability. But not, I guess, when it comes to our banking system.

Enough about the failed policies of Washington, D.C. and New York City.

I understand from my source at Valley National Bank that the regional banks in the Tulsa area (the ones that dot our landscape) are all in really good shape and have money to lend. And don't forget your local credit unions. For the average "Joe" things are really pretty good here in T-Town.

1 comment:

Anonymous said...

The Federal Reserve sets the standard similar to Madoff but the historian Bernancke knows more of what our economy is setting on a roulette wheel.Pump up the cash at the treasury,place a bet on toxic assets and throw 1 trillion into the federal reserve."Don" Greenspan started this years ago by lowering the prime between 0-.25% circa 2002 and then the torch was passed to Bernancke who did the same thing.The president has power to set executive orders but what he who keeps the cash flow going is untouchable.