The Great Swindle

Ben Bernanke's tenure as Chairman of the Federal reserve has been a disaster. Ben is either a lying shill for big money or the most incompetent fool in Federal Reserve history.

U.S. home prices almost tripled during the bubble, while real income for most Americans fell. The real estate bubble was obvious to many, in fact, it was a classic textbook example of an asset bubble. Many had forecast the bubble's bursting including, most notably, the economist Dean Baker. As the bubble peaked, Bernanke said the U.S. economy was in its "Goldilocks phase" and prices would continue to rise. Even after it was clear things were unraveling in real estate, he said the damage would be limited to a few sub-prime lenders, and no damage would result to the broader economy. How could he have possibly believed this, given that this was one of the biggest bubbles in financial history and he is a "renowned Depression scholar"? The answer is that he was lying. Or consider the flip side, that he really believed this hooey. Then one must conclude that he is a numbskull, having missed the bursting of this huge bubble and not knowing what the effects would be. Either way he is a poor Federal Reserve head and an obvious "tool" of Wall Street.

Recently, Obama praised Bernanke. This probably means Bernanke will be reappointed for a second term, but its a sign that Obama himself is hostage to Wall Street. Why else would the government have handed out so much money with so little observed benefit to the nation and the economy as a whole? Well, the answer to this is that the entire bubble and the resulting bailout was one giant swindle and the government was in on it. Both the Bush and Obama administrations.
See this Bill Moyers interview with William K. Black, a former Federal regulator on the collusion of government and banking.

http://www.pbs.org/moyers/journal/04032009/watch.html