Friday, January 22, 2010

Barbara Boxer's Statement on Bernanke and Who She Wants to Replace Him

Here's Senator Barbara Boxer hammering her nail into the coffin that will likely end any chance of Bernanke serving a second term as Fed chairman:
I have a lot of respect for Federal Reserve Chairman Ben Bernanke. When the financial crisis hit in late 2008, he took some important steps to prevent what many economists believe could have been an even greater economic catastrophe.

However, it is time for a change -- it is time for Main Street to have a champion at the Fed. Dr. Bernanke played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past.
What the hell does she mean that someone from Main Street should become Fed chairman? When I think a Main Street man at the Fed, I think super inflation. Say what you want about Bennie and his mad tool box, but he rarely used his helicopter to print money, and he has done none of it since February, 2009. Yeah, he is a slime ball that paid off Goldman, but he did it and then stopped printing money, cold turkey. I think he may even have a chance of getting into heaven (Certainly a better chance than Blankfein or Hank Paulson).

But a main street inflationist at the Fed, YIKES! I really hope Boxer is just posing and doesn't have any real insight into what Obama is thinking. I'm thinking, Obama goes with Volcker as interim, unless they already have this plotted out a few steps, and Volcker has a man he wants for the job.

1 comment:

  1. Robert - your blog titled: Zimbabwe's Central Bank on the Verge of Collapse suggests this might be the only way to get rid of the FED.

    Boxer's clueless but her ignorance might be the undoing of the FED. Scary but survivable.