The Wall Street Journal had it right in an editorial of 01/25/10 even if the Senate gets it wrong and confirms Federal Reserve Chairman Bernanke for a second term. Ben Bernanke’s chief sin is that he put himself in wing formation with pilots of the doomed aircraft which favored cheap and easy money, zero interest rates, backdoor bailouts, and a huge transfer of public money from Main Street to Wall Street.
The Wall Street Journal correctly points out that it opposed a second Bernanke appointment back in December 2009 when a second term was considered automatic for Bernanke. At that time, Bernanke’s popularity was such that he was believed capable of walking on water, the man who saved the country from what liberals fondly call “the abyss.”
Unfortunately, it is very difficult to convince the millions of people who are unemployed that they haven’t been pushed into the "abyss. What little money they do have doesn’t buy much. Bernanke and cohorts point to a lower rate of inflation as justification for keeping interest rates low, cheapening the dollar. Even while living in an “abyss” however, it is easy to comprehend that a loaf of bread which used to cost $1.00 per loaf now costs $3.50 per loaf. Automobiles that used to cost $3,000 or $5,000 in the seventies now cost $23,000 for the stripped down economy model. That’s the effect of cheap money, and those are the conditions under which the unemployed are living in their economy which “saved or created” 640,000 jobs.
When liberal bloggers speak about how the White HOuse economic team saved the world economy from the "abyss," you should recognize that they are referring to saving AIG, Goldman Sachs, and other major financial giants from "the Abyss."
All Bernanke and others managed to do is shift public monies to Wall Street.
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