Surprised by Bernanke

I don't think I did a good job of describing my surprise at what Fed chairman Ben Bernanke said on 60 Minutes in my previous post, so here goes another try.

I was seriously shocked by his comments. I had always had an image of the Fed chairman being this fiscal Solomon, stroking his beard and tut-tutting at the economic novices in Congress and the Administration, regardless of the era. Back in the day, Paul Volker would utter words of warning about overspending against Republican and Democrat alike. Instead, Ben Bernanke turns out to be a true believer in the power of the state to manage the economy.

Instead of claiming that America's chickens are coming home to roost, as a certain racist, lunatic mentor of Barack Obama might say, he showed that he's one with the crew that thinks that our problems can be solved with government spending and Fed-set interest rates. Ben could have gone before Congress and refused to print the money or offered to print the money with strings attached. Instead, he didn't offer a peep of warning or advice to a gang whose new regulations* have made the business environment uncertain for all.

Ben Bernanke has reduced the Fed to the boiler room crew on a steamship. They feed the government, but have no control over the direction taken. I'm totally blown away by his (utter capitulation to or complete belief in) the government.

Shovel more money into the government! Captain Obama and First Mate Pelosi know what they're doing!
* - Don't think that the thousands of pages of laws that this group has passed is the end of it. Tens of thousands of pages of regulations interpreting these laws will be the real result. Want to hire someone? You have no idea at all what that will cost you.