Well I'm guessing you already know what I think, but here's a recap.
My December 15, 2009 post.
Bernanke: Why are we still listening to this guy?
My December 4, 2009 post
Sen. Bunning lashes out at Bernanke
Here are some more links
Calling The Time "Person Of The Year": Jackass
Bernanke Named Time's 'Person of the Year' The Big Picture
TIME’s Person of the Year 1927 – 2008 (George Bush Jr was on there twice!)
Well all is well in the world. Obama wins the Nobel Peace Prize and Bernanke is TIME Magazine's man of the year.
Just like Wall Street bankers in 2007, he's being 'congratulated' before actually getting the job done and well before we know what the consequences of his actions will be!!
Is his medicine going to be too toxic for the world's financial markets in the long run?
- Failing to control subprime lending in 2006-07 as also a massive bubble in the US Real Estate market. He may not have had jurisdiction over the investment banks when he took up the job, but he made no efforts to clamp down on reckless lending by US commercial banks to the real estate sector. Instead of slamming the brakes on an ''overheating'' property market, he just chose to clean up the mess once things fell apart!
- Then buying all kinds of ''toxic securities'' to support collapsing investment banks and AIG!
- Preaching a strong dollar policy, but doing everything to damage its long term fundamentals.
- Massive increases in money supply and government debt are going to be key threats to any sustainable recovery in the USA .
- Just like the Japanese post 1989, he has resorted to bailing out zombie banks and maintaining record low interest rates for 'extended' periods - Once again, that's not going to work!.
My main issue with Ben Bernanke at the FED, is that this guy never saw the crisis coming at all! That to me is just unacceptable!!!
For everyone's sake, let's hope he has better luck anticipating/ preventing/preparing for the next crisis!
Central Banks and finance ministers the world will be looking to Bernanke for leadership, market direction and advice in 2010 as they try to roll back subsidies and gradually reduce their supporting grip on the so called 'free markets'.
According to me, that's the biggest danger we face as world economies struggle to recover from a really toxic, exhausting and chaotic 2008 and 2009!