Saturday, June 29, 2013

Obama Owes Bernanke Big Time

Obama would not have a second term if it wasn't for the financial dexterity of Ben Bernanke.
While I voted for Obama three times, I believe he would never have been reelected without Bernanke's Fed policies.
When Obama entered office he turned over financial policy to Larry Summers, who never met a banker's ass he didn't want to kiss. One of the men responsible for killing Glass-Steagall, a New Deal law aimed at protecting bankers from themselves and America from chaos, Summers was the wrong man. He and Geithner made sure that bankers could walk away with all their ill-gotten gains during the financial crisis, while the American people bailed out the institutions they'd led down the garden path.
But lately, Obama has been dumping on Bernanke. He's indicated on more than one occasion he would not reappoint him. A list in the Wall Street Journal of potential appointees to run the Fed included the repugnant Summers, and Timothy Geithner. There are not two other Americans as supportive of the big banks then these two cronies. Either one of them would be a disaster as they kowtowed to Wall Street.
Maybe Obama resents the fact that Bernanke understands economics, while he clearly doesn't. He's good at running for office, just not good at running an office. When it comes to our financial system, he's as far from a progressive as one could imagine. We survived despite his lack of preparation for the presidency. It seems like he wants to take away the credit from the man who saved our financial system.

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