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Wednesday, December 8, 2010

Quivering Lip Bernanke and The Big Bank Theory

The Federal Reserve's Quantative Easing is making it quantitatively easy for the banks to prosper and the middle class to get screwed.

Ben Bernanke is increasing the cost of living for every American and he's doing it to bail out his bankster overlords. His lip quivering interview on CBS's 60 Minutes shows the man for what he is: a frightened clueless technocrat. But he is still "100 percent certain" that he's on the right course. Sure.

John Stewart rips into Bernanke's lying.

60 Minutes / CBS News:
Fed Chairman Bernanke On The Econom

Michael Pento / Real Clear Markets:
Bernanke Delivered 2 Big Lies in Just "60 Minutes"

Todd Harrison / Minyanville:
The Year-End Bender: Trap Door or Melt-Up? -- Of course, Big Ben was also on 60 Minutes...

Perhaps I was sitting too close to my plasma but I could swear I saw a subtle quiver in Mr. Bernanke's lower lip. We won't quibble over the content or his message -- we’ve done that in spades, and we'll do it some more. The fact that the FOMC PR is in overdrive is perhaps all we need to know...
Zero Hedge:
The Federal Reserve: America’s Fourth Branch of Government -- The Federal Reserve is America's Fourth Branch of government and Ben Bernanke is, in effect, the economic czar of the country. The Fourth Branch? The Fed and the Fed alone has the power to determine how much money should be in the economy. Such vast power over our lives makes the Fed a de facto fourth branch of government. Yet, its powers are not defined by the Constitution, and neither the chairman nor senior officials are elected by the people...

Bloomberg BusinessWeek:
Bernanke and Geithner Fight Back -- How the Federal Reserve chairman and Treasury Secretary are battling to defend the Fed's latest moves—and preserve its independence...

Who Loves Bernanke?

The political attacks on the Fed—once the most sacrosanct of government institutions—started slowly, with Tea Party-backed candidates such as Republican Rand Paul, running for the U.S. Senate in Kentucky, campaigning against the central bank. When Bernanke announced round two of quantitative easing (or QE2, as it became known) on the day after the election, the response was swift. Indiana Representative Mike Pence, a conservative bellwether and possible 2012 Presidential candidate, released a statement accusing the Fed of "masking our fundamental problems by artificially creating inflation." A few days later, former Alaska Governor Sarah Palin, the unofficial leader of the GOP's Tea Party wing, posted on her Twitter account that the Fed was planning to "print $ out of thin air."

The Fed's $600 Billion Spending Spree
Bernanke: What a Difference 21 Months Make - Caroline Baum, Bloomberg
Arrogance: Ben Bernanke's Big Problem - Zachary Karabell, The Daily Beast
In Bernanke We Trust? Take a Look at His History - Doug Kass, TheStreet

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia