One website retitled the following Robert Scheer article: "Bernanke Puts Bankers First & The Public Last." That's the problem with Bernanke and the Fed: boosting the banks at the expense of the American middle class is the overall raw reality of their policies. Unfortunately Bernanke is unelected and untouchable until 2014, since Obama reappointed him to a second term in 2009.
It would be interesting if a Republic candidate for President dared to make Bernanke's performance an issue in the next election. How strongly would Obama rise to Bernanke's defense? How much traction would an anti-Bernanke/anti-Fed campaign get with the voting public? Probably nothing to worry about on that front since both parties kowtow to Banana Ben and the Federales.
Robert Scheer / The Nation:
The Bernanke Scandal: Full-Frontal Cluelessness --
the Fed chairman’s much anticipated remarks on Tuesday take one back to the contemptuous indifference of a Herbert Hoover to the public’s suffering: Bernanke dismissed the wobbly economy with its anemic 1.8 percent first-quarter growth as merely “somewhat slower than expected.” The rise in unemployment to 9.1 percent was “some loss of momentum.”
The problem with Bernanke is that he is utterly clueless as to the stark pain and fear endured by the 50 million Americans who have experienced, or face the prospect of, losing their homes. His remarks reflected the insularity of a ruling-power elite that is magnificently impervious to the damage that Bernanke’s policies in the current and past administration helped inflict on what used to be called the American way of life...