Testosterone Pit
When Ben Bernanke gave his last speech as Fed Chairman on Friday, he used the opportunity to “reflect on some accomplishments of the past eight years,” to set the record straight, demolish the “sceptics,” as he called the uppity creatures that still doubted that the Fed was the best thing since sliced bread, and pat himself on the back. Under his heroic leadership, the Fed’s “forward guidance and large-scale asset purchases have helped promote the recovery,” he explained.
The “recovery” of what? Asset bubbles – he called it “boost asset prices” – and banks. Albeit not all banks, or most banks, or even many banks, but a few select huge banks, of which the Fed has become the “regulator,” protector, benefactor, and savior. Bernanke’s praise for the Fed and himself is perfectly on target; the “recovery” of these too-big-to-fail banks is nothing short of marvelous – as is the concentration of assets and power in their hands. Continue reading “Bernanke’s Delirious Praise For His Handiwork, The Concentration Of Power At The Top Banks”