If you still were not quite sure who President Obama really holds closest to his heart, banksters or working folk, then this little bit of news should clear it up for you. The AP is announcing that Obama will soon reappoint Fed Chairman Ben Bernanke to a second four year term. While the appointment requires Senate confirmation, does anyone out there really think the Senate cares for working folk more than banksters? Thus, you can rest assured that "Bailout Ben" will remain at the tiller of the Fed, dishing out taxpayer cash to his bankster buddies for the forseeable future. I don't know about you, but I'll be sleeping easy tonight, as apparently so will lots of bankers and Wall-Streeters that Obama was again so keen to appease.
I urge you to give Philip Elliott's piece a read. It's a paragon of the "professional journalism" that dominates main stream corporate media nowadays, and whose sole purpose would appear to be the servicing of the rich and powerful. After stating that Bernanke will be reappointed, Elliott then describes Bernanke's apparent accomplishments with the following glowing text, all in the first two short paragraphs, "...as Chairman of the Federal Reserve, a position from which he guided the economy away from its worst recession since the 1930s and, the White House hopes, toward an economic recovery critical to its legacy. Widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last year..." Well, you get the point. If you had slept through the last few years and found yourself reading this piece you might think Ben Bernanke didn't share any of the blame for bringing on a financial disaster of epic proportions. That he wasn't "asleep at the wheel" while ostensibly Fed-regulated banks over-exposed themselves to risky economic weapons of mass destruction, like credit default swaps and other toxic mortgage-backed securities. That he didn't stand by, watch it all happen, do little, but then commit trillions of dollars of taxpayer funds to try and clean up the mess. Oh, and as for the economy being "guided" away from recession, the jury still seems to be out on that one.
As for whom is "widely crediting" Bernanke with rescuing the financial system, and from whom he "received heaps of praise..., for his handling of the crisis," well, Elliott is a little less specific on that. But fear not, Elliott assures us that Bernanke is not "without his detractors," but if you were looking for any more specific criticism, maybe even just a smidgen of the many column inches detailing Bernanke's malfeasance, then you were sure to be disappointed. So, here are a few sanguine comments from Bernanke critic Dean Baker just for fun. I guess it's just more of the "Change We Need."
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