Shadowproof

Shorter Federal Reserve Chair: Just Fire Me Now, Please!

Perhaps you’ve had the dubious experience of interviewing someone for a job for which they were clearly inappropriate, or disinterested, or just plain too stupid to hire.

The wrong candidate might have done no homework at all about the job, by which I mean they have not researched what the company does or what the position does within that firm.

And sometimes even with internal job postings, one might interview candidates who know a little about the company, but can’t muster the alacrity to research the department to which they want to transfer let along dig for information about the job they claim to want badly.

If you haven’t done this kind of interview, well, look no further. In the video posted here, current Federal Reserve Chair Ben Bernanke is applying for his own damned job; the confirmation hearing is a interview with his prospective employer’s management representative team.

And he’s basically telling the team he is too stupid for the job – just fire him now.

What moron interviews with a Democratic-majority – even if a slim one – and tells them they need to look at cutting the most successful social programs Democrats have ever instituted for the public good?

Yet that’s exactly what this man does more than twice during the course of the confirmation hearing in front of the Senate Finance Committee.

Worse, the man distorts the budget outlays, right to the Senators’ faces. You can see what the budget actually looks like in the first of three charts in this post, showing the outsized portion allocated to military spending.

Did you know that the U.S. spends more on its military than the next 46 countries COMBINED? Yes, that’s worth shouting about; as of 2003, the amount the U.S. spent on its military was equivalent to the next 14 countries combined – but we’ve outstripped that ratio and are now on our way to spending more every year than the rest of the entire world COMBINED.

See the chart at the lower left and note the size of the American portion of the pie.

Agh…I can feel my blood pressure causing the vessels underneath the skin on my forehead to throb. I don’t know how these senators managed not to show similar signs of distress as Ben “I’m Too Stupid To Work For You” Bernanke says that entitlements – conservative code-speak for Social Security and Medicare, the money spent on poor folk – must be reined in to control our runaway deficit.

The Bernanke-version of the budget chart looks more like the one here at the bottom of this post; that’s because money withheld for Social Security and other “trust fund” spending is NOT the federal budget, but it’s often lumped in with the federal budget. In the simplest terms, Social Security and other “trust fund” amounts are a completely separate bank account. They were not established to fund anything but the services for which they were established. Bernanke is right in this respect, that this is where the money is – but it’s never been intended for anything but the services this massive bank account was designed to preserve.

The distortion Bernanke uses is an old one, going back to the Vietnam War era, when all the money withheld and paid out by the government was shown in a single pie chart like the one here at the bottom, in order to make military spending look reasonable compared to other outlays.

But those days are long gone; the simple, straightforward truth is that more than half of our tax dollars are going to military spending. That’s 54%, while all other non-military spending comprises the rest.

And Ben Bernanke just told our senators in his job interview that he doesn’t understand this, or that he chooses to ignore the $1.449 billion dollar elephant in the room. He’d rather your grandparents cut back on their household income than rein in military spending.

Don’t even get me started on his pick-and-choose attitude toward the role of the Fed Reserve on matters which are Congressional in nature. He wouldn’t take a stand on tax policy because he says that’s up to Congress, but he’ll spill this grossly inaccurate tripe about entitlement spending and take a position that something needs to be done about it. And guess which branch of government both established the trust funds and programs and is responsible for enacting the will of the people with regard to those funds and programs? It’s not the Fed Reserve.

One has to wonder what else this nominee wouldn’t get right while in this job. Or what he’s already screwed up during his tenure.

Just fire the stupid son of a bitch already.

Call in the next candidate for Fed Reserve Chair, please.

(Note: do show some love to the sources whose charts appear here in this post by following the links to their sites, War Resisters League and Global Issues. They do some nice work!)

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