Today We the People and Taxpayers were robbed of Time’s "Person of the Year". We, who saved America by saving the banks, got gypped. We who saved Chrysler and GM got kicked to the side of the road. Instead Ben Bernanke, the Federal Reserve chairman was given that honor.

Today fairleft has a diary on what Senator Jeff Merkley says is his reasons for NOT voting to reappoint Bernanke to another term as Chairman of the Federal Reserve and the diary also has some choice quotes by the economist Dean Baker on why we have fallen further down the rabbit hole in having somebody who doesn’t seem to know what his job description is being lauded by Time Magazine. Only One Democrat Says No to Bernanke

In the diary fairleft quotes Dean Baker as he goes after NPR’s Morning Edition for ridiculing Senator Jim Bunning and his criticism of Bernanke:

It would be difficult to imagine how someone could fail more completely in their job than Bernanke did. Yet, NPR thinks it is ridiculous to question whether Bernanke should be reappointed. This is an excellent display of the different standards of accountability in Washington and the world where most people live and work.

And Bob Borasage: Senators Throw Cold Water on Bernanke…

Appearing at a press conference with Sanders, Robert Borosage, co-director of the liberal Campaign for America’s Future, said: ”Awarding Ben Bernanke man of the year as Time magazine has done is something like celebrating an arsonist for helping put out the fire that they just put a match to.”

Now granted "Time" is and always has been the establishment’s magazine. And granted the award is given to the person or persons who most influenced events of the world. Some have influenced for the better, and some for worse like Hitler (1936) and Stalin (1939, 1942). So they could have picked Chief Ben Prints a Bunch of Bills for the paving of the way for the coming disaster when the next bubble he didn’t see bursts and blows up the planet. But that’s not why they picked him. They picked him because they think he saved the planet. Time’s managing editor Richard Stengel announced the pick and explained it on this morning’s "Today Show".

"He was the great scholar of the Depression, and he saw what looked like another depression coming and he decided he would do whatever it takes to forestall that," Stengel said. "And I think he did. It could have been a lot worse; there were things he could have done better. One of his responsibilities is to put full employment in society and he hasn’t really stepped up on that. But in terms of influence and how the economy went this year, Bernanke was the guy."

"Time" Names Bernanke

Paul Krugman (who has been a supporter of Bernanke) among many others has been very concerned about the unemployed numbers even if Bernanke hasn’t. As late as last Friday Krugman wrote about his concern about Bernanke’s cavalier and probably wrong attitude towards unemployment.

Bernanke’s Unfinished Mission

Mr. Bernanke has received a great deal of credit, and rightly so, for his use of unorthodox strategies to contain the damage after Lehman Brothers failed. But both the Fed’s actions, as measured by its expansion of credit, and Mr. Bernanke’s words suggest that the urgency of late 2008 and early 2009 has given way to a curious mix of complacency and fatalism — a sense that the Fed has done enough now that the financial system has stepped back from the brink, even though its own forecasts predict that unemployment will remain punishingly high for at least the next three years.

"Complacency and fatalism" are two very appropriate words for this Fed Chairman who seems to be led around by the nose by the Lloyd Blankfeins and Timothy Geithners and, of course, Larry Summers.
"Complacency" as far as unemployment is concerned is echoed by Stengel when he admits that Bernanke "hasn’t really stepped up on that". "Yeh, that umemployment deal is a bit troublesome,", he seems to be saying, "but whatever. It’s just so super cool that Wall Street is back and chugging along and everybody I know is really happy".

Merkeley, Baker and others have pointed out that Bernanke didn’t even mention his duty to keep unemployment down in his confirmation hearings.

Do we all get it? There are culprits like the traders at Goldmans, AIG, Lehmanns, and other Wall Street firms. But there are also people like Bernanke and Greenspan before him and now the folks at Time. All of them remind me of Daisy and Tom Buchanan from "The Great Gatsby". "They were careless people, Tom and Daisy – they smashed up things and creatures and then retreated back into their money of their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made.

We are the other people trying to clean up the mess these so-called experts and elites have made. The American taxpayer has come to the rescue of the world. And right now the average American taxpayer is hurting and scared. Oh and, by the way, unemployment numbers" aren’t numbers. They are people. Real live human beings.

The least they could have done was given us the f**king cover of Time.

montanamaven

montanamaven

Talent agent, rancher, talk show host

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