But, really, seriously - forget about the past record, forget about all the bank failures that have happened already, definitely forget this obviously unimportant detail about massive bank failures, and clearly ignore this other obviously unimportant detail about those failures creating a potentially destructive pressure on the FDIC. All of that is just CNBC drivel, or Wall Street propaganda or 9/11 Truth-ism or some other LaRouche/Castro-referencing conspiracy theory. We just have to unquestionably accept as gospel the idea that Ben Bernanke is an amazing genius who saved the economic sector he's supposed to oversee - and any other way of looking at it is just right-wing or left-wing or fascist or communist or anarchist propaganda, or all of the above:
1,000 Banks to Fail In Next Two Years: Bank CEO
The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.
"We've already lost 81 this year," he told CNBC. "The numbers are climbing every day. Many of these institutions nobody's ever heard of. They're smaller companies...There's really very little lifeline available for the small institutions that are suffering."
Again, though - this is just right-wing and left-wing propaganda, and because a bunch of Bernanke's close friends in academia, the banking industry and the political establishment say he's teh awesome, we should just accept that judgment as ironclad fact. Makes perfect sense, especially when you consider Bernanke has made sure these stellar results are costing us a mere $12 trillion.
Really, with that track record, I have no idea why anyone would think to question his renomination. To do that, you'd have to be an absolute crazy person or an Obama hater or a communist or a fascist or...something.
UPDATE: I'm sure this is just right-wing propaganda, too - please ignore it:
Banks 'Too Big to Fail' Have Grown Even Bigger
Behemoths Born of the Bailout Reduce Consumer Choice, Tempt Corporate Moral Hazard
When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation's leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system.
Today, the biggest of those banks are even bigger.
The crisis may be turning out very well for many of the behemoths that dominate U.S. finance. A series of federally arranged mergers safely landed troubled banks on the decks of more stable firms. And it allowed the survivors to emerge from the turmoil with strengthened market positions, giving them even greater control over consumer lending and more potential to profit.
Again, everyone is right - you have to be a crazy person to believe Bernanke is anything other than a fabulous genius.
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