NOTE: The Senate Banking Committee will vote on Bernanke's renomination on Thursday at 9:30am ET. Call your senator and tell him/her to vote against him.
Everyday I wake up and think I've seen the craziest, most sickening shit the day before. And nearly every day, I realize I haven't. It's kind of like that scene in Office Space - the one where Peter says every day is the worst day of his life. Only it's not a movie - it's real life.
Today's example comes from Time magazine. It's not that the magazine named Ben Bernanke "Person of the Year." I mean, who really gives a shit who a couple of Time magazine editors think is the "Person of the Year." But what is important is the conventional wisdom that the magazine puts forward. You can see it in the sub-headline of its piece (as pictured above):
"The story of the year was a weak economy that could have been much, much weaker. Thank the man who runs the Federal Reserve, our mild-mannered economic overlord.
As I showed in my newspaper column last week, Ben Bernanke fell down on the regulatory job in the lead up to the Wall Street meltdown. He acknowledged this in front of Congress. He then tried to clean up his mess by handing his banker friends trillions of our taxpayer dollars. The result of his regulatory failures and then massive bailouts has been a destructive recession, 10 percent unemployment and debt as far as the eye can see.
And for this, the media and political Establishment would have us "thank" him for saving us.
As I said, everyday I wake up and think I've seen the craziest, most sickening shit the day before. And nearly every day, I realize I haven't.