Obama pulls from inside Wallstreet for next head of SEC

[The Dharma Bum]

1. He no longer works for a university, so he is not an academic.

2. The entire government is in the hire of the financial sector, dude. Where have you been?

3. And the Federal Reserve mostly certainly is a bank.

At best you could say Bernanke is incompetent.

[The Dude]

[The Dharma Bum]

Like Greenspan before him time will show Bernanke for what he really is. At one time, not that long ago I remember talking about it on OGPCF, Greenspean was considered to be unfathomably deep and incomprehensibly intelligent but hindsight has shown him to have been a doddering fool who was wrong about everything.

He even admits as much himself.

And truthfully it's more because of the system itself become obsolete than individual economic theories being correct imho.

[The Dude]

[The Dharma Bum]

[The Dharma Bum]

[The Dude]

[The Dude]

I'm going to bed but I want to ask again since this is the main point.

What evidence do you have that Ben Bernake bails out Wall-Street/financial sector for their sake because he works for them? Because that is your claim and I'd love see the evidence of why he'd do this.

[The Dharma Bum]

Look, it's pretty simple, was the government regulating the financial markets when all of this happened or not? Yes, they certainly were. They received funds from the financial sector and in return relaxed the rules in the manner the financial system requested, did they not? Yes, they certainly did. Now since that is all true, you can't really say the government is not in the hire of the financial sector, now can you?

Therefore they are either complicit, or they are incompetent. Most likely a combination. You can't say someone is a hero for bailing out the banks when it was their task to make sure crashes like that didn't happen in the first place, which they utterly failed to do.

[The Dude]

The Fed's role is not to make sure crashes don't happen. Their mandate is employment and inflation and it would be impossible to prevent crashes.

The Legislature having their pockets filled by Wall Street is not related the the Federal Reserve Board. The Fed is an independent oversight committee.

Was GWB, Clinton, and The Congress complicit? Of course! They changed the laws that allowed for much of the mess. The Fed, however, had nothing to do with that. it doesn't pass laws. It does monetary policy. It was forced into a position of bailing them out by the incompetence of others.


You still haven't demonstrated how Ben Bernanke, who makes these decisions unilaterally essentially, did it for corrupt reasons. This was your claim and this is what I want you to prove. I don't give a flying f**k, in this conversation, about other people. You claimed he's corrupt and now you must put your money where you mouth is.

The argument "most of gov't is corrupt therefore everyone is corrupt" is not valid.