Bernanke Speaks At FDIC Conference

Today Ben Bernanke, the Federal Reserve Chairman, spoke addressing many issues the foreclosure and mortgage crisis are causing. Mr. Bernanke seems worried, at least ostensibly, the current or a possible future crisis could cause entire “financial markets” to grind to a halt.

He speaks of wide-sweeping regulatory measures to give the Fed powers to regulate not only the banks currently under his thumb but non bank depository lenders, non-depository lenders, and investments firms. It sounds to like he wants the Fed to regulate “all things monetary” if you ask me.

He is echoing the sentiments of the Treasury Secretary Paulson from a few days ago who called for the same reforms with the crazy assumption it should be a government agency in charge…you know…like the Treasury Department. Along comes Bernanke parroting the same idea, but we have to believe he wants the power to go to him, right?

If any entity should “regulate” US industry, it should be a government agency, not a private corporation like the Federal Reserve.

Oh…you didn’t know the Federal Reserve was a private corporation? It is. The Federal Reserve is just a “federal” as Federal Express. Look it up.

Here’s a video of some of Mr. Bernanke’s speech and a little commentary to go along.

Good Luck!

Author: Rob K. Blake
Published July 8, 2008