Why Hasn't Bernanke Resigned?

Discussion in 'Economics' started by AAAintheBeltway, Sep 25, 2008.

  1. I have problems with Cramer , but I have to admit that he and I were the two people who have been on Bernanke's ass all year. Bernanke was slow to recognize the immense threat posed by the housing downturn and in fact poured gasoline on that fire, all the time being mezmerized by the non-issue of china-induced commodity inflation. Typical criticism I received here was that we had to let capitalism work, that the system needed cxleansing and that inflation was the real problem. I said that in theory it was true, but in practice there is no way the congress would allow it to happen and that the costs of a bailout would be gargantuan if Bernanke didn't wake up.

    Cramer famously staged his meltdown rant with Erin Burnett. It was prescient. If only Bernanke had listened to him instead of the Fed staff.

    Water under the bridge but there has to be accountability. As Cramer says, we have far more accountability in pro sports than business, journalism or politics. Bernanke no doubt meant well, but he is like a promising college coach hired to run an NFL team. He is well on his way to going 0-16.

    I think it is entirely proper that the public demand retribution--show trials--as partial consideration for underwriting this bailout. Bernanke didn't create the problem, but he made a catostrophic mess of the difficult situation he inherited. With better leadership and judgment on his part, we could have muddled through this without multiple bankruptcies and this enormous bailout. By any measure, he has been a failure and a disaster and in good consccience he should resign. Failing that, congress should condition the bailout on his removal.

    I don't like Obama, but it would be unfair for him to inherit this dud and have to live with him.
  2. What makes you think he didn't recognize it?

    Just because he ignored it, doesn't mean he didn't recognize it.

    Two different things.
  3. He needs more time in office before he can get book deals, boards of directors seats, an Ivy League teaching gig and consulting work.
  4. A new rule should be imposed....

    No academics and their unproven theories allowed in the real world....
    Look at what globalization, etc..., etc....

    Good businessmen need to be given incentives to be in some government roles...

    Academics need to stay in their safe world.....while the real businessmen make the world happen.....
  5. Bernake's a TWAT!

    He kissed every Senator's ass to GET that job, and he'd suck a HERD OF DONKEY DICKS TO KEEP IT!!

    There will be no getting rid of him. :mad:
  6. Don't feel too bad about the guy. Bush inherited Clinton's recession and 9/11. I look at Cramer and Rush in the same light... entertainers but not informers.
  7. In April 2005, Greenspan was euphoric about the subprime derivatives - mortgage backed securities and new murky risk obfuscations...

    If there is going to be accountability in the FED, Greenspan should be flogged publicly...
    Bernanke is a puppy with a gloomy look wishing if only he were on another planet right now.
  8. That is generous, albeit more appropriate, since he is too old to be thrown into a dungeon of sodomites.
  9. Let's not play the blame game and just focus on one issue. Given the disaster we are facing and his central role in it, shouldn't we expect Bernanke to offer his resignation? Isn't that the least he could do?
  10. completely agree
    #10     Sep 25, 2008