Bernanke Testimony On Too Big To Fail Is Too Stupid To Comprehend
I actually like Bernanke as I have remarked many times. I don't like all of the decisions he has made but then were he to have done nothing, we would probably have 35 unemployment right now.
I am semi-listening to Bernanke speak before Congress today. I find this concept of having a regulator for banks too big to fail as ludicrous. For any entity it's ludicrous. I do believe it was the executive branch that thought this concept up. Too big to fail includes the Federal government that has become too big to fail because of its grab on power inside and outside of our country. There are only a handful of countries on earth that have a GDP larger than our military budget of well over $1 trillion. A completely unsustainable metric that serves little purpose of the Constitutional mandate of our country's defense and instead serves the global meddling of the state. The Federal government spends inordinate amounts of money that have nothing to do with serving the will or needs of the people on a wide range of programs. The problem in Washington isn't the social programs targeted as the problem by neoliberal ideologists such as the banksters and anarchists, but it is the meddling the government has granted itself by a very liberal view of its Constutional rights. But I digress. Washington will learn its lesson the hard way.
So this too big to fail regulator for banks serves what purpose? We have had laws on our books for over one hundred years to make sure we don't have too big to fail. That we now want to regulate what was legislated to be illegal is completely absurd. Why is this any different than allowing robbery but regulating it? Oh, I'm sorry. That is a bad example because we do have legalized robbery. It's called derivatives, Wall Street bailouts, compensation packages ripping off shareholders and society, etc.
I am semi-listening to Bernanke speak before Congress today. I find this concept of having a regulator for banks too big to fail as ludicrous. For any entity it's ludicrous. I do believe it was the executive branch that thought this concept up. Too big to fail includes the Federal government that has become too big to fail because of its grab on power inside and outside of our country. There are only a handful of countries on earth that have a GDP larger than our military budget of well over $1 trillion. A completely unsustainable metric that serves little purpose of the Constitutional mandate of our country's defense and instead serves the global meddling of the state. The Federal government spends inordinate amounts of money that have nothing to do with serving the will or needs of the people on a wide range of programs. The problem in Washington isn't the social programs targeted as the problem by neoliberal ideologists such as the banksters and anarchists, but it is the meddling the government has granted itself by a very liberal view of its Constutional rights. But I digress. Washington will learn its lesson the hard way.
So this too big to fail regulator for banks serves what purpose? We have had laws on our books for over one hundred years to make sure we don't have too big to fail. That we now want to regulate what was legislated to be illegal is completely absurd. Why is this any different than allowing robbery but regulating it? Oh, I'm sorry. That is a bad example because we do have legalized robbery. It's called derivatives, Wall Street bailouts, compensation packages ripping off shareholders and society, etc.
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