How much damage can one man inflict and still be treated like a saint and savior in Washington?
Ben Bernanke’s career answers that question. The Establishment media has rallied around the current Fed chairman as if his reign was the triumph of wisdom and goodness – instead of a debacle of bursting bubbles and ruined lives.
Even though the Federal Reserve is supposedly independent [insert guffaw here] – Bernanke will not be permitted to continue in his job unless the Senate votes this week to grant him another term.
Sen. Russell Feingold, Sen. Barbara Boxer, and Sen. Byron Dorgan announced last week that they will vote against another term for Bernanke. Unfortunately, I doubt that most Republican senators will have the courage or gumption of these Democrats on this vote.
The Senate will be voting on Bernanke while having little or no idea what the Federal Reserve has done in recent years. That is why Congress must pass Ron Paul’s legislation to Audit the Fed.
These are only first steps, but they would be a giant leap back in the direction of fiscal sanity. The Federal Reserve has been bankrolling the war machine in this country for decades, and a loss for the Fed would make it more difficult to use a charge card for the current or next war.