The Fed Chief, Benjamin Bernanke, testified in front of Congress today.There were two things that I found very striking about today’s dog and pony show.
First, Bernanke is evidently unable to sell the country on the benefits of TALF. Unlike most of the schemes our government has undertaken in the past six months, this one seems to actually have benefits.
So let’s see, the one program that has merit and can save the American taxpayers money and can help the economy recover, the Fed Chief doesn’t seem to want to sell it to the public? Hmmmm…I wonder why not? (Oh yeah there will be posts on this, bet on it.)
Second, and just as striking, I didn’t see a single Republican, not even the self-professed “conservative republican,” Lindsey Grahmnesty, mention word one about tax cuts or their stimulative effect on the economy.
Sen. Whitehouse wants to establish a “pool of funds”
Rest assured, liberal Demodrones such as Sen. Sheldon Whitehouse (D-RI) had no problem taking idiotic drive-by pot shots at the “money spent on tax cuts for the rich”. In the same Bidenesque question the good senator actually managed to somehow suggest that the Democrats would have gotten us to zero national debt but for the Republicans. I kid you not.
Then the senator asked: wouldn’t it be just peachy if we had no national debt but instead had a pool of funds from which we could draw in case of emergency? I am of course paraphrasing, but that was the gist of it. Oh yeah, folks, hide your money ’cause they’re coming for it.
Let me reiterate, not a single republican took Ben Bernanke to task about tax cuts and their effect on the economy. Not a single solitary question. I would have settled for even a whimper or some sort of subtle allusion…
Did any of our representatives notice the nationwide tea parties? What the hell do they think that we are rallying for? Subsidized Earl Grey?
Lindsey Graham wants to throw away hundreds of millions
Did I mention that Lindsey Grahmnesty told us that he was a “conservative republican”? Senator, good thing you told us, because in the next sentence you proposed that “after giving them [financial institutions] hundreds of millions of dollars” the government should take over a non-performing bank and sell off the good assets.
Gee, Mr. “conservative republican” senator, guess what! We have just such a system minus the part about giving them hundreds of billions of dollars. Its called bankruptcy!
I am really worried about the people who represent us. My God! What do we have to do to get rid of these clowns?
I am reminded of a saying “If I catch my watchdog stealing my chickens in cahoots with the fox, first thing I’ll do is get rid of the dog, get a good one and then the fox and his friends will be in deep…”. Time to get a new dog.