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Tuesday, October 21, 2008

Fed Reserve Chairman Endorses Obama

Over at the Wall Street Journal they have an opinion piece today that pretty much calls Federal Reserve Chairman Ben Bernanke outright endorsing Obama and the Democrats to handle the economic crisis America is facing. While the editorial board is not actually quoting the Fed Chairman, they assume that he is out right endorsing Obama. Does anyone else with common sense think this is one news organization drawing conclusions without considering what the position of the Federal Reserve Chairman actually is all about?

Over at the Wall Street Journal they have this to say…

Bernanke Endorses Obama
There was a time when Fed chairmen feared to even seem political.

Ben Bernanke apparently wants four more years as Federal Reserve Chairman. At least that's a reasonable conclusion after Mr. Bernanke all but submitted his job application to Barack Obama yesterday by endorsing the Democratic version of fiscal "stimulus."

While the Fed chief said any stimulus should be "well targeted," even a general endorsement amounts to a political green light. Mr. Bernanke certainly knows that Mr. Obama and Democrats on Capitol Hill are talking about some $300 billion in new "stimulus" spending, while President Bush and Republicans are resisting. And by saying any help should "limit longer-term effects" on the federal deficit, he had to know he was reinforcing Democratic opposition to permanent tax cuts.
- Wall Street Journal

Contrary to popular belief, the position of Federal Reserve Chairman is a permanent position that has no transition from one Presidential administration to the next. The President can not fire him! Obama does not need an application from the current Chairman to hold his position over at the Fed Reserve. Obama has no say what so ever when it comes to the Federal Reserve, same goes for George Bush or any other President before them.

Could it just be spin from the Wall Street Journal, a respected financial news organization to raise hype with people that don’t know the facts on how the Federal Reserve really works? Umm, that would be possible. Could it be that Ben Bernanke actually knows what is best to short circuit this economic crisis America is facing and agrees with a second stimulus package? That is the more logical route that this opinion piece in the WSJ is not following through on.

Bernanke is the ultimate economist in the entire United States and our economy is and should be his only desire to protect and defend from collapse. This opinion piece by the Wall Street Journal is biased and YES the Fed Chairman needs to speak up loud and clear when we are close to facing a national banking crisis even if it is within two weeks of a Presidential election. That is his JOB! Our economy knows no political affiliation, it is either working great or it is in collapse. Either way, Republican and Democrats, rich and poor lose when it is busted. Bernanke’s job is to fix what he can and adjust the Federal Reserve’s actions accordingly to avert crisis in our economy. That is why Ben Bernanke's office is separated from the Presidency, the Congress, and the Senate.

*****Reuters has picked up this post... Thank you!

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