The Fed was asleep at the wheel as our country skidded off the highway and into the trough that’s come to be known as the Great Recession. The government—meaning the George W. Bush administration as well as the current one—then rewarded the huge corporations whose financial schemes and gambling got us into this mess in the first place by giving them few-strings-attached-bailouts and virtually no regulation or oversight: a dangerous return to the status quo.
To paraphrase a former President: Heck of a job, Bernanke!
Well, one Independent Senator isn’t happy. VT Senator Bernie Sanders blasted out this press release chastising the administration for continuing to choose someone who puts the interests of giant corporations above the interests of the working class.
BURLINGTON, Vt. – Aug. 25 – Sen. Bernie Sanders (I-Vt.) today issued the following statement on the nomination of Ben S. Bernanke for another term as chairman of the Federal Reserve:
“As a result of the greed, irresponsibility and illegal behavior of Wall Street our country has experienced the worst economic decline since the Great Depression. Mr. Bernanke was head of the Fed and the nation’s chief economist as this crisis, driven by reckless speculation, developed. Tragically, like the rest of the Bush administration, he was asleep at the wheel during this period and did nothing to move our financial system onto safer grounds.
“As the middle class of this country continues to shrink, we need a chairman of the Federal Reserve who is more concerned about expanding the productive economy – increasing decent-paying jobs for all Americans – than continuing to fan the flames of Wall Street greed and outrageous compensation packages.”
Well said, Senator Sanders.