USA Today’s Paul Davidson wrote a piece Wednesday about the imminent stepping-down of Federal Reserve chairman Ben Bernanke. The subtitle of the article accurately mentioned that Bernanke is one of the most influential Fed leaders but the title “Ben Bernanke Helped Lead Nation out of Crisis” is absurd.
Not only is our nation still very much in crisis mode but Bernanke has acted as an enabler to our elected officials in their quest to keep spending without actually paying. Bernanke is hailed as a student of U.S. financial history and as such he decided to keep interest rates insanely low for a ridiculously long period of time.
This era of free money, in tandem with unprecedented stimulus programs, was meant to give our economy a boost and create jobs. Unemployment levels are still far too high and Bernanke’s quantitative easing measures have done little to quell the financial unrest found abundantly throughout most of America.
Sadly, many Americans are blissfully unaware of the harsh reality that is the U.S. economy. Unfortunately for those of us who realize what a dire state our financial system is in, some of those unaware Americans are our elected lawmakers. Maybe they are just Machiavellian and are trying to soothe us with tales of a recovery, but some of our “leaders” definitely believe that we are on the right financial track as a nation.
Our government is closed for business. Our bills are unpaid. We have no credit left to use. Who, besides the heads of large corporations, have benefited from Bernanke’s tactics? Not me, and almost certainly not you.