Never Admit You Are Wrong

Ben Bernanke has written a shameless oped in this Sunday's Washington Post defending the Fed. In it he never admits that the Fed had any culpability in helping create the bubble but takes most of the credit for saving the world:
"The Fed played a major part in arresting the crisis, and we should be seeking to preserve, not degrade, the institution’s ability to foster financial stability and to promote economic recovery without inflation."
Ben Bernanke uses the "all my friends are doing it" excuse as a leading argument for continuing to let the Fed run wild.
"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States."
In the remainder of the article he pays lip service to corporations paying for their blunders rather than the taxpayers, even as he continues to funnel money to these corporations by giving them access to free money.

I would much rather keep the focus of this blog on investing and not on pointing out an individual's mistakes but these issue are too important to ignore. I understand that everyone makes mistakes, but a man of character admits his mistakes. Our current leaders are the ones who got us into this mess and they heap praise on themselves. While those who warned ahead of time about this crisis, like Paul Volcker, are ignored.

1 comment:

Anonymous said...

it's given that power corrupts absolutely