Bernanke on 60 Minutes

Fed Chairman Ben Bernanke was just interviewed on 60 Minutes, which is a pretty rare thing, because the Fed and its chairman really value their secrecy, almost more than the CIA.  You can tell the criticism of the Fed coming from the likes of Ron Paul and many others in Congress is having an effect.

In the interview, Bernanke admitted to not seeing the financial crisis coming.  He was not 'omniscient', he said.  Very interesting.  So I guess that I (and others whom I was reading) was 'omniscient', because I saw the crisis coming years ahead of time.  Why is that? 

What a crock, a refusal to admit his huge whooper of a 'mistake', that is causing such an enormous amount of misery around the world.  And later on in the interview, he said he was "100%" certain about his policies.  Really?  After having been completely wrong about the last decade?  What a humble man.

I looked up Bernanke's wikipedia entry.  Among the other things it mentioned was this:

Bernanke was educated at East Elementary, J. V. Martin Junior High, and Dillon High School [North Augusta, SC], where he was class valedictorian and played saxophone in the marching band. Since his high school did not offer calculus, he learned it on his own. Bernanke achieved a SAT score of 1590 out of 1600. Bernanke attended Harvard University, where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named "Long-term commitments, dynamic optimization, and the business cycle" and his thesis adviser was Stanley Fischer.

Definitely, a very smart dude. Still, he didn't see the crisis coming, so I guess he's not so smart after all. Not so smart as me, you see.  LOL.

Ah, yes.  Establishment economists. What they seem to lack, in my opinion, is common sense, the ability to see the forest for the trees. 

And then there's the need to keep the banking establishment and the upper class--Bernanke's real constituency--happy.  You see, the bankers/financiers basically own and run the Fed.  It was set up that way back in Woodrow Wilson's time by Senator Nelson Aldrich (father-in-law to John D. Rockefeller, Jr.)   So what's good for them is good for the rest of America, right?  That seems to be the upper-class worldview. 

So perhaps they do see the forest (the well-being of the rich) for the trees.  Nah!!  You see, parasites can only live well if the host lives, and what has been happening recently is beginning to sicken the host.  The cause of this illness?  Simple.  Foolishness.  (You thought I was going to say greed, didn't you.)  These people are fools.  And wicked.