Monday, October 25, 2010

Bernanke Must Go and Go Immediately

At the Federal Reserve System and Federal Insurance Corporation Conference on Mortgage Foreclosures and the Future of Housing, Bernanke said the following: “Homeownership is only good for families and communities if it can be sustained, and home purchases that are very highly leveraged or unaffordable subject the borrower and lender to a great deal of risk.”  Where is the accountability?  Why hasn't Congress held this man responsible for this entire housing debacle and the current demise of the dollar?  He helped create and nurture this mess along with Greenspan. Bernanke is the individual who last year launched a controversial $1.25 trillion mortgage-backed securities (MBS) program to help keep mortgage rates low.  Why was it controversial?  First, the Fed does not have the authority to make such purchases.  Second, the quality of those MBS are dubious at best.  America, you better wake-up before it's too late.  I, for one, believe that it is already beyond midnight.

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