I opened Google News yesterday,
and lo and behold, the front page revealed 1,040 articles about
how Federal Reserve Chairman Ben Bernanke has
finally admitted the economy may be in a recession, but that
"recession" is a "technical term" anyhow. It was so ironic, because
I'd just been discussing with a colleague Ron
Paul'sshowdowns with Ben Bernanke over the years; how Paul's
been doling out solid advice about the cause of the housing bubble and the
economic downturn at Joint Economic Committee hearings for over a year
now.
In the past year, Bernanke has tended to smile
condescendingly, cast indifferent and sometimes even seething
looks, in response to Paul's prescription for the economy, his
warnings that "the bubble" is about to burst. While traders have cheered Paul on, others in the room have been known to
chuckle at past JEC meetings, even after Paul's
passionate words on protecting the retired citizens who's "cost of
living is going up no matter what your CPI says." First they
laugh...
Yesterday Paul and Bernanke had another confrontation at
the Joint Economic Committee meeting. No one was laughing this time,
except Paul himself.
Paul pointed out the lack of
oversight and accountability of the Federal Reserve, as well as President
George W. Bush's new "working group," the banking system inflating the
economy; the change in America's business cycle. Bernanke seemed a
lot calmer this time around, and actually threw an "I agree" in
there. Shocking.
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