Senator Bunning on the Bernanke reappointment (11/14)

Senator Jim Bunning (R-KY) offered the following prepared comments during the December 3 reappointment hearing of Fed Chairman Ben Bernanke. This is part eleven in a fourteen part series:

Now, if that statement was true and you had acted according to it, I might be supporting your nomination today. But since then, you have decided that just about every large bank, investment bank, insurance company, and even some industrial companies are too big to fail. Rather than making management, shareholders, and debt holders feel the consequences of their risk-taking, you bailed them out. In short, you are the definition of moral hazard.

Wow. Senator Bunning sure isn't pulling any punches. And despite Time naming him their Person-of-the-Year... I still say this guy needs to go. As Senator Bunning and Congressman Paul have clearly explained, Bernanke / Greenspan / Geithner are at the heart of the economic meltdown. They shouldn't be revered in anyway whatsoever.

Tim White