Irony: Bernanke Insists on an Independent Fed at His Swearing In
The ultimate irony of this statement, of course, is that Ben Bernanke has the Fed's lack of independence to thank for his second term. Were it not for the massive campaign his Fed went on in the days before his Senate confirmation hearing, he wouldn't be attending any swearing in on this fine Wednesday. But since the Fed pulled out the big guns and went calling around trying to scare Senators into coughing up 4 more years, he's safe for now and the Fed owes more than a few favors to new friends in Washington.
Fed independence. LOL.
Protecting the U.S. central bank's independence is key for the economy, but at the same time, the Federal Reserve must become even more transparent, Chairman Ben Bernanke said Wednesday.
At a swearing-in ceremony marking the start of his second four-year term, Mr. Bernanke said the central bank's independence serves important public objectives.
"Critically, it allows the Federal Open Market Committee to make monetary policy in the longer-term economic interests of the American people, rather than in the service of short-term political imperatives," the Fed chief said.
While the U.S. economy's return to growth is encouraging, Mr. Bernanke said the country and the Fed still face "enormous" challenges.
The LOLs never stop with this guy, do they? Check out his full remarks via the Board of Governors here:
The past four years have been an extraordinary time. In many respects, this period has shown this institution at its finest, as we moved rapidly, forcefully, and creatively to confront the deepest financial crisis since the Great Depression and help prevent a looming economic collapse. This swift and effective response would not have been possible without the remarkable dedication, professionalism, and personal sacrifices of the Federal Reserve staff. I would like to express my deep appreciation to all of you for your creativity and hard work. America and the world owe you a debt of gratitude.
Why thank American taxpayers first for bending over and greasing up for the financial assrape of the century when he can thank the Fed before anyone else?