Ben Bernanke [Chairman of the Federal Reserve] has overseen the greatest expansion of the Federal Reserve's balance sheet in its history, pouring trillions of dollars into Wall Street firms at roughly zero interest rates.
His generosity, however, has a limit.
In testimony before the Senate Banking Committee today, where he's seeking re-appointment as the Fed's chairman, Bernanke called for cutbacks in Medicare and Social Security ...Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.
"It's only mandatory until Congress says it's not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation," said Bernanke.
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Dec 5, 2009
Fed Chairman Calls For Social Security Cuts
From Huffington Post:
Let me get this straight: bailouts for billionaires and institutions that created this economic crisis, but let's eliminate granny's social security check. This guy is incredible. Is he really that tone-deaf to the political impact of his statements? Of is he just incredibly stupid? Were this country to repeal Social Security, you'd see mobs in the street and the government would have to call on the military to protect it from the "cold, huddled masses." This clown doesn't deserve a second term as Fed chairman.
ReplyDeleteRepublicans!...This is what america maybe facing in 2012...They should instead,raise taxes on these wealth folks.
ReplyDeleteBernanke knows absolutely nothing about Social Security and the budget. His area of knowledge is banks and how to feed them mass quantities of tax money. I do not feel moved to forgive for his ignorance. Rather, I propose we urge our Congress critters to fire his big fat ***. Oh, dear. There I go again being a field person. Everbody knows we ain't got no manners. /snark/ NOrtiz
ReplyDeleteLet Ron Paul or Jim Rogers take his place.
ReplyDelete