Federal Reserve Transparency, Bernanke re-nominated, CIA Probe

I am all fired up this morning after reading the president has re-nominated Bernanke as federal reserve chairman. If the senate confirms him, then status quo is the name of the game in Washington. Our use of easy credit policies is what led to the Great Depression with unemployment of 20%. And if the same measurements are used today that were used then, unemployment is closer to 16%.

Some good news is that a federal judge said today that the federal reserve has to identify to the public the name of the banks who received the $2.2 trillion in loans. Bernanke did 'say' that transparency is important, yet he is the one who is trying to keep the list secret. Another interesting fact is that during the Depression the total stimulus as a percentage of GDP was 8.3%. In all the other 17 recessions since creation of the federal reserve, it did not go above 7.2%. Today it is at 29.9%. The masses need to take charge and speak up. Faith and trust in the government can only goes so far as the numbers, growing exponentially, speak for themselves. Again, once the foreign countries lose this faith, we will all be shocked awake. We have the opportunity to take the lead instead of being crucified after the fact.

The White House Budget Office said that by 2019 the public debt will double to reach 75% of the size of the entire national economy. Given this estimate, a reasonable person can see that we are on a path of massive sudden contraction because of immense debt expansion.

One final comment, I agree with the special prosecutor being assigned for the CIA probe to investigate interrogation abuses. Some months back, I commented on this, saying no president should be above the law. I am glad to see the law still prevails. Whatever the outcome, that is what is important. Without the strength of the justice system, we are at the mercy of whoever is in power. And we have seen historical examples of the outcome when that happens.