You’re right, so you’re fired

Easiest job in town (via The Washington Post):

Bernanke: Financial System Must Be Strengthened

Federal Reserve Chairman Ben S. Bernanke Friday called for a strengthening of the nuts and bolts of the financial system and said the Fed and other regulators should focus more on the stability of the overall system, rather than just the health of individual companies.

OK. I don’t know how much Michael Chertoff’s chubby brother gets paid but I’m going to go waaaay out on a limb and say if it runs into double digits it is TOO DAMN MUCH. Really? We should try to take a systemic approach to the economy? Gosh, however did you arrive at the idea that rushing around trying to patch shit up when the FoCs got in trouble wasn’t working?

He said the Fed, or example, ought to be given the explicit authority to oversee the way financial institutions pay each other and clear trades.

Let’s see … Based on a review of your current track record … No. Fucking. Way.

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1 Comment

Filed under Economy, Fail Watch, Greed

One response to “You’re right, so you’re fired

  1. As argued in http://euandus3.wordpress.com/2009/12/04/the-federal-reserve-we-screwed-up-but-should-be-given-more-authority/ , Bernanke admits that the Fed screwed up in the housing bubble and should be given even more authority to protect us from systemic risk. You try connecting the dots.