Thursday, December 3, 2009

Senator Bunning takes dead aim on Bernanke & pulls the trigger

Senator Bunning says to the Fed Chairman during the Senate's confirmation hearing today, "You are the definition of a moral hazard".

I don't know of a more ardent supporter of legislation to audit the Fed than Michael Shedlock (Mish). He has also been very open about his belief that the Fed actions, especially allowing fractional reserve lending, has been a major contributor to the credit crisis. He is not suggesting the Fed intended to cause a crisis but that they failed to understand the implications of what they were creating even though many others outside of big banks and AIG did. And then the Fed was not open to listening. Today Mish has a post on his blog you will want to look at when you can. Here is a link:

Hopefully Sen. Bunning will not be alone in expressing complete dissatisfaction of Bernanke this time. Read the post and leave a comment, here or there. Scanner