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Obama's re-nomination of Bernanke proves he is another tool of Wall Street
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President Obama recently re-nominated Ben Bernanke to another four year term as Chairman of the Powerful and Secretive Federal Reserve. Bernanke was appointed by President Bush in 2006 to replace Alan Greenspan. Bernanke has greatly expanded the powers of the Federal Reserve and orchestrated the bailouts of private financial institutions by the Fed. Bernanke has asked the president for even greater powers to regulate the economy. Under the president's plan the Fed will be granted a greater role as a moneylender to private banks.
President Obama's 2nd top source of campaign contribution's came from the financial institution Goldman Sachs and is bought off by Wall Street. Obama promised change but his re-nomination of Bush's appointee proves he is just another tool of Wall Street.
The Fed is a very secretive institution with little to none government oversight. What most people do not know is that the Fed is a defacto private bank because of its ability to grant special loans to private bankers. The Fed continues to print money out of thin air to bail out Wall Street, subsidize our nation building overseas, as well as to pay our debt to private bankers.
Congressman Ron Paul sponsored the Federal Reserve Transparency Act, which now has 282 co-sponsors in the House. Currently there is little to no congressional oversight and accountability. Bernanke's excuse for opposing congressional oversight, is that it would "politicize" the Fed.
Paul's response was that “ the fact that they can issue a lot of loans and special privileges to banks and corporations, that’s political. This idea that it would be political because we know what happened afterwards just doesn’t seem to add up.”
See Ron Paul expose the Federal Reserve as a secretive and unconstitutional entity and Bernanke as a tool of the financial elites.
Congressman Ron Paul Schools Bernanke on the Bailout Plan
Ron Paul questions Ben Bernanke on definition of inflation
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