And so, this is how it ends, folks.
After throwing trillions at problems created by the nation's richest, Bernanke is looking for a new source of funds: Your Social Security and Medicare benefits.
The raging appetite of Wall St. is so enormous, it can only be satisfied by devouring America -- and all it stands for -- whole.
Huffington Post is characteristically over-the-top, but I don't think they are very far from the mark here. As the Fed and Treasury run out of options for keeping the rich rich, eventually they will have to plunder your retirement and health care benefits to make sure that the caviar keeps flowing.
Here goes:
Ben Bernanke 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 even as unemployment rises and the middle class is endangered.
Citing legendary bank robber Willie Sutton, Bernanke said of the retirement and health care funds that are the legacy of the New Deal: "That's where the money is."
Yes ...
That is where the money is:
In the hands of the American people.
And now Bernanke has to take it away.
Bernanke's position on Social Security should have made him completely ineligible for re-nomination by President Obama. Does the White House share Bernanke's sentiments?