One of the differences between America and the rest of the world is our financial system. Whenever a large firm, small or large country or any individual wants a loan, an American financial institution is usually in on the deal in some way or another. These same institutions have fostered unprecedented international growth that has resulted in hundreds of million of people finding their way out of poverty.
Yet a few years of uncomfortable economic conditions automatically gets elected officials (supported by their constiutuents) into a frenzy. They begin calling for drastic changes based upon what has happened over the last few years, instead of what has worked over the last fifty to sixty years! Obama, Frank and especially Dodd need to back off their reform proposals.
The Esteemed Chairman
January, 2006
About Ben
- benfan101
- Chairman of the Federal Reserve Ben Bernanke has overseen the largest liquidity crunch in over 70 years! Bernanke has creatively expanded the Federal Reserve's balance sheet, authority, and repsect throughout his 4 year tenure. As Chairman, Bernanke will now have to oversee the withdrawal of about $1 trillion from the money supply while still maintaining economic growth. This will be a challenge that only Bernanke can be trusted with.
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