Binyamin Applebaum, the New York Times sycophant who doggedly defends B.S. Bernanke throughout the PBS clip was adamant: "no one understood the downside risks" to the U.S. housing market and economy in 2006 as well as Bernanke. Yet in 2007, Bernanke was quite content to keep pumping-up markets with his "soft landing" happy-talk.
If this revenge-attack ever makes it to trial (i.e., an open, public trial), then three guesses who will be the first "witness for the defense"? And his happy-talk then was nothing new to B.S. Bernanke. In July 2005, a mere six months before being appointed chairman of the Federal Reserve, B.S. Bernanke wrote an article for the Wall Street Journal entitled "The Goldilocks Economy."
The same economic genius who (we are told) knew better than anyone "the downside risks" to the U.S. economy in 2006 published an article only months earlier talking about economic fantasy world where U.S. house prices, economic growth and (of course) the markets could keep going up and up and up, forever.
The scenario seems to be laid out pretty clearly in front of us. We have the U.S. government launching an apparent revenge-attack on a credit rating agency whose actual "crime" (in the eyes of its attacker) was daring to nudge the U.S. government's absurdly fraudulent credit rating a tiny step in the direction of sanity/reality.We have a defendant who has already publicly mapped out its defense: if we go down, we're taking everyone else down with us (starting with B.S. Bernanke). What could change between now and some hypothetical trial date? Referring to the same Bloomberg article cited at the beginning:
"It's going to be a tricky time for ratings agencies," said Fred Ponzo, a capital market analyst at Greyspark Partners in London, said in a telephone interview. "S&P is probably just the first to face the music."Those new to the Theater of the Absurd may automatically assume that the U.S. government must make those other ratings agencies "face the music" -- rather than only attacking one-third of this music trio. Let me introduce those readers to the banksters' $500+ trillion "LIBOR fraud." More than a dozen multinational banks collaborate, anonymously, behind closed doors to "set the LIBOR interest rate" (London Inter-Bank Offer Rate); supposedly by each independently submitting their own number. Yet we had our lying governments, corrupt regulators and inane mainstream media attempting to tell us initially that only one of those banks (Barclay's) "conspired" to rig the LIBOR rate. Obviously one member of a committee cannot "rig" any outcome in a process where they have only one, equal vote, any more than one member of a Choir can poison the minds of market participants by singing the same lyrics as the rest of the Choir. What our governments and pseudo-regulators lack in integrity they make up for with their audacity. Follow Jeff Nielson @bullionbulls This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.