Too bad you can't vote out Ben Barnanke as President. All you can do is vote him a new empty chair. When asked if Barnanke would continue to "serve" as Chairman of the Fed he responded, "Sure, where else am I going to get another job in this economy?" The brief conversation promted Uncle Ben to print another trillion dollars in stimulus spending just because he can. After all, it's all he knows how to do and it makes him feel good.
Few know this but Uncle Ben has first hand experience with quantitive easing, that is, purchasing of the national debt. It all started in college for Ben. He would obtain a credit card with zero percent interest and then run it up as high as it would go. Then when the bill was due he would simply obtain another credit card that also had zero percent interest and transfer the debt on the former card to the new card and continue the process indefinately. Today, Uncle Ben is responsible for nearly 1/3 of the national debt......which he keeps buying.
I was reading a scientific journal today as they were speculating what would survive in a world wide nuclear holocaust. Apparently, the only life forms that would survive are roaches..........and the Fed.
