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Wonder why I seem so angry, see this from Nassim Taleb: "Why are we letting the bus driver who drove us off the cliff, drive the new bus?" Taleb also said Chairman Bernanke should be removed from office.
Economist Anna Schwartz says President Obama shouldn’t reappoint Ben Bernanke as Federal Reserve Chairman. Bernanke has mishandled the financial crisis, argues Schwartz, who co-authored seminal works with Nobel laureate Milton Friedman. “I am certain that there are economists whose reputations for outstanding academic work in monetary policy are every bit as distinguished as Mr. Bernanke’s, and who have good judgment and experience within the Federal Reserve System,” she writes in The New York Times. “President Obama should choose one of them.” Schwartz faults Bernanke for the Fed’s massive easing program.
The big bankers know that their banks would be insolvent without Federal Reserve bailouts, Treasury Department bailouts, and smoke-and-mirrors accounting.
The FDIC closed five more banks on Friday, and that brings the total FDIC bank failures to 69 in 2009. The following graph shows bank failures by week in 2009.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million. ... First BankAmericano is the 68th FDIC-insured institution to fail in the nation this year, and the second in New Jersey.
