Webster Definition Of Hubris: Ben Bernanke

08-21-2009 • The Market Ticker

In case you haven't heard helicopter ben gave a speech in Jackson Hole and claimed he saved the world. This response is from Denninger... Some snippets... And ignore your role in creating it. Don't worry, I'll take care of that for you. That's because you were willfully ignoring the facts that were staring you in the face - not surprising, given that you were one of the chief architects of the policies that led to the mess. You have actually entirely ignored the limits of your legal authority, including most specifically your taking of equity in securities that do not have the formal full faith and credit of the US Federal Government. Nobody in Congress seems to care, but I do. The fact that there is no "or else" in the Federal Reserve Act (as amended) is likely the cause, as the worst punishment that can be meted out to you would be impeachment (and even that's open to question) or refusal to reappoint you. In contrast, in the case of t