Every once in a while, I read an article that just makes me want to yell out in frustration—usually when the so-called ‘mainstream media’ or the government discovers something painfully obvious that I and others had been saying all along. This happened to me again yesterday when I read in the Washington Times that former Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke lied to Congress and the American people during last year’s bailout bonanza.
Paulson and Bernanke, both appointees of former President George W. Bush (R), were the primary cheerleaders working to convince us that the universe was coming to an end unless the government dumped billions upon billions of your and my money into propping up failed corporations like AIG, Bank of America, General Motors, and more. Lots of us saw this for what it was—an unprecedented and ill-advised power grab by the federal government that would, in reality, do nothing to ‘fix’ the economy. It was an affront to our free market economy and blatantly unconstitutional.
Paulson, of course, left office when Bush did along with most of his other appointees. Bernanke, on the other hand, stayed on (Fed. terms follow their own four-year schedule) and was recently reappointed by President Barack Obama (D). ‘Change’ indeed.