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NIA warns Bernanke’s second term will bring ‘disaster’

September 4, 2009 by  

NIA warns Bernanke's second term will bring 'disaster'President Obama has nominated Federal Reserve chairman Ben Bernanke for the second term, but the National Inflation Association (NIA) is not happy with that decision.

In announcing the nomination two weeks ago, Obama praised Bernanke’s performance during the most acute phase of the financial crisis saying he acted with "calm and wisdom."

"[His] bold action and out-of-the-box thinking has helped put the brakes on our economic freefall," Obama said.

However, NIA believes Bernanke’s recent actions – in particular taking the worthless mortgage -backed securities, auto loans and student loans onto the Fed’s balance sheet – are giving the economy what they call "an artificial high" and will lead to an even bigger crash later.

"It’s unfortunate how forgetful Washington is and how the media fails to talk about how Bernanke has simply taken Alan Greenspan’s mistakes and made them bigger," says NIA, referring to the fact that in 2001 the former Fed chairman lowered interest rates to 1 percent, which is widely credited with creating the real estate bubble at the heart of the current crisis.

NIA has long sought to warn Americans about impending hyperinflation due to the government’s level of spending which has led to a massive federal budget deficit. The White House Office of Management and Budget has estimated the deficit to reach $9 trillion over the next 10 years.
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Spencer Cameron

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  • s c

    First, no prez has the constitutional authprity to ‘hire’ or reinstate the head of a private corporation. Second, if Bernanke [aka Helicopter Ben, Ben the Boob, Greenspann's alter ego] knows more about the Great Depression than anyone else, he has a most peculiar habit of acting as though he forgot ecverything he ever knew. Third, Bernanke has done nothing to help the economy since comrade obama moved into the White House.
    For comrade obama to dare to re-appoint someone like Bernanke removes all doubt about the integrity of either. Ponzi scheme artists must be laughing their posteriors off, knowing that uncle scam is the worst criminal in America.

    • eyeswideopen

      S.c Obama is just trying to suck up to us Repubs, by leaving Bush’s man in office.

      • http://nowebsite Minnie

        You have it right for sure.

      • shatree

        “Obama is just trying to suck up to us Repubs, by leaving Bush’s man in office.”

        Repubs are finally agreeing that GW, the dumb sucked all Repubs and brought down the financial disaster on all of us with his tax breaks for super rich, a foolish war and all 8 years of stupidity.

        • eyeswideopen

          Shatree, I was being facetious. LOL

    • Paul Trood

      Bang on the money s c. The house of cards is not far from total collapse.

  • LUPO1954

    I suggest that he reads “Meltdown’ from Thomas Wood, and begins to study Mieses and Hayeck. But I think it’s already to late. Not only for him to understand how economy really works and that not only he but the whole FED is the problem and unconstitutional. And I don’t blame NObama that he nominated him again. Because if somebody really beliefs that free market doesn’t work – after they have regulated the free markets to death, and they = all politicians – they also belief that Harry Read can win a swim competition with Michael Phelps with his legs and hands tied up.

  • Michel

    Not quite sure where you are getting your number of $9 Trillion over the next 10 years. It is already at over $11 Trillion according to
    http://www.usdebtclock.org/

  • ONTIME

    Well said LUPO, and I think you understand that if this administration wants control of the economy then they have to strangle the old one and write it out of the history books. This is why they are printing money and making everything union controlled, you don’t work if you don’t believe, is the new motto for socialism.

  • Mary

    Sad situation, we’re doomed. No doubt about it. It’s game over for the U.S. All the world going South. It’s SOCIALISM. EXPECT POPULATION CONTROL BY MILLIONS.

  • http://nowebsite Minnie

    Is there any thing the people can do about this?

    • http://donthaveone Beberoni

      Yes there is. Go to the polls in 2010 and vote out the democrats. Then go to the polls in 2012, and vote out Osama Obama and his tax monsters. They have screwed up the economy with just knowing a democrat was coming into office, as business knows their playbook, which is to up taxes on them. Soon the Bush tax cuts are going to be taken away, and new tax bills are on there way which is going to make some business’s close, and a lot of others to lay guys off to pay the tax monsters. Its allready cost millions of people their jobs, and millions more are to follow, while these little girls stand there pointing their fingers and trying to still blame Bush for everything. They have no plan, except to reward bad behavior with billions of dollars, and to punish those that suceed. This is the democrat’s way of running things. This is why they fail. They are out of touch with reality, and in touch with the out of touch hollywood stars and people like that. Thats how they roll. Vote them out, and watch the change.

      • eyeswideopen

        Yes, go to the polls and elected the same group that caused this debacle in the first place. You need to leave the Repub’s out of office long enough for us to relearn fiscal responsibility. If not they will go right back in and continue the previous admins deregulation mantra, and we will be right back here in two years. But maybe this time a depression will be the result for us, not the rest of the world who has changed the way they do banking and investments. They seemed to have learned from our mistakes which nearly took the entire world to it’s knees.

        • alan

          You both have it wrong. Both parties have been overspending since the 1980s. Ever since Reagan was president the US government has been borrowing hundreds of billions per year. When there is a downturn, the standard government action is to spend more money. When times are good, the standard government action USED TO BE to save money (remember the term surplus). Now, we borrow all of the time and borrow HUGE when there is a downturn.

          The Soviet Union had problems because they tried to keep up with US spending levels on the military and other things. Unfortunately, politicians discovered that everything LOOKS better when the government is spending a lot more than it takes in so they’ve kept doing it ever since.

          The REAL problem is that over the last 40 years the global economy has developed and it’s been difficult for the US (with high incomes) to compete with other nations with much lower wages, lower taxes, and less regulatation.

          The USA is a great country, but we need to realize how competition has changed the whole world. We’ve got to find a way to compete. I never even hear anyone talking about this, much less coming up with solutions to sustain our way of life.

  • http://nowebsite Minnie

    I am very concerned that we will not have good health care.

  • James Corbin

    Obama, I’m telling you– is working for one world gvernment, one world
    bank, one world religion

    • http://donthaveone Beberoni

      But Im telling you, he isnt smart enough to pull off anything. All he knows is what his boys write on his telestrator for him to say. This wanker has no plans or ideas of his own. He is community organizer, thats it. He helps the dems get organized, and somewhere in there, someone is calling the shots, but it isnt him. Probably Bill Clinton, trying to sink him, so old Hillary can run in 2012. Would you put this past the democrats? I wouldnt.

  • American Citizen

    Write or phone your congresspersons that if they vote for Obama’s healthcare bill, they will be voted out of office next year. Also, if you can attend a tea party, go. Washington is watching although they won’t admit it. I wish we were able to go to one, but our health problems won’t permit it. So we give our opinions by our votes. I’ve also filled out a couple of surveys to let my voice be heard that way. My husband and I say we’re glad we are the ages we are, but we fear for our children and grandchildren. There may yet have to be a revolution. Time will tell.

  • William Franklin Openshaw

    The Fed has been a disaster from it’s very begining.
    It does not matter which evil person stands at the
    head of it. Until it is finally abolished we will
    have constant monetary instability.

  • http://www.holyspiritatworks.com Leok Ching Chuan (David)

    Brethen,
    Thank You all for the opportunity You All Brethens http://www.holyspiritatworks.com
    Blessing
    Brethen David

  • David

    Minnie, do not worry so much…that’s what they want you to do. The game is not over. We are watching that liberal/progressive bunch, which only account for less than 20% of our population. Do you really think the good hard working people out there are really going to let them take over? I think not.

  • David

    Hyper inflation? If obama care (in its current form), Cap & Trade (double tax on industry, tax on everyone), and the union card check legislation passes; this will contract our economy beyond recognition. So we need to keep applying pressure to our legislators….se ya at the 9/12 tea party!

  • Robert A. Ferriere

    I believe that God is sovereign and that the reason we are seeing this country suffer is because we (as a nation)have turned our backs on our Christian foundations. The ONLY way we will return to the original state of blessings, is to return to God and his holy word with all our hearts and “PRAY without ceasing” that God would hear our prayers for our country and for Godly leaders to be elected into office for “righteousness exalteth a nation: but sin is a reproach to any people.” It’s time for us to acknowledge our NATIONAL SINS and repent and God will “hear from heaven, and will forgive their sin, and will heal their land.” GOD HELP US ALL IN OUR TIME OF NEED!!!

  • Thomas Bendoraitis

    Obama is a cult puppet and appoints no one, it’s all done from the top of the one eyed pyramid, the one good and gracious Americans have unwittingly surrendered to. You can’t have demons such as Greenspan and Kissinger or body count Clinton on your team and pretend you have a philanthropic constitution; it’s a paradox. Were all in deep shyte because they know us as the sheeple.

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  • http://mog7@cox.net Muriel P. Goyette

    “Can we do anything?” Oh yes we can and we WILL.EVERY SINGLE VOTING DAY MEANS WE THE PEOPLE go in and VOTE OUT INCUMBENTS.
    First Commandment in America
    Thou shalt not devalue American citizens, ignore the Constitutional Rights and voice of WE THE PEOPLE…..or else.

    Jailbirds have forfeited their right to vote. Non-citizens have not
    earned it.SOVEREIGNTY OF AMERICA WILL NOT BE HIJACKED BY THE CORRUPT
    AND UNETHICAL. THE GLORIOUS HISTORY OF AMERICA DECLARES:
    AMERICA NEVER WAS, AND NEVER WILL BE, HERE TO FAIL.
    The Boston Tea Party showed strength and resolve. Today’s too. COME.

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