Are We Missing Something?

By: Olivier Garret | Tue, Dec 22, 2009
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Ben Bernanke is a dubious choice to be named "Person of the Year" by Time magazine. While Time's Managing Editor Richard Stengel credits him with recognizing early and reacting appropriately to the ongoing financial crisis, in reality, he was wrong time and again with both his predictions and his remedies. Just remember these gems:

This is the same chairman of the Federal Reserve who told us that Fannie and Freddie were "adequately capitalized" and "in no danger of failing."

Unfortunately, he has not just been wrong about housing, unemployment, banking, and derivatives -- his policies have directly contributed to all of the problems we now face.

High unemployment and the weak dollar threaten to further undermine our economy, yet his policy is to just keep borrowing. The massive debt his policies have foisted on the American taxpayer is weakening the U.S.'s position as global economic leader and hurting already tenuous relations with foreign governments. Bernanke has supported the policies of Greenspan and our current and previous administrations - the very policies that got us into this mess. He has supported the leveraging of the American economy to rescue companies long past saving and the borrowing of billions from foreign governments to line the pockets of corrupt investment bankers.

I could recommend a few alternative names for runner-up, if Time's criteria are really as dubious as they appear:

Bernanke is insistent on using inflation to make our personal debts seem small, all the while setting the country up for a much larger disaster long term. Bernanke is borrowing from Peter to pay Paul... and robbing taxpayers to pay Peter.

As you may have noticed, the government will not save you from the reverberations of a declining U.S. economy. You'll have to take matters into your own hands... and no one is better at pointing the way than the editors of The Casey Report. No matter how dire the economic trend, double- or triple-digit gains within 12 to 24 months are easy if you discover the right opportunities to profit. Find out more by clicking here.



Olivier Garret

Author: Olivier Garret

Olivier Garret
Chief Executive Officer
Casey Research, LLC.

Olivier Garret

Prior to joining Casey Research in January 2007, Olivier Garret was a principal in Kemp Management, a management consulting firm focused on merger & acquisition due diligence, restructuring, and turnaround activities for a variety of private equity firms and financial institutions. In this capacity, he led and participated in dozens of merger & acquisition and restructuring deals in a variety of industries.

In the 1990's, Olivier was CEO and general manager of a number of industrial businesses ranging from entrepreneurial start-ups to divisions of a Fortune 500 company.

He earned an MBA from the Amos Tuck School of Business Administration at Dartmouth College and a Master's in Business from the Université de Paris IX-Dauphine.

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