Wankers Of The Month, Part I

December 4th, 2009at 07:08am Posted by Eli

Hasn’t Grandma Millie suffered enough?

Ben Bernanke let his slip show at multiple points during his confirmation hearing today. First, as Ryan Grim reports, he echoed bank robber Willie Sutton in targeting nothing less than Social Security:

In testimony before the Senate Banking Committee today, where he’s seeking re-appointment as the Fed’s chairman, Bernanke called for cutbacks in Medicare and Social Security even as unemployment rises and the middle class is endangered.

Sen. Bob Bennett (R-Utah) sympathized with Bernanke, saying that, because of entitlement spending, “you’re going to be looking at a situation where the Congress will be unable to provide any kind of fiscal discipline because of the mandatory spending. That puts an enormous burden on your plate.”

“Well, Senator, I was about to address entitlements,” Bernanke replied. “I think you can’t tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care.”

Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.

“It’s only mandatory until Congress says it’s not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation,” said Bernanke […]

Sen. Jack Reed (D-R.I.) followed Bennett and pointed out that “there’s only really two ways you can deflect this deficit, and that’s either by cutting expenditures or raising income taxes or other forms of taxes.”

Reed asked him if he could think of other ways, but Bernanke returned to entitlement money as the way to balance the budget.

“Willie Sutton robbed banks because that’s where the money is, as he put it,” Bernanke said. “The money in this case is in entitlements.”

Sounds like someone wants to see a cat food commission in the near future.

Bernanke likes to say that he’s not following the lead of his predecessor and getting involved in fiscal policy. But clearly, that’s not universal. He’s fine with talking about entitlement cuts to Social Security and Medicare. It’s when tax increases for the rich or on stock trades come up, that Bernanke demurs and says that Congress writes the laws.


So let’s tally that up. No second stimulus, no jobs bill, no public investment to deal with the worst hiring crisis since the Depression, no relief for a jobless recovery, but yes to cutting people’s meager Social Security benefit and their health care in their old age.

Trillions of dollars in bailouts for the assholes who trashed our economy GOOD; Social Security and Medicare BAD.

I’m glad to see that the holds on Bernanke’s nomination are multiplying – and at least 75% of them are Republican, which means they might actually be honored.

Entry Filed under: Corruption/Cronyism,Economy,Wankers

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