VIDEO OF FED CHAIRMAN BEN BERNANKE'S HISTORY OF FAILED PREDICTIONS

Federal Reserve Chairman Ben Bernanke, who will appear for his Senate confirmation tomorrow, after being appointed to serve a second term by President Obama, should be asked some tough questions regarding his track record of wrong economic assessments, actions, and predictions. You'll see Ben Bernanke in the video below, in his own words, being wrong time after time in the years leading up to the housing bubble bursting, the sub-prime mortgage fiasco, unemployment and the overall state of the economy.

By watching the video, you'll ask yourself questions like, "Is this the best we've got?" and "Geez, I think that throwing darts would be more accurate than this guys predictions." and "Just where was this guy educated?"

After watching the video and studying a bit of Ben Bernanke's track record, I'm left with the perfect analogy: Listening to Ben Bernanke talk about the economy is kind of like listening to former New York Governor Elliot Spitzer (see: hookers) talk about ethics (which recently happened!), or appointing a tax-cheat, Timothy Geithner, to head the I.R.S., then listening to him speak on the virtues of paying taxes. Wait a minute, Obama really did do that!

To understand that video (see below), you don't have to know anything about finance or the economy. Any layperson will see how clearly and regularly he has been completely wrong.

Granted he's human, but you'd think that the most powerful financial person on the planet would be correct more often than the average Joe. Sadly, not to mention unsettling, this is not the case with Ben Bernanke.

For example, in July of 2005, when asked if there was a housing bubble, if it was going to burst, what is the worse-case scenerio, and would it (housing prices falling) lead to a future recession, Bernanke confidently replied that,

"I guess I don't buy your premise. It's a pretty unlikely possibility. We have never had a decline in housing prices on a national basis, so what I think is what is likely to happen is that housing prices may slow, maybe stabilize, might slow consumer spending a bit...I don't think it's going to drive the economy from it's full employment path though."

"I am confident that the bank regulators will pay close attention to the kind of loans that are being made, making sure that loan underwriting is done right." "I do think that this a localized problem and won't affect the national economy."

In February of 2007, in an attempt to calm the fears of the subprime mortgage market which were beginning to surface, and just one year before Bear Stearns went under, in part because of it's involvement in subprime mortgages, asserted:

"There is no indication at this point that the subprime mortgage issues have seeped into the broader mortgage market which still seems to be healthy."

These are only two of Bernanke's misstatements. They go on-and-on, as you'll see from the following video, in his own words:

I'm not questioning Ben Bernanke's integrity or honesty. However, if this is the best we can do in a Federal Reserve chairman, we are in deep trouble. He was originally appointed by then President George W. Bush. He was reappointed by President Barack Obama for another four years. He should not be reconfirmed. We can certainly do better.

Maybe we've had enough of the self-proclaimed "intellectuals" in Washington, D.C. Maybe it's time we look for some leaders with common sense.

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