Not everyone drank the koolaide!

I was listening to Coast to Coast last night and they started the show with the usual new update and they mentioned that Ben Bernanke’s renomination for a second term as president of the federal reserve was being held up and that Senator Jim Bunning of Kentucky went off on Bernanke at the Senate Banking Committee hearing.

Here’s a bit of what Bunning said:

Alan Greenspan refused to look for bubbles or to do anything other than create them. Likewise it is clear from your statements over the last four years that you failed to spot the housing bubble despite many warnings. Under your watch every one of the major banks failed or would have failed had you not bailed them out. After taking over the Fed you did not see any need for more substantial regulation of derivatives until it was clear that they were headed into the financial meltdown thanks in part to those products.

The video’s long, and contains Bernanke’s bogus response, but is worth a watch.

“Your fed has become the creature from Jekyll Island.” Now that’s some FAS! You know Seth Myers is working on his SNL quip as I type. Will update if he says something funny.