Obama Wants New Government Power to Seize Key Companies

Bloomberg recently reported that the Federal Reserve will likely emerge as the most powerful regulatory agency in the Obama Administration’s plan for overhauling financial market oversight, making the Federal Reserve and its Chairman Ben Bernanke, more powerful than ever.  But is Bernanke the right man for the job?

Here’s a “resume” of statements made by Chairman Bernanke, telling Americans not to worry about housing, mortgages, or car companies. These statements were made from 2005-2007. “Karnak The Magnificent,” he’s not.

Bernanke was chairman of President Bush's Council of Economic Advisers and succeeded Alan Greenspan as head of the Fed on February 1, 2006. In December 2008, Newsweek hailed him as the fourth most powerful person in the world.  We're doomed.