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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Commentary Of The Month
January 7, 2014
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BERNANKE'S LEGACY

By Graham Summers

Capitalism means failure if you screw up. But under Bernanke’s watch, “capitalism” meant giving trillions in taxpayer money to those who screwed up.  It also meant a massive drop in median incomes, diminishing purchasing power for every American, increasing costs of living, and funneling U.S. funds overseas to bankrupt European entities. 

 

We would all have been better off if he’d never left Princeton but had simply remained in the classroom rather than bet the U.S. Dollar and the republic on his misguided theories.  Under Bernanke’s watch…

  • The U.S. has never experienced 3% GDP growth.
  • The labor participation rate has fallen to levels not seen since the ‘70s.
  • Inflation-adjusted median incomes have fallen 7%.
  • The U.S.’s debt load has risen from $8.4 trillion to over $16 trillion.
  • The Fed’s balance sheet has increased from $800 billion to over $4 trillion (larger than the economies of Brazil, France and even Germany).
  • Food prices have hit record highs fomenting untold suffering around the globe.
  • The Fed has funneled trillions of Dollars into both U.S. banks and European banks.

We all know how this will eventually end… with the system Crashing down yet again, thanks to his creating the largest bubble in history: that of the bond market today. But by that point it will be someone else’s mess to clean up and we the taxpayers will be the ones who pick up the tab, whether it’s through more bailouts, bail-ins, or a Dollar collapse.