We seriously wonder if he bothered to proofread his speech in Cleveland yesterday.
Stonger property rights and the rule of law...hmmm. To name just one example, considering the Fed's billions in financial support for Bank of America, and BofA's blatant disregard for the rule of law and property rights (read BofA's record on foreclosure fraud), one might be led to think that Bernanke was attempting some sarcasm here. But as we know, Bernanke doesn't do sarcasm.
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WASHINGTON - Federal Reserve Board Chairman Ben Bernanke tried on Tuesday to rehabilitate the "Washington consensus," a set of free market economic policy prescriptions that dominated the World Bank, International Monetary Fund and U.S. Treasury for about a decade before the global financial crisis. In a speech in Cleveland, Bernanke said that many points of the consensus remain valid. Countries seeking to grow should focus on macroeconomic security, deregulation of markets, including financial markets, and stronger property rights and the rule of law, he said. But the lesson of the last 20 years is that reforms should be "slow and pragmatic," Bernanke said. Some countries, like Mexico and emerging Asia in the 1990s, rushed to remove controls of foreign capital without having bank regulations or supervisors prepared to manage inflows, he said. "Reforms must be sequenced and implemented appropriately to have their desired effects," Bernanke said. The Fed chairman did not touch on current U.S. economic conditions or monetary policy in his remarks.
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Here's just a taste of BofA fraud:
Bank Of America Accused Of Breaking Into Woman's Home, Taking Husband's Ashes
SO IT BEGINS -- Bank Of America Accused Of Racketeering In Class Action Foreclosure Lawsuit
Robo-Signing Is Child's Play Compared To This - Bank Of America Allegedly LYING To State & Federal Courts About Fraudulent Foreclosures In Kentucky
RULE OF LAW VIOLATED - States Discover Robo-Signed Mortgage Documents Date Back To Late 1990s
Greenspan Admits To Rampant Fraud & Illegal Activity In U.S. Banking System While Sharing Jekyll Island Stage With Bernanke
Lenders Selling Foreclosed Homes Without Obtaining Title
BofA Forecloses On Home That Never Had A Mortgage, Owners Sue And Win Judgement, BofA Doesn't Pay So Couple Forecloses On Bank Of America
Bernanke hard at work...
