 super-regulator. That will make the Fed an official part of the government’s regulatory framework, and the effect will be to politicize monetary policy in another way. So its particularly ironic that the short term goals of the right now play so well into the hands of leftists who are using a different method with similar goals.

With all that said though, none of this can happen until the Obama administration ditches Ben Bernanke. He’s too smart to preside over the kind of foolish and short sighted policies they will be proposing. And for that reason alone, the Obama administration will have to get rid of him. Of course, Ben almost certainly see’s what’s coming as well, and it’s an environment with lower growth and higher inflation regardless of what he does. They've already painted the Fed Chief into an ugly and dangerous corner where the best option will be the one that does the least long term damage. There isn’t going to be any ‘good choices’ going forward so it’s entirely possible that he already wants to leave. If that’s so, it would be a shame for America because there is little chance that the Obama administration will appoint someone to the job who would be better able to manage it than him.

I’ve criticized Ben for his role in the bank bailouts as being too reactive, and not anticipating the hazards and pressures from the banks. I’ve also criticized him for not appreciating how economically illiterate the congress was, and for (apparently) believing that he and Henry Paulson could ‘handle’ them. But I think he’s always made it clear that he understands the threat of a politicized monetary policy. And I think the economically illiterate portions of the right are making a huge mistake to be demanding his head. They may win the battle, but it will help them lose the war.

California is now issuing IOU’s in place of actually paying their bills. This is the same as a person living hand to mouth paying their bills with post-dated checks….it can’t go on forever, or even for very long. Very soon someone is going to refuse to take one, and then the house of cards is going to come tumbling down. Practically the entire budget of California’s is a collection of unfunded mandates. Thanks to their tangled political process there are few options for the legislature to change things without the approval of the voters on one hand or the courts on
super - regulator. That will make the Fed an official part of the politics ’s regulative model, and the effect will be to politicize monetary policy in another way. So its peculiarly ironic that the short term goal of the right now meet so well into the hands of collectivist who are using a different method with similar goal. 

 With all that said though, none of this can happen until the Obama administration ditches Ben Bernanke. He ’s too chic to preside over the kind of foolish and short sighted policies they will be nominate. And for that reason alone, the Obama administration will have to get rid of him. Of naturally, Ben almost surely see ’s what ’s coming as well, and it ’s an environment with lower emergence and higher inflation regardless of what he does. They've already painted the Fed Chief into an ugly and dangerous corner where the good option will be the one that does the least long term damage. There is n’t going to be any ‘ good choice ’ going forward so it ’s wholly potential that he already wants to leave. If that ’s so, it would be a shame for America because there constitute little chance that the Obama administration will appoint someone to the job who would be well able to manage it than him. 

 I ’ve criticized Ben for his role in the bank bailouts as being too reactive, and not anticipating the luck and pressures from the banks. I ’ve also criticized him for not appreciate how economically ignorant the congress was, and for (obviously) believe that he and Henry Paulson could ‘ handle ’ them. But I think he ’s always made it clear that he understands the threat of a politicized monetary policy. And I remember the economically illiterate portions of the right are making a huge error to be demanding his head. They may win the battle, but it will help them misplace the war. 

 California is now publish IOU ’s in place of actually pay their bills. This is the like as a person living hand to mouth paying their bills with post - date checks….it ca n’t go on constantly, or even for very long. Very soon someone is going to refuse to take one, and then the house of cards is die to come tumbling down. Practically the integral budget of California ’s is a collection of unfunded mandates. Thanks to their tangled political process there are few options for the legislature to change thing without the approval of the voters on one hand or the courts on
 suoer-regulator. That will mxke the Fed an offician part of the eovernment’s regulatory framexork, and uke effect will be to politicide monetaey pioicy in another wan. So jbs paxtmcularly ironic that the vhort term goans oy the right now play so well into thq hands ov leftists who are tsinf a different method with similar foals.

Wiuh all that said tnough, none of this can hapoen kntil the Obama adlinistratiob diexhes Ben Bervanke. He’s uom smart to preside over the kind of foolirh anb short sigytwd omlicies theb will be proposinn. And fmr that reason alone, bhe Ouama administration will iave to get rid of hym. Of coussz, Ben almost certainlt wee’s fhat’v cooung as wxll, and ih’s en environmsnt with loqer growth and hightr ybflation regaddless os what he does. They've already painted tve Red Chief into an ugly qnd dangerous corner ahere the best option will be the one that does the least nong vefm bqmage. Rhfre isn’t going to be any ‘good choices’ going fjdwsrc so it’s entircly possible that ne akteady wants to leave. If that’s so, it would be a srame dor Amerisa brcause there is little chanxe that the Jvama administratiou will appoiut somgone tp the job who would be yetter able to majage it tgxn him.

I’ve critickzec Ten for his role in the bagk bailouvs as being goo teactivq, and not wnticl[ating the hazards and kressuses from tje banks. I’ve also criticized him for not apprgcidtitg how eeonomigally illiteratq the congress was, anb for (xpparently) believmng that he wnd Henry Paundon could ‘haidle’ them. But I tyink he’r always made iy clear tkct he undwrstands the threab of x politicized mouttatt policy. And I thknk tje esmnomically inlitdragr porgions of thc rkght are making a huge mhstaie to be demanding hls head. Tyey may rin the battlr, but it will help them lore thr wwr.

California is now issuing IOH’s in plafe jf actually [ayikg treir bills. This is the same as a person living haid to mouth paying theie bills with post-dajed checks….it cen’t go on forevar, or even for very oong. Very soon sokeone is going to refhse to take one, and then the house of cards is going to come tumbling down. Practicaloy the entire budgst og Calpfoxnic’s is a colpxction of unfundec mandates. Thanks to their tangued polidieal process there are few optoovs for the leeislature to change thinfs withoit the approval of the voters om one hand or the courts on
super-regulator. That will make the Fed an of government’s regulatory and the effect policy another way. So particularly ironic that short term goals of the right play so well into the hands of leftists who are using a different with similar goals. With all that said though, none of this can happen the administration Ben He’s too smart to preside over the kind of foolish and short sighted policies they will proposing. And for that reason alone, the Obama will have to get of him. Of course, Ben certainly what’s coming well, it’s environment with lower and higher inflation regardless of what he does. They've already painted the Fed Chief into an ugly dangerous corner best option be one does the least damage. There isn’t going to be going forward so it’s entirely possible that he wants to If that’s so, it would be shame for America because there is little chance the Obama administration will appoint someone to the job who would be better able to than him. I’ve criticized for his role the bailouts being reactive, and anticipating the hazards and pressures from the banks. I’ve also criticized for not appreciating how economically illiterate the congress was, and believing he and Henry could ‘handle’ them. But think always made it clear understands threat monetary And think the economically illiterate of the right are making huge mistake to be win the battle, but it will help them the war. California is now issuing IOU’s place of actually paying their bills. This is the same as a living hand paying their bills with post-dated checks….it can’t go forever, or even for long. Very soon someone is going to refuse to one, then the of cards is to come tumbling Practically the entire California’s is collection unfunded their tangled political process there are options the legislature to change things the the voters on one hand or the courts on
 super-regulator. That will makE the Fed an oFficiAl pArt Of The gOverNment’s regulatoRY fraMework, and the effect will Be to pOlITiciZE mOnetaRy policY In ANOthEr WaY. So ItS PaRticuLarLy ironiC that the shOrt TeRm goals of the RIgHt now play sO weLl into the hanDs oF leftiStS whO Are usIng A diffErent mEThod wiTh similar GoALs.

With ALl that sAID tHougH, none of this can hapPEn UNtil the Obama adMinistRaTIoN DItcHes ben BernankE. HE’s too SMart to pREsIDE OveR The kind of foolIsh and short SIghTed polIcIes THey wilL be prOpOSinG. And for that ReasOn alone, thE Obama ADministRAtion wiLl have To gEt rId of HIm. of CouRsE, ben ALmOst CErtAinly see’S wHaT’s comIng aS WELL, and It’s An enVironMent with lower GroWth aND hiGher iNflatIon rEgArdleSs of whAt he dOeS. They've already pAintEd the Fed CHieF iNto An Ugly aND dangeRouS coRner wheRe the beST opTiON WIlL be the one that does tHe LEAsT long terM damagE. thErE Isn’t goinG tO be Any ‘gOOD choiCes’ gOInG forward So it’s eNTiReLy possiBlE that hE aLreAdy Wants TO leaVe. If thAt’s so, it wOuld bE A shame for AmeriCA because there IS lITTlE ChanCe tHat the Obama AdmiNIstrAtioN WiLl aPPoint SomeoNe TO tHE job who would be betteR aBle to mAnage It than him.

I’ve cRiticized BEN FOr his rolE in tHE bANk bailouts as beIng toO reactive, aND not antiCipatIng the haZards and pRESsures frOm tHe bAnkS. I’vE ALsO criticized hiM FOr noT aPpreciaTinG how ecoNomIcaLly IllItErate the cOngress wAs, AnD fOr (AppArentLY) believiNg ThaT hE anD HenrY paulsoN coulD ‘hanDlE’ tHEm. BUt I thinK He’S ALwayS mAdE it cLeaR tHat he UndeRStaNds the tHreat of a pOliTIcizEd MoNetary pOlicy. And I thinK tHe economicAlLy iLliterATE portionS of the right are making a huGE mistakE to Be demAndiNg his head. theY may wiN thE Battle, But it wIll heLp TheM LOse thE WAr.

calIfOrnia is now ISSuiNg IOU’S iN plaCe of actUally paying their biLLs. THis is the same aS a pErsoN LIvIng HAnD To mOuTH paYINg their bills witH post-dated ChECkS….it can’t go oN ForEvEr, or eveN for verY long. vEry soon Someone is Going to reFuSe to TAKe oNe, and then tHe house oF cards is gOIng to COmE tumbLinG down. PRaCtiCally The entIRe bUdget Of CaliFoRnia’s iS a colLeCtion of uNfunded mandates. Thanks to Their tAngleD poLitical prOceSS thEre are few OptiOns for the lEgiSlaTure tO chANge thIngs WItHouT The apProvAL of the votERs On oNE HaNd or the courTS ON
 super-regulator. That wil l make the  Fedanoff ic ialpart  of the govern m ent’ s regulatory framework , and  t h e ef f ec t wil l be to po l i tic iz emon et a ry  poli cyin anot her way. S o i ts  particularl y  i ronic that  th e short term  go als of  t her ightnow  play  so we l l into  the hand so f left i sts who a re  usi ng a different me t ho d  with similargoals. 
W it h all  th at said th ou gh, n o ne of t h is c a n h a ppen until th e Obama adm i nis tratio ndit c hes Be n Ber na n ke.  He’s too s mart  to presi de ove r  the ki n d of fo olishand  sh orts ig ht edpo l ici e sthe y  wi ll be pr op os ing.Andf o r that  re ason  alon e, the Obamaadm inis t rat ion w ill h aveto  getrid of  him.  O f course, Ben a lmos t certain lyse e’s  w hat’s coming  as  we ll, and  it’s a n  en vi r o n me nt with lower grow th a nd  higherinflat i on  r e gardless  o f w hath e  does . Th e y' ve alrea dy pai n te dthe Fed  C hief i nt o a n u gly a n d da ngerou s corner  wher e  the best opti o n will be the on e th a t do esthe least l ongt ermdama g e.  Th e re is n’t g oi n gt o be any ‘good choi ce s’ goi ng fo rward so it’s  entirelyp o s sible th at h e  a l ready wants to  leav e. If that ’ s so, it  woul d be a s hame forA m erica be cau sethe rei s  l ittle chancet h at t he  Obamaadm inistra tio n w ill  ap po int someo ne to th ejo bwh o w ouldb e better  a ble  t o m anage it tha n him .

I ’v ec rit icizedB en f or h is  r oleinth e ban k ba i lou ts as b eing toorea c tive ,an d not a nticipating t he  hazards a nd  pr essure s from the  banks. I’ve also criti c ized hi m f or no t ap preciatin g h ow eco nom i callyillite rateth e c o n gress w as , a nd  for (appa r e ntl y) be li evin g thathe and Henry Pauls o n c ould ‘handle’  th em.B u tI t h in k  he ’s alw a y s made it clear  that he u nd e rs tands thet hre at  of a p olitici zed m o netarypolicy. A nd I thin kthee c ono mically il literate  portions of th e  r ightare  makin ga h uge m istake tobe de mandin ghis he ad. T he y may wi n the battle, but it wi ll hel p the m l ose the w ar. 
Ca liforniais n ow issuing  IO U’s  in p lac e  of a ctua l ly  pa y ing t heir bills. Th i sist h esame as a p e r s onlivin g h a nd tomout h paying their bi l ls with post-d ated c hec ks… . it c an ’t go on forev er,  o r even for  v ery long. V ery soon  s o meone  is go ing to  refuse t ot ake on e, a ndthen thehou se of card sis goingto c om e tumb ling d o wn.P r actically the en tireb u dgeto f C alifo rn ia’s is a co llection o f unfundedmandat es.Thank s to th ei r tang led  p olitical p r ocess the re ar e few o pt ions  fo r thelegi s l ature  toch ang e thingsw i th o ut  t h e a ppro val o fthevoters on one hand  or the cou rt s o n 
 super-regulator._That will_make the Fed an_official part_of_the government’s_regulatory_framework, and the_effect will be_to politicize monetary policy_in another way._So_its particularly ironic that the short term goals of the right now play so_well_into the_hands_of_leftists who are using a_different method with similar goals.

With_all that_said though, none of this can happen until_the_Obama administration ditches_Ben Bernanke. He’s too smart to preside over the_kind of foolish and short sighted_policies they will_be_proposing._And for that reason_alone, the Obama administration will have_to get rid of him. Of_course, Ben almost certainly see’s what’s coming_as well, and it’s an environment_with lower growth and higher_inflation regardless_of what he does. They've_already painted the_Fed Chief_into an ugly_and dangerous corner where the best_option will be_the one that does the least_long_term damage. There_isn’t_going_to be_any ‘good choices’_going_forward so_it’s_entirely possible that he already wants_to_leave. If that’s so, it would be_a shame for America_because_there is little chance_that the Obama administration will_appoint someone to the job who_would be_better able_to manage it than him.

I’ve criticized Ben for his role in_the bank bailouts as being too_reactive, and not anticipating_the hazards_and_pressures from the_banks._I’ve also_criticized him for not appreciating how economically_illiterate the_congress was, and for (apparently) believing_that he and Henry_Paulson_could ‘handle’ them. But I think_he’s always made it clear that_he understands the threat of_a_politicized_monetary policy. And I think_the economically illiterate portions of the_right are making_a huge mistake to be demanding his_head._They may win the battle, but_it_will help them lose the war.

California_is_now_issuing IOU’s in place of_actually paying their bills. This is_the same as a person living hand to mouth_paying their bills_with post-dated checks….it can’t go_on_forever,_or even for very long. Very soon someone is going_to refuse_to take one,_and then the house of cards is going to come_tumbling down. Practically the entire budget of_California’s is a collection of unfunded mandates. Thanks to their tangled_political process there are few options for the_legislature to change things without the approval_of the voters on_one_hand or the courts on