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Bernanke Grilled by Senator Bunning

Written By Brian Hicks

Posted December 3, 2009

Senator Jim Bunning (R – KY) doesn’t pull his punches in this lecture aimed at Chairman Bernanke. Here’s an excerpt from the speech, which can be found at Mr. Bunning’s Senate site:

"Instead of taking that money and lending to consumers and cleaning up their balance sheets, the banks started to pocket record profits and pay out billions of dollars in bonuses. Because you bowed to pressure from the banks and refused to resolve them or force them to clean up their balance sheets and clean out the management, you have created zombie banks that are only enriching their traders and executives. You are repeating the mistakes of Japan in the 1990s on a much larger scale, while sowing the seeds for the next bubble."