As far as Chairman Bernanke, I think he’s probably been very forthright with us right from the beginning when he first came on to the job. The questionings that we’ve seen are, “How did we miss all this? How did we get into this position?”. I have always looked at it as a perfect storm. The housing started to go sour at the same time as when oil prices started to go up. You had a number of forces all working together.

Obviously, on the financial side of it, we are going to be doing regulations. We are working with Bernanke. He agrees with a lot of things that we, as a Congress, are doing and that Barney Frank wants to do. But this doesn’t happen or change overnight. The statement that I heard him make was that right now, his main concern, and I do believe that it’s the correct way to go, is to stabilize the banking market so that everything else can calm down, like the stock market, and bring confidence back to the American people.

With that, then we’re going to start working on some of the other problems that this nation is facing. But we’ve gone through this before. It’s painful for a lot of people, myself included. I look at my retirement account going down, down, down, down. That’s very nerve wracking for many people in my age. But with that being said, we’re Americans. We’ll pull through it, and we’ll be better for it.

This entry was posted on Wednesday, July 16th, 2008 at 2:30 pm and is filed under Politics, Economy/Budget .