Last week, in the midst of defending Geithner’s handling of the AIG bonus scandal, President Obama stated, that he’d take full responsibility for the AIG disaster. “I’m the President, The Buck Stops with Me,” Obama said.

I found that statement quite amusing, as it is becoming clearer by the day that, in truth, the Buck Stops with Bernanke.  The leader of the US, at least as far as the financial crisis is concerned, is undoubtedly Bernanke, and his cohorts at the Fed.

Unlike the President or any other member of the government, Bernanke is able to issue orders and execute any ridiculous financial scheme, such as printing another $1 trillion to bail out fraudulent banks, without any oversight or regulation.
I tend to believe, that The Fed, as it is currently constituted, may have served its purpose in a more simple financial system, but in the currently complex financial environment, with the dominance of securitization and derivatives, its role is surely too large, and too risky for the welfare of the majority of the nation.