Dr. Bernanke’s Out of Touch with Working America

Dr. B, I listened to your speech today to the Community Bankers, hoping that you might have in the last few weeks learned what is really going on down at our level – where working America lives. But, you again demonstrated that you live in a world that just doesn't get it.

The Fed can give trillions of dollars of our tax dollars to your friends and fat boy bankers, but they are not going to lend it to the average working American to buy a home. After all, why should they when they can take your free money and loan it to their buddies to build apartment buildings knowing they are creating housing demand by simply not making mortgages to hard working Americans.

Here’s the facts – although FHA and VA loans are supposedly not FICO driven, yet, the investors will not buy a loan unless the borrower has a minimum FICO of 620. Now get this through your academic elitist brain – the majority of working Americans have a FICO under 620. So they are simply shut out of the opportunity to buy a home or refinance.

Am I angry with you? Yes, as are the majority of Americans. You and your buddies just don’t get it. We know you are masterminding the destruction of the middle class with hostile credit and monetary policies. You talk the nice talk, but your actions only support the rich getting richer.

So, while you blather about how wonderful your policies are (for the rich) you are guaranteeing that hard-working middle-class Americans will continue to get screwed, loose their jobs and homes, and then suffer the results of soon to be massive inflation.