News of the Painfully Obvious

Yahoo news headline: Federal Reserve Chairman Bernanke Says Regulatory Overhaul Needed.

Gee, do you think? I can’t imagine what tipped you off on that. Perhaps the fact that we are surrounded by crumbling financial institutions taking millions upon millions of dollars of aid from the federal government after years of unregulated financial free-for-all? Good eye, Detective Bernanke.

Bernanke also said the U.S. recession could end this year only if the government is successful in getting financial markets to operate more normally again. So, let me get this right… once we can get the financial market to quit operating like it’s in a recession, we won’t be in a recession anymore. Basically you’re saying that the recession will end this year if we can end the recession. That’s very insightful. Thanks, Wizard Bernanke! He’s full of other truisms, too, such as that big companies shouldn’t take excessive risks that threaten billions of dollars of investors’ and taxpayers’ money. If only people never did things that they shouldn’t. I also shouldn’t punch you in the mouth if ever I see you in person, Mr. Bernanke.

If only there were some kind of institution responsible for regulatory oversight...