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Dr. Ivory, the patient is paralyzed and in critical condition!

This is a real life story that transcends occupation.

This is the story of Dr. Ivory*, a doctor who is the envy of many of his doctor friends because he possesses the most impeccable academic pedigree that any doctor could possibly want or have.
It's a complicated case!
Dr. Ivory enters the operating room to perform a complex spinal surgery on a man whose MRI, x-ray's and CAT scans all showed some type of serious nerve and bone damage. The true extent of the problem and proper surgical solution would not be known until he opened the man up.

Dr. Ivory has impeccable credentials having graduated from the MIT School of Medicine with honors after having earning an undergraduate degree from Harvard.

Dr. Ivory was so talented, smart and insightful, that at the request of his educational institution he bypassed any hospital or clinical experience and training to instead immediately enter the classroom to teach new students in the medical school at the request of the Dean.

Flash forward 20 years, and the man with the bad back came to this Dr. and asked him to do this serious and complicated operation. Why? Because the patient knows there is no doctor in the country more knowledgeable about the inner workings of the back and the spine than this man. He is brilliant and this patient did not want some hack to operate on him! He wanted the best and Dr. Ivory was the best! Dr. Ivory received a special, one-day surgical pass from the medical board to do the procedure.

The outcome, unfortunately, was that the patient almost died on the table and is now paralyzed from the neck down. Not a great surprise because as smart as Dr. Ivory is, he had no actual, practical in the trenches medical or operating room experience.

Now Dr,Ivory for some reason always liked to go by his first name when introducing himself as a doctor. His full name? Dr. Ivory Tower!
*Dr. Ivory is a fictional character and any resemblance to another Dr. Ivory either living or dead is a coincidence and none exists. The same goes for the paralyzed patient.

The problem of an academic trying to preside over real life policies however, is real and very dangerous!

Meet Chairman of the Federal Reserve Ben Bernanke

I provide below the academic and government background of Federal Reserve Chairman Ben Bernanke. Do not look to closely trying to find any private sector experience because I fear that your search may only end with disappointment.
Before moving on to the real reason that I wrote this article, consider this from Mish's Global Economic Trend Analysis (full article here):
"... Bernanke's stated purpose in QE II was to hold interest rates low. He has also wants to support housing and stimulate lending.

Bernanke's QE II Scorecard

1. Long-term yields are rising

2. Banks are not lending

3. Consumer credit is still dropping

4. Housing prices hit new all time record lows

5. Housing starts have hit new all time record lows

6. Banks are sitting on massive amounts of properties not marked-to market

7. Commodity prices have soared

8. Food and energy prices are up substantially

9. Those on fixed incomes earning nothing on their deposits are getting crushed

10. The stock market marches higher

Bernanke has taken credit for point number 10. He ignores or denies any role in points 1 through 9..."

So who is Ben Bernanke?

"... Bernanke attended Harvard University, where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named "Long-term commitments, dynamic optimization, and the business cycle" and his thesis adviser was Stanley Fischer.[22]

On February 1, 2006, President Bush appointed Bernanke to a fourteen-year term as a member of the Federal Reserve Board of Governors, and to a four-year term as Chairman.[27][28] By virtue of the chairmanship, he sits on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body.

His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market.[29] Maria Bartiromo disclosed on CNBC comments from their private conversation at the White House Correspondents' Association
.[30] She reported that Bernanke said investors had misinterpreted his comments as indicating that he was "dovish" on inflation. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment."

During Bernanke's first term as Chairman, the Federal Reserve experienced its largest increase of power since its creation in 1913.[31]

On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. In a short statement in Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's
background, temperament, courage and creativity helped to prevent another Great Depression in 2008.[32] When Senate Banking Committee hearings on his nomination began on December 3, 2009, several Senators from both parties indicated they would not support a second term.[33][34][35][36][37][38] However, Bernanke was confirmed for a second term as Chairman on January 28, 2010, by a 70–30 vote of the full Senate,[39] historically the narrowest margin for any occupant of the position.[40]..." (Wikipedia)

And therein lies the problem for you, me, the United States and quite possible the world.

From The Political Commentator written by Michael Haltman

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.