True to form he later supported the bailouts when it mattered. It's easy to backtrack afterwards - what a leader needs to do is lead in the right direction during a moment of crisis, rather than panic.
So one of two things must be true. Either he was incompetent as Chairman of the Board of Directors of the Federal Reserve Bank of Kansas City (hint: you do not dabble and get this position), and is an affirmative-action candidate; or he knew at the time what it was his business to know, and told the public the exact opposite, helping the very people who did the wrong thing to cash in in a very big way on my back and yours. The moronic, arbitrary economics of his "9-9-9" plan, seemingly tailored for their marketing purposes exclusively, could be construed to support either view.
Cain may paint a pretty picture now, but when it counted he wasn't on your side or mine.
You are making the FED look like some sort of cult or secret society... no doubt there is a LOT of bad in it... but you cannot assume that there were no GOOD people in it trying to change it for the better.
Also, I would probably have to concede that Cain was well aware of what was going on with the community reinvestment act, and what was going on with Fannymay/freddiemac... and he may have even known about many things the FED WAS doing that was bad for the economy.
That DOES NOT MEAN he supported it... or what it was doing.
How do you know he was not part of the internal struggle to change or prevent bad policy??? What would you expect him to have done, having known about details at the highest levels but unable to change them? Was he suppose to blow a whistle on someone for something he couldn’t substantiate? was he supposed to publicly criticize the FED while he was employed by it? or was he just supposed to quit?
Let’s say your a teacher... and a damn good one at that...
and lets say you had an opportunity to work in a public school where you can impact the most students possible.
So you take the job, well aware that your conservative beliefs and principles will get you in trouble... and sure enough, first thing they do is force you into a teachers union... but you see the opportunity to change lives, so you keep going in an effort to change it from the inside for the better.
Is it then fair for someone to call you a liberal who supports union labor because you worked in the public schools?
Again.... Show me... don’t just accuse based upon place of service.