So the numbers are looking a bit grim and Big Ben hasn’t any explanation. That’s right, the only man who can save the U.S. economy (smirk), the man with the reputation as the world’s leading expert on the Great Depression can’t figure out the new depression. Funny how generals are always fighting the last war. Some how, Bernanke seems to maintain the respect of a lot of so-called smart people. I reckon that proves what George Orwell said, “Some ideas are so stupid that only intellectuals can believe them.”
With the cold hard realities closing in, our cowboy at the Fed is trotting out his one trick pony yet again. Since Q1 and QE2 were such stunning successes, how about cranking up the printing presses yet again? Might as well, that apparently is the only bullet left in the Fed’s gun.
The market is rallying on that news today, at least initially. The rainmakers see more fuel for their bubble. Too bad what’s good for Wall Street today isn’t good for America tomorrow and beyond.
By Zeus, somebody get a clue! We don’t have a liquidity problem. The markets are awash in cash. We have an insolvency problem and a crisis of confidence in our government and our financial institutions. The politicans earned it and they own it. Until they learn to “eat their peas” (less spending Mr President, without more taxes), the economy cannot grow and it must grow . . . or the whole country will default on its heritage of American exceptionalism.
Bernanke has said hopefully (hopelessly) that our problems could be tied to rising gas prices and supply chain interruptions in Japan. Apparently Bernanke is not aware of the fact that excuses are like middle fingers . . . everybody has ’em, and it’s human nature to want to shift blame. Bernanke is failing. President Obama is failing. The country is failing. You can’t fix that printing pretty paper the world no longer respects. Most people get it, even the much insulted “low sloping foreheads” in the TEA Party. Bernanke and his Ivy League pals are the ones confused.
Mrs. Tgalt told me yesterday over the kitchen table the price of bacon, bread and even peas are sure going up fast at the super market. I wish me and the Mrs. had a printing press. As it is, we’ll have to cut back a bit. How ’bout that, Ben?