This was taken from Wealth Wire, which you can still sign up for here… It’s FREE!
Enjoy.
I have no confidence in Ben Bernanke… I don’t care what degrees he holds, or what he studied about the Great Depression.
He’s done nothing but take us to the abyss… and lie to us, all to save the financial system.
He doesn’t beleive inflation is a problem. But it is.
He said he’s not monetizing debt. But he is.
He’s willing to continue further easing as long until unemployment improves… but it’ll do nothing more than hurt us more.
And now he wants us to believe a recovery is sustainable. Too bad he’s wrong.
Here’s more from Reuters:
“The U.S. economy may be finally hitting its stride, even if growth remains too weak to put a real dent in the nation’s jobless rate, Federal Reserve Chairman Ben Bernanke said on Friday. Offering no real clues on the future direction of monetary policy, Bernanke sounded cautiously more upbeat than he had in his most recent public remarks, citing improvements in consumer spending and a drop in claims for jobless benefits as hopeful signs that a languid recovery was perking up. “We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold,” the central bank chief said in his first testimony to Congress since the Fed launched a controversial plan to buy an additional $600 billion in government bonds. His remarks were made public just an hour after the Labor Department reported the economy generated a disappointing 103,000 jobs in December. The jobless rate dropped to 9.4 percent from 9.8 percent, but the decline was partly due to a troubling rise in the number of people exiting the workforce. Just a month ago, in an interview on the CBS program “60 Minutes”, Bernanke had voiced a degree of trepidation about the economy’s rebound. In his testimony to the Senate Budget Committee, which was submitted to Congress before the jobs data, Bernanke defended the Fed’s bond purchase by highlighting the weakness in employment and what he saw as the risks associated with very low rates of inflation.”
