actually, we all owe bernanke a debt of gratitude..
although qe was not popular, it knock one of the 3 legs of depression off the stool..
we have had a hell of a recession, one of the worst, but we did not drop into depression, in spite of fubo trying to get bernanke to play ball...
the fact that europe is in depression and we are not should be a real big hint...
my concern was never over the qe, but the speed and velocity of the eventual tightening..
tighten it up nice and slow, and we should be able to ride out the rest of the ‘06 recession..
tighten it up too fast, and we can still spin off into depression...
I would have to argue that we are now in an ongoing depression. Minimum 20% real unemployment. 92 million people out of work. Revised 1st quarter GDP .2, Housing starts at a 40 year low. $18 trillion in national debt. If it was not for food stamps, 2 yrs of unemployment insurance and welfare the soup lines would wrap around every block. People would be starving to death.
We are not in a recovery by any stretch of the imagination. For at least 22 more months there will be no chance of a recovery as its not on Barkey’s bucket list. He is attempting to destroy the economic system of the US and doing a damn fine job of it. We are headed for an economic collapse in the next several years. Our status as the reserve currency of the world is in serious danger.
If you want to know how the country is doing all you need to do is look at the BDI which is in the toilet.