Skip to comments.Bernanke Admits He’s Clueless On Economy’s Soft Patch (America's Gone Galt)
Posted on 06/22/2011 2:33:59 PM PDT by tcrlaf
In his second post-FOMC press conference, Fed Chairman Ben Bernanke touched on every topic, admitting that the recovery was weaker than expected and that beyond temporary factors like supply chain disruptions in Japan and high energy prices, he was at a loss as to what was causing the soft patch.
In a Q&A session with reporters, Bernanke said a disorderly default in Greece would have significant effects on the U.S. economy, while adding that the Fed still had several tools at its disposal to pump up the economy.
Brutally honest, Bernanke admitted that he had no clue what was actually causing the current fragility in the U.S. economic recovery.
While the FOMC statement assigned blame outside of the U.S., pointing at Japan along with rising food and oil prices, Bernanke was put on the spot by a reporter who noted the inconsistency behind that explanation and a lowering of long term forecasts.
Bernanke took the hit, admitting only some of the factors were temporary and that he didnt know exactly what was causing the slowdown, but that it would persist.
(Excerpt) Read more at blogs.forbes.com ...
With the nutjobs in the White House, and his merry band of wanna-be Socialists and crooks, nobody knows what's coming next. Business has Gone Galt.
And it won't end until the nightmare of Obama is forced from office.
Exactly. He’s trying to be apolitical, but his “stupidity” speaks volumes.
the longer this goes on, the more the bernanke’s incompetence is exposed.
We told them it wasn’t a liquidity crisis, but they wouldn’t listen.
Dumb Ben hasn’t taken a trip to the places we bugs go to. You can walk right up to a register, except for the first of the month, when the food stamp bennies go out.
God these people are clueless losers.
“We told them it wasn’t a liquidity crisis, but they wouldn’t listen.”
They’re all brilliant, dontcha know, and they know much more than any evil, greedy business type.
“...with the nutjobs in the Whitehouse...”
You’re being too nice.
Yes it's true, the last three recessions have taken much longer than the average of the previous 6 or 7 recessions. Why? Because the private sector has shrunk as a fraction of the total government.
The latest situation is definitely a vote by John Galt and his ilk to screw Zer0 and the direction he is headed. Screw The Goldman Sax.
total government -—> total economy
I give him points for that.
Translation: I want to blame the government and myself, but I can’t, so I’ll just say it’s a great mystery.
Oh well, no harm done Bernie. /s
Can we finally bury Keynes’ economic theories?
It is not incompetence, they have siphoned off trillions of dollars of America's wealth and now they pretend not to understand what happened.
It's time to quit sending pretty faces with nice hair smiles to Washington and get serious about elections. We have a bunch of bimbos in Washington, what did you think was going to happen?
Keynesian Economic theories have ONLY ever worked in the classroom, NEVER in real-life.
Can't go below 0% interest rates, so let's print mo money, mo money, mo money.
He may look incompetent to us, but his job is to make excuses for the government and bail them out. His bosses are probably very pleased.
They actually can go to a negative interest rate, and if things get bad enough in the rest of the world you might see it happen.
Or, he should ask anybody on FR what the problem is. For the fed chief, let me:
1. Uncertainty. Nobody knows what Hussein will do next, except that it will certainly be the wrong thing if you want to make a profit or hire somebody or start a business.
2. Corporate and individual taxes are too high now. The dems want to increase them, connect the dots, Ben.
3. What the economy killers cannot accomplish legislatively, they will attempt to do via the courts or the bureaucracy.
4. High energy prices, and the perception of even higher prices in the future are killing the economy on several levels. Hussein is committed to this policy.
I assume he’s also clueless on the soft patch between Obama’s ears...