Posted on 06/22/2011 3:40:05 PM PDT by Nachum
As noted in the title, for all those who wish to reread how Bernanke justifies the fact that he has no idea why the economy will improve, but it just will, damn it, here it is, complete with the full Q&A.
(Excerpt) Read more at zerohedge.com ...
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Yes, he does. And he knows that the temporary remedy of piling up more debt and putting off repudiation a little longer is going to happen.
And if that is his position, then why is he in his job?
It will get better when adults take over, and institute economic sense (ie: some capitalism) into the economic policies, removal of reams of regulations, evicting the marxists in power as well as weeding the minions inserted into the bureaucracy, putting them in the unemployed lines.
It won’t get better as long as this bunch is running things.
We are so f-—ed.
He should have stopped there.
The Ben Bernak needs to investigate that John Galt guy.
I think it is a hop and a skip from saying I am just punching my timecard in this job.
Someone should have asked him whether the Fed should be abolished, since the charter of the Fed is scientific management of the economy to make panics (the pre-Fed word for recessions) a thing of the past, and the "I don't know, but..." type of answer is unscientific and more like subjective blind faith.
Sounds like a roulette player. I have no idea where the little ball will land.
They should be rounded up and .....
“I Have No Idea Why The Economy Will Get Better But It Will”
///
i’m willing to stand up and say stupid things like that,
for half his salary...
Damn, I told Ben that taking his helicopter up over 20,000 feet without supplemental oxygen would fry his brain but he did it anyway.
Ben Bernanke’s nickname in school was “Wedge”. That is the simplest tool known to man and describes him perfectly.
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IMHO...
I’ve never been one to post here at FR clamoring to abolish the Fed. I’ve never advocated some attempt to stop the gov’t money-printing press by saying dollars are “backed” by something. The “backing” won’t stop the printing press because the valuation of dollars to “backing” can be arbitrarily changed by the powers that be.
That being said, the whole idea behind the design of the Fed was to keep it apolitical.
It is becoming painfully obvious that it has now been politicized, and is also far too influenced by the largest member banks, as well as financial “intelligentsia” and the thoughts of the heads of the largest financial firms, a.k.a., Goldman.
Something needs to be done, I haven’t given it much thought, though it’s been on my mental “back burner” for a long time.
A congressman was seated in first class next to a little girl on an airplane. He turned to her and said, “Do you want to talk? Flights go quicker if you strike up a conversation with your fellow passenger.”
The little girl, who had just started to read her book, replied to the total stranger, “What would you want to talk about?”
“Oh, I don’t know,” said the congressman. “How about global warming, universal health care or stimulus packages?” as he smiled smugly.
“OK,” she said. “Those could be interesting topics but let me ask you a question first. A horse, a cow and a deer all eat the same stuff - grass. Yet a deer excretes little pellets, while a cow turns out a flat patty but a horse produces clumps. Why do you suppose that is?”
The legislator, visibly surprised by the little girl’s intelligence, thinks about it and says, “Hmmm, I have no idea.”
To which the little girl replies, “Do you really feel qualified to discuss global warming, universal health care or the economy when you don’t know crap?”
Then she went back to reading her book.
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