Friday, December 3, 2010

Bernanke: I May Buy More Than $600 Billion

CBS is out with a tease on Sunday's 60 Minutes interview with Ben Bernanke. It sounds like a full pop corn bucket performance (My emphasis):
In a rare and frank interview, Federal Reserve Chairman Ben Bernanke talks to "60 Minutes" correspondent Scott Pelley about the troubled economy and the measures the central bank has taken to improve it for a segment to be broadcast this Sunday, Dec. 5, at 7 p.m. ET/PT.

Bernanke's interview took place in Columbus, Ohio, last Tuesday (Nov. 30) and addresses several pressing economic matters, including deepening unemployment, the prospects of a second recession and taxes. He also talks about the federal deficit and reforming the tax code.

He explains why the Fed announced its intention to buy $600 billion in Treasury securities, defending against charges the move will lead to inflation and not ruling out the purchase of more.

The Fed chair also addressed the federal deficit.
Bottom line: Bernanke is not in touch with the economy or the world---crude oil closed today at a two year high at $89.86. It is remarkable this man can say that there is no inflation threat. The inflation is here!


  1. Bernanke is "not in touch" in more than one sense of the word. A little TSA groping might bring him down to earth.

  2. If 30day Oil busts through the huge $90 resistance level and holds, uncle Ben and Paul K. might as well resign, becuase it only gets uglier from that point on. After $90, we will easily move into the low hundreds.

    This is what you call good ol' government compassion for the working guy. I know the Repubs have a horrible record in that category, but nothing they do comes close to the ways the progressives will screw over the working man either through their shear ignorance of economics or desire to control every aspect of the lives of those they feel are too incapable of taking care of themselves. This week they stuck it to the working man really hard. First they extend the moratorium on drilling for seven years -- good by high paying working class jobs -- and then they vote in the food Nazi act which will essentially put the small organic farms out of businesses. Woods law was in full effect this week.

  3. Gold broke $1400 today.
    Silver close to breaking $30.00.
    I wonder what indicators Helicopter Ben uses to discern inflation in the economy ?

  4. No wonder Al Gore and David Blood are getting into credit. Bernanke's buying: