I am continue to be amazed at the poor quality of questions asked at the Bernanke press conferences. Most circle around Bernake's view on the economy in 2013 and other absurdities.
Do these journalists not remember that Bernanke had no clue about the housing crash, days before it happened? Even though he caused it? The man is a fraud. He projects out for the next six months whatever the trend has been over the last three months, and then goes into total happy trend for anything after six months, where everything turns in the right direction according to him.
And as far as real monetary policy, not one question from these guys about money supply growth. Further, not one question about excess reserves, despite the fact that both the New York Fed and Alan Greenspan (along with EPJ) point to the fact that what happens to those reserves will be the key to monetary policy and the direction of the economy and price inflation.
I would not be surprised if the questions are agreed upon beforehand. Probably formulated not to offend his holiness...
ReplyDeleteThe conference was the expected... the blind leading the blind.
ReplyDeleteBlackhawk Bernanke: "We don't have a precise read on why this slower pace of growth is persisting."
ReplyDeleteAll I got here was "uhs" and "ums" separated by BS. That goes for the Bernank, as well as the press corps. I don't know if anybody else feels the same way as I do about this, but if all I here is "uhs" and "ums", I automatically assume the real answer is "duh".
ReplyDeleteMaybe it is just me. But, I would think that they would have more respect than to assume that we would accept such tripe. Alas, I have now filed this particular Fed conference under the "Full of Sh%$" file on my computer. I would be willing to bet, as convoluted as his words were, that I will be able to put a compilation together that is entirely contradictory to everything that the Bernank has said.
Bernanke is fast becoming the Irving Fisher of the 21st century; one can only hope that he meets the same fate.
"Bernanke is fast becoming the Irving Fisher of the 21st century; one can only hope that he meets the same fate."
ReplyDeleteTruer words have never been written. People in the media should have started flaying him alive after his comments in 2008 that the housing market was just fine, but they are so servile...it boggles the mind.