There is no way to interpret Bernanke's opening remarks this morning other than that he has truly no clue as to what is going to happen to the economy, at one point he says:
Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creationOn the other hand he says:
...the possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support.But, then again, he says:
On the other hand, the economy could evolve in a way that would warrant a move toward less-accommodative policy.How clueless can you get?
You know something? If I ran the Fed and controlled the money supply of the United States of America, I would be able to tell you what direction the economy was going to go in.
Sounds like a pretty clear understanding: The economy could go up, it could go down, or it could stay right where it is.
ReplyDeleteHe sounds more like Greenspan all the time. So ambiguous that every statement ends up meaning nothing. Not a good sign.
ReplyDeleteIf he considers himself ready for anything, I'd say that's laughable. This man is, at best, ready for the last crisis, not whatever is coming next.
The Fed needs to be shut the hell down!
ReplyDeleteWhy do we need these corrupt idiots.
Wenzel For The Win!
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