Monday, December 6, 2010
Ah, Mr Bernanke
Did you see 60 Minutes last night? Although I don't talk much about politics on this site, it is an area of great interest to me and was my major in college.
Bernanke appeared on the show three years ago and of course, the commentators were all gushy and self-congratulatory about how he never went on TV and now he was on their little show, oh my.
Anyway, this time out, he was still professorial and "I am in charge here" (guess SOMEONE has to be), and said the latest move to buy back debt was absolutely necessary to prevent deflation.
Someone said this QE2 stuff is like paying Visa with MasterCard. Now THAT I know about.
I gather 1.5% growth sucks. Almost 10% unemployment also blows (it's way more in many places as people out here know all too well) and there is a chance of a second dip.
Of course--we have Bernanke to save us. Like he did the first time?
All I am saying is in my opinion, we hire these people to follow the world markets, create a US industrial policy, take care of this, and they don't.
Or it's just all so new, so different, so unmodelable, they can't fathom it. Hey--someone got these trillions of vanished wealth and it wasn't me or anyone I know! Or else it was all on paper and I was never OK.
So buckle up. This ain't over.