Some startling news: The Pope is Catholic, bears excrete better things than the 2009 Stimulus bill in the woods and Fed Chairman Bernanke has no clue what’s wrong with the economy.
Forbes has the story:
[In his second post-FOMC press conference] Bernanke admitted that he had no clue what was actually causing the current fragility in the U.S. economic recovery. While the FOMC statement assigned blame outside of the U.S., pointing at Japan along with rising food and oil prices, Bernanke […admitted…] only some of the factors were temporary and that he didn’t know exactly what was causing the slowdown, but that it would persist. “Growth,” said Bernanke, “will return into 2012.”
Ben’s cluelessness is not news. His moves recently have been a central banker’s version of running in circles and screaming. What does surprise is the fact he still doesn’t get it, like someone having Anthony Weiner for a roommate and not understanding why he spends so much time with his smartphone. The problem is as plain as the nose on Barack Obama’s face.
Victor Davis Hanson explains:
…those in business, from the small entrepreneur to the captain of industry, have decided that it is wisest to sit out what is left of this administration, and wait to hire, buy, invest, and expand until someone at the top shows a basic knowledge of finance and economics, and some sympathy concerning what those in the private sector must contend with.
Simply put, growth will return in 2013 or 2017, when Barack Obama doesn’t.
– Written by Bonfire of the Absurdities
Source: Forbes, Victor David Hanson
