If Ben had raised rates, you could argue that. But the extension of Twist is not even close. Disinflation is not Deflation. However, I do not doubt there was a conversation that went something along the lines of... Obama: You know, Ben, I'm not the only one out of a job if Romney wins. He's spoken rather fondly of you. Bernanke: Yes, I'm aware of that. We'll extend Twist, but do it sterilized. This way gas will fall, but you have to understand that stocks will too. Obama: I think that's the better choice, considering the majority of the public doesn't own stocks, but everyone needs energy. Don't put out QE3.
From lower energy prices, of course it does. However, food prices won't follow lower, that damage has been done. Those who invested in stocks will be trapped at inflated highs, and unless gas prices drop to where they were when Obama took office, there is still an overall negative (in terms of the price of gas) that the Fed is responsible for (and Obama indirectly, as he re-appointed Ben).
Food prices are lower now? Really? What grocery store do you shop at, when was it incorporated in Fantasy Land? Edit: I had to retype my response as I saw you answered to FOOD, not ENERGY. My apologies.
Hey, they're both higher than they were at the time of Washington's presidency. Somehow, we've adapted. As for the price of gas, I don't know what I pay, I honestly don't look. The cost is trivial to me. Edit: I take that back, I did notice it was $1.19 a liter recently.