Even Marc Faber knows what BUBBLE ben bernanke is doing is wrong!

I agree with Marc, he should resign as soon as possible, what BUBBLE ben bernanke did yesterday is just the beginning to a continued crisis. I have no clue why markets are cheering this news, everyone should know that BUBBLE ben bernanke is creating the next great collapse, its slowly building, it doesnt look like there is a problem today, but in near future there will be. As he says QE only helps the rich people and no one less than that, as you can see commodities are booming once again as oil touches $100 today, this isnt helping the guy who lost his $62,000 a year job for a new one that pays half that, everything is so fucking out of touch now that there is no stopping what has happened and what will continue to happen. This is nothing, but trillions and trillions of worthless money printing, you will see how bad this is going to get once people wake up and realize that what BUBBLE ben bernanke has done was the wrong way of going about fixing this greatest crisis that has ever touched this economy.


Marc Faber: If I Were Bernanke, I Would Resign
CNBC.com | September 14, 2012 | 07:04 AM EDT

Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.

He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.

“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.

Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed "Dr Doom" for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.

A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.

“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.

Bernanke announced on Thursday that the Fed would buy $40 billion a month in MBS, giving the impression that this time around there would be no time limit to the program, which would only stop once a sustained uptick in employment is visible.

“The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won’t be facing a fiscal cliff it will be a fiscal grand canyon,” he added.

Mike Konczal, fellow at the Roosevelt Institute disagreed claiming that this latest round of QE — aggressive as it was — would expand the scope of Federal Reserve policy and was “great for main street”. Crucially, he said, it tackles the issue of employment which would underpin future wealth.

“If anything, monetary policy has been too tight in recent years. We’ve seen a collapse in GDP growth, no wage growth and huge rises in unemployment. Wealth is collapsing because of a collapse in the housing market and prolonged, mass unemployment ,” Konczal said.

Faber poured scorn on the notion that QE helps the economy, declaring that commentators like Konczal would have said the same in 2001 when low interest rates led to the biggest housing bubble in the United States. That in turn led to the financial crisis of 2008.

“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom,” he said.

 

Too tight? Yeah, that's the reason we had a housing bubble, cuz the money was too tight.

I think his hat must be too tight. What a tool.

 

the bigger question is why did bernanke do it with the market just short of all time highs? i could see it if the market was in trouble.

 

Haven't you heard? He's now in the job creation business...supposedly.