I am aware of that. I myself am shocked, but he did. Then again so did Volfovitz, Perle and a few other jews.
He must be incompetent, he appears to be the only person that realizes true inflation is and was here long before taking over. Those inflation numbr the gubment spout all the time are a joke. Because he sees a different landscape than others doesn't make him incompetent. IMHO, Ben is the unlucky guy to take over the mess created by "Free Cash Al".
I'm not blaming Benny for realizing true inflation, I'm blaming him for rasing rates a pathetic quarter of one percent! Immediatly followed by getting on the loud speaker in his helicopter saying, "More hikes may be needed. Or not.". He then proceeds to drop a godly amount of M1, M2 and an undisclosed amount of M3 monetary units. It is clear that this academic has his head in the clouds like a dove. Don't buy the doubletalk hype. The real inflation rate is the annualized appreciation in median home prices. A true inflation hawk would have that between 0 to 1% per annum.
A few points. If there were substantive policy differences between Greenspan and Bernanke, I doubt Ben would have been appointed Chairman. Also, Greenspan raised rates, what, 15 times before Bernanke took over? With the long end of the Curve just barely over 5% it seems clear that the market which should be the ultimate arbiter of Central Bank policy, is not screaming for a continued restrictive course. I look at it like this. OPEC output is not predicated by the overnight lending rate. Gasoline at $3 a gallon acts as it's own tightening or more. As far as the "myth" of Greenspan being overly accommodative. If you search ET for directional prognostications on RE and equities in 2002 you'll see that many participants thought we were in the midst of the Great Depression part two. NDX down by over 80%, SPX off half, ten year under 4%, 9/11, ect. IMO we were darn lucky to avoid some sort of meltdown that would have led to 15% unemployment. As a fiscal and monetary conservative I'm not a huge fan of Keynesian economics but it's hard to argue that a reduction in top tax rates along with "free money" didn't avert a major crisis.
Greenspan spoke consistently to those issues, exerting his opinions into the political process. Apparently he believed that his position gave him the right to use his platform for the purpose of influencing policy. No one raised bloody hell because he spoke to these issues, they way they would have if say Bruce Springsteen or Linda Ronstadt had said the same things....to them be hit with reactionaries claiming they had no business speaking to political and policy decisions. In fact it was quite common to see senators and congressmen ask Greenspan his opinions on those issues when Greenspan was testifying before congress. For better or worse, what is the job of a simple banker raising rates, has been elevated to a much broader level, because the impact of rates on the economy, the dollar, etc.
As of 2-3 years ago Bernanke wasn't worried about inflation at all, he was worried about deflation. He never warned about widespread asset bubbles, and the mounting deficit, and he never criticized Greenspan. Now he seems so confused, like he's too busy reading academic papers and talking to "wall street expert" Maria Bartiromo, to figure out what's going on.
It's hard to argue with a Keynesian. That major crises can be avoided by printing money is one of the most dangerous theories out there and Bernanke believes it. That's why he is incompetent and dangerous for the US economy.