I don't like the guy, but let's face it. The U.S. Economy is fucked beyond belief. Totally fucked. Banks are insolvent, commodities are soaring to the sky, inflation is running high, mass job losses, hundred billion dollar deficits, etc, etc, etc... Yet the economy remains. Despite all the challenges sub-prime crisis, credit crisis, commodity crisis, increasing inflation, decreasing housing and whatever else I'm forgetting. The economy remains. We should have crashed hard many times, so I think Bernanke takes credit. I think Bernanke's Plunge Protection Team will be studied in economics books for years to come: BSC and JPM will be one hell of a case study. As well as economic stimulus payments. Exchanging subprime paper for cash and clean, crisp treasury notes. What a gamble which has paid off. Fed running out of room to cut rates? The invention of several term facilities reloads the fed with an unlimited number of more powerful bullets. Keeping an economy afloat no matter what. Let's face it, Bernanke is good. Had Greenspam been at the helm we would have been in a new great depression 8 Black Monday Threads ago. This thread i not satire, I'm serious. If the USA escapes this whole financial storm with a few scrapes and bruises then Bernanke is the greatest economist of all time and should be an example of all economies to live beyond their means with few consequences. That's a big If though, I still think we're in for a circuit breaker day on the markets but I've been so wrong in the past. Even today, I swear PPT kicked in at 11740. Rather than crash the market is being allowed a steady and orderly decline. Pure genius.
I do see what you are seeing and nice post. But taking all that taxpayer money to do all this IS an outright crime. paysense BTW I'm more of a fan for a circuit-breaker type washout than an orderly PPT-induces decline. I'd rather get it over with. I am confident in our country's economy and Fed powers to control interest rates. That should be enough for markets to stabilize quickly enough and for a healthier market to again forge new highs. But f&%k the banks - make them suffer for their atrocious mistakes just like the taxpayer. And McCain - get this budget balanced again and apply the extra dough and pay down the debt. Even the average consumer knows this type of prudence. Friggin' weak bast$rds, the lot of 'em.
the Romans witnessed their own suicide as evidenced by their own silver coins which were 100% silver at the beginning of the empire and less than 5% silver at the end. this empire is headed down the same path and the ending is the same.
I like your thinking, but just don't agree with it... The economy will survive, if it would just take its medicine. The longer we go without our medicine, the longer it takes to get through this drug addiction, and the worse it ultimately will be. They will just burst one bubble, and blow up another.. Raise Interest Rates... Defend the Dollar... Stop the Wars... Invest at home.. Slow down consumption... increase production...
America is weaker country financially ever since the 9/11 attacks. 1 trillion dollar spent on 'military' massive money spent on defense and nothing to show for it. the gov't bureaucracy has become so big,,,the citizens cannot afford to pay the taxes for gov't employees. gov't increase taxes or dilute currency. people forget that United States was built on foundations of less gov't is better gov't. the country is so 'regulated' for the benefit of a few elite few or self interest groups. low interest rates benefit wall street and brokers but inflation it the working class who don't own any stock but pay higher gas, house, and food cost.