Why ideologs are terrible at almost everything

Posted by: Barthélemy Barbancourt

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Bernanke Admits He’s Clueless On Economy’s Soft Patch

Brutally honest, 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 was put on the spot by a reporter who noted the inconsistency behind that explanation and a lowering of long term forecasts.  Bernanke took the hit, admitting 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.”

No Clue? Not one fucking clue? How about Obamacare, the out of control EPA, the Frank-Dodd bill, drilling bans that have jacked energy prices and wiped out jobs, the new tax on medical device companies, the fucked up bankruptcies of GM and Chrysler and the chill they put on the bond market, the 35% corporate tax rate that is keeping billions off-shore, the capital gains tax, estate tax uncertainty or how about the massive fucking debt that Obama is racking up and historic rates?

Jesus, are these people really this fucking stupid? Sadly, I really think that they are. Can someone buy Ben a subscription to the Wall Street Journal, please!

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Woody
...
written by Woody , June 22, 2011

Why don't you share your brilliance with the fed instead of limiting such deep thought to a small audience. Theres much more to it than that Bart. You should check out Greenspans new book The Age of Turbulence. It's a great read that covers the inner workings of the global economy from a historical perspective as well as present day.


Barthélemy Barbancourt
They don't listen
written by Barthélemy Barbancourt , June 22, 2011

Check out the pathetic WSJ article by an ex-Fed chairman. He can't image goverment spending so wasteful that it doesn't create a few jobs and he thinks borrowing trillions has no effect on the private sector. A real Kool-aid drinking Keynesian teaching economics at Princeton.


Woody
Not one fucking clue...
written by Woody , June 22, 2011

Actually Chairman Bernanke mentions a few clues as to the resistance of the economy rebounding such as poor performance of the housing and financial sectors. Borrowing trillions of dollars?? The $600 billion bond buying program ends this month and the Fed is actually resisting calls by some to pursue additional bond purchases. Other factors contributing to the economic downturn are the repurcussions of the earthquake in Japan, turmoil in the Middle East and trade imbalance. The Obama administartion is actually pursuing policy to iincrease the rate of domestic production. Overall, with a more global economy we are left at the mercy of global crises and less able to control our own destiny over short term periods which can result in rapid economic downturns. Fortunately, we do not have a Fed that acts in knee jerk fashion and makes rational decisions based on a careful study of the facts not rash decisions and profanity laced temper tantrums passed off as economic insight. Fuck fucking fuck fuck jeez Bart do you eat with that mouth? G night!


TomC
...
written by TomC , June 23, 2011

Bullshit, Woody.

Bernanke knows symptoms, and an effect is not necessarily a cause.

The $600B, QE2, is feel-good inflationary problem, as was QE1. He has printed money, taking value away from dollars Americans have saved through a lifetime and screwed us all. The Fed hasn't created wealth, it has destroyed it.

The earthquake, Middle East unbalance, and trade imbalance are excuses that anyone with even a minimal understanding of economics are nonsense. These are historical side-notes that may effect the emotional DJIA for a few days, not significant economic factors.

The Obama administration has given lip service to domestic energy production for the dumb-masses while systematically installing policies to significantly limit and thwart production.

The global economy has been destroyed by government policies in the housing and nonsensical FED policy. The dollar can o longer be the stall-wort that the world counts on for stability.

The Fed's QE1 and QE2, along with their continued near-zero interest rates are knee-jerk reactions based on no careful analysis of facts.

Governments, and the US government in particular, is responsible for this long-term recession--which I still contend is recession just because of the degradation of the dollar. So, in spite of the DJIA being up a few percent and unemployment growing by a few 10-thousands of jobs per month, these factors are minimized by the dollar's lost value.

So, Woody, temper tantrums are appropriate for those who are frustrated at the stupidity of academics who do not seem to be able to function in real-world environments. Academics who prefer to tinker from a bigger-government-is-the-answer bias. I along with Bart am frustrated with this, as well as the last, administrations



Nobody
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written by Nobody , June 23, 2011

Bernake, Greenspan et al all think they can control an economy. I'm sure the King did to. They can't. They can distort a market, they can ruin confidence in a currency but overall, they can't control humans and that which is most human, trade.


jk noreen
Woody, get a clue!
written by jokin , June 23, 2011

Nobody, and especially TomC, great responses to The Green Eyeshade Award-2011 Recipient- the Obama Apologist-in-Chief- Woodrow.

Woody, it's time for you to stop your partisan rants and drinking the Klugman-flavored Fiscal- Kool-aid.

Do you realize how utterly vapid you sound when you write: "The Obama administartion is actually pursuing policy to iincrease the rate of domestic production."

Fact 1 (from Human Events): "National debt exploding: Under 44 Presidents, it took America 235 years to rack up some $10 trillion in debt. Since taking office, President Obama has added another $4 trillion to the nation’s debt, with annual trillion-dollar deficits projected for years to come. Without meaningful deficit reduction, the United States is on a path that leads to interest payments on the nation’s debt exceeding total federal spending by the end of the century."

Fact 2 Gold is over $1500 an ounce- the canary in the coal mine. The Fed has fought deflation Krugman-style and what do we have to show for it? Stagflation (remember Jimmy Carter?), a shrunken dollar which, thanks to Obama's economic policy disasters, has failed to stimulate exports and, with China divesting itself of American treasuries, a looming debt crisis that will end up tearing the whole economic house down in default. Japan ignored Krugman's admonition to reflate its economy in the 90s, and by telling that annoying little demagogic gnome to screw off, is much better off today, with positive trade balances and huge export markets around the world.







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