Friday, August 26, 2011

Fed chairman tells audience at resort to fear not, all is well

The chairman of the Federal Reserve, Ben Bernanke, told an audience at a resort in Jackson Hole, Wyoming that his was "optimistic" about the economy, and that any policies that could be implemented to "support robust economic growth" were "outside the province of the central bank."
Bernanke: "There have been some positive developments over the past few years, particularly when considered in the light of economic prospects as viewed at the depth of the crisis. Overall, the global economy has seen significant growth, led by the emerging-market economies."

Reuters: "U.S. economic growth in the second quarter was slower than previously thought and consumer confidence sank in August, further reducing prospects of a strong pick-up in output in the second half of the year."

Bernanke: "The negotiations that took place over the summer disrupted financial markets and probably the economy as well, and similar events in the future could, over time, seriously jeopardize the willingness of investors around the world to hold U.S. financial assets or to make direct investments in job-creating U.S. businesses."

Rick Perry, GOP candidate for President: "If this guy prints more money between now and the election, I don’t know what y’all would do to him in Iowa, but we’d treat him pretty ugly down in Texas... Printing more money, to play politics at this particular time in American history, is almost treacherous, uh, treasonous, in my opinion."

Forbes: "World stocks recover after Bernanke comments"

Well, if Wall Street is happy then everything must be OK, no need to worry your little head about things you can't do anything about.

So off with you, and go enjoy the greatest little recession the Fed, the White House, the Congress, and Wall Street, can create for you.