Bernanke speaks and as expected…
… There is more crap that comes out of his mouth than there is in a 1,000 gallon septic tank and this time he had is ‘friend’ Paulson with him in order to increase the total pile of waste.
The only smart thing he somehow mentioned to say (even a blind dog will find a bone one day) is that the economic outlook has deteriorated and is worse than expected.
Since Bernanke is severely mentally challenged at his current job with the tasks that he should (in theory) be able to manage he acknowledged the fact that the economy is in worse shape than previously anticipated (he has the ability to get two brain cells functioning together only once every year and then one of the two will go on a vacation and there is an election process within his brain to find a replacement…this year his one brain cell on vacation thought it would give Helicopter Ben a Valentine’s gift and re-joined the only functioning brain cell which is why for a few seconds he sounded like he knew what he was talking about…this was a short lived event) and went back to his task to ensure the destruction of the economy and while he is at it he decided to take the U.S. Dollar down with him.
There will be more rate-cuts. Why?
Because he can do so and because he is on a mission…wait there are a few other people that will vote for rate-cuts…but they would not dare to vote against ‘Septic-Tank’ Ben, their hero whom they all look up to (with the exception of one maybe two individuals).
He is like a five year old child that was dropped on his head a bit too often. I want to meet the person who told Ben that there is no possible way he could engineer the second ‘Great Depression’ and his response might have been:
‘Who can’t…You do not know me…Wait till I take over…The Great Depression 1929 will be nothing in comparison to what I can do…’
Reverse Psychology at its best. So, thanks to the ‘friend’ of Little Ben who dared him with a psycho-trick into a serious of bad moves in order to accomplish what he was once told he could never do we are were we are right now (of course he had help from other sources).
Yes, we are not even close to a great depression but ‘Do-you-want-to-be-my-friend-and-play-with-me’ Bernanke tries to close the gap and carves out his spot in history while he is willing to sacrifice whatever it takes to do so…remember, he has to prove his ‘friend’ wrong (for some reason I truly believe that his ‘friend’ was his image in the mirror but to this day he strongly believes that it is somebody else…maybe that is the secret person who Ben discusses his moves as a Fed Chairman with).
I like the fact that he claims he has an assessment of the economy and his own forecast which still calls for growth but at a slower pace (oh wow, Ben can’t even tell a joke the right way).
He supports the ‘economic stimulus package’ which is now officially on its way to do what it can to take its bite out off the economy (for your info…the package was designed to the opposite).
Of course Paulson backs the ‘economic destruction package’ and there will be more of those socialist packages that will drain what is left from the economy. He does not know any better and someone needs to eat the crap Bernanke leaves behind.
Paulson still thinks that it will create 500,000 new jobs…who knew that you could classify unemployment as a job?
Another sign that the economy, or better the consumer who tries to keep the economy afloat and fell for the trap laid out by the system, faces severe headwinds is decreased in size of the trade deficit. Don’t get it wrong, usually this would be a great and welcomed development, but the cause of the decrease were for the wrong reasons which adds to concerns about the health of the economy.
The U.S. Dollar is worthless and any further drop will continue to have an inverse effect on commodity prices which will further fuel inflation and inflationary expectations and the consumer will feel the impact more and more which in return will continue to be a drag on the economic performance.
One has to wonder:
What will happen down the road when ‘Great Depression Two’ Bernanke lowers rates to 0%?
Maybe it will come at the time when capitalism has been totally abandoned and the government may mail out higher rebates or worse they will kindly ask you to repay those and pitch more money into the system by hiking taxes (oh wait, that’s what the Democrats have already planned if they take over).
How about negative interest rates, anyone? How about the government will pay you 2% because you followed their road map and borrowed more money that you can’t afford to and decided to spend it?
Not possible but who thought that the most incompetent person out of a pool of candidates would replace Greenspan and that a country once known for freedom and capitalism would one day favor socialism and care less about the constitution?
Even the least competent fund mangers and investors will realize sooner or sooner that even their hero…Little Ben…will not save the economy with his moves that are dumber than the idea to swim from New York to London because you can.
Bernanke can only do so much to pave the way for a strong recession and he possibly will reach his life-time goal for a depression but if he fails (which should not surprise anyone since he is one of a few individuals who would actually fail to fail) than he has a back-up team of socialists and inflation on his side that will continue to fire-at-will in order to create the worst scenario that ‘they’ can possibly come up with.
You know…we don’t mind the fact that you lie to us Ben but we really get pissed off by the fact that you actually think we believe you!
Just to be fair:
A few steps that any government can do if it would really like to help out consumers will be posted tomorrow.
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