Ben Bernanke needs a better stash. Apparently, what ever he's been smoking has left him delusional and prone to spinning some tall tales of deception and deceit. Bumbling Ben needs a big pinch of TRUTH in his bowl and several long tokes to set him straight. Unfortunately, an overdose of truth just might send Ben off the roof of the Fed Building. But hey, if your gonna tell lies, "Be prepared to pay the consequences," my mama always said.
News this morning that Ben and his cronies at the Fed will no longer be cutting interest rates was NOT news at all. I think the financial community figured that out weeks ago. The knee jerk reaction to this "news" by the metals and currency markets was dumbfounding. NOTHING Bumbling Ben said today is in any way negative for the Precious Metals, or positive for the US Dollar. Bumbling Ben is trying to talk his way out of a corner he put himself in, nothing more. A first year economics student would recognize the fallacies in Pinocchio's statement today.
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke signaled Tuesday that further interest rate cuts are unlikely because of concerns about inflation. High oil prices are a double-edged sword that can both put a damper on already weak growth and spread inflation, he said.
LOL! That's a good one Ben. Take another shot at high Oil prices and blame it, instead of yourself, for rising inflation. High Oil prices don't "spread inflation", exponentially increasing the money supply does.
Bernanke, in prepared remarks delivered via satellite to an international monetary conference in Spain, said that the Fed's powerful doses of rate reductions that started last September along with the government's $168 billion stimulus package, including rebates for people and tax breaks for businesses, should bring about "somewhat better economic conditions" in the second half of this year.
Wishful thinking Ben. You'll be swallowing that bravado with a heaping helping of crow come October. Bet the farm on that. This is the same jackass that told us the sub-prime mess would be contained and would not effect the general economy. Woe is Ben.
"For now policy seems well positioned to promote moderate growth and price stability over time," he said.
In what world would that be in Ben? This economy is staring squarely at NO growth and hyperinflation. "Policy seems well positioned"? If you ask me, your policy seems to be a complete failure. Americans are far worse off today than they were six months ago when you told us the sub-prime crisis would be contained and not effect the general economy.
Until the slumping housing market and falling home prices show "clearer signs of stabilization," there will continue to be threats to the economic growth getting back to full throttle, he said. Moreover, recent increases in oil prices pose "additional downside risks to growth," he said.
Well Ben, your little lie in front of the entire world today should pretty much guarantee the death spiral the housing markets are in will continue, if not accelerate. Rising inflation, caused by a rising money supply I might remind you, is going to send interest rates substantially higher, and soon. "Signs of stabilization" in the housing markets are way, way, way, way, way over the horizon. THEY ARE NOT GOING TO Be MAKING AN APPEARANCE IN THE SECOND HALF OF 2008. QUIT LEADING PEOPLE TO BELIEVE THAT YOU HAVE ANY CONTROL OVER ANYTHING AT ALL, AND THAT THE ECONOMY IS GOING TO GET BETTER IN THE SECOND HALF. IT ISN'T! IT IS GOING TO GET FAR, FAR WORSE! AND THE BEST PART, IF THERE IS A BEST PART, YOU WILL GET BLAMED FOR IT!
No one is going to forget you said the economy would get better in the second half of this year. I won't let them. You're a liar and a flim-flam man, Ben. The whole world knows it, or soon will. Eventually your family will hate you and your dog will pee on your leg. I hope your passport is up to date. I envision you being chased out of the country by an angry mob of haves turned into have-nots.
At the same time, if already lofty oil prices, now hovering past $127 a barrel, continue to rise, that could worsen inflation, Bernanke warned.
Ben, would you quit blaming Oil for the inflation. OIL IS NOT THE CAUSE OF INFLATION. YOU ARE! Ben, you gave away another $75 BILLION of the taxpayers money today. And you got another mountain of trash in exchange for it. Ben, you are a criminal. Higher Oil prices will only make growth in the economy more impossible, they won't "worsen inflation". You have that under control. $75 BILLION you gave away today Ben, and you have the audacity to stand up in front of the world and declare your concern about inflation? Ben, if you were so concerned about inflation, why have you cut interest rates over the past eight months by 325 basis points? Oh, you did it to bail out your criminal banking buddies didn't you. Yep, you sure did. Obviously it wasn't meant to help the American people, despite your claims that it was. You have completely screwed the American people and most likely the next two generations of their offspring because of your lies, deceit, and inflationary monetary policies. For the last time, QUIT BLAMING OIL for your inflation.
Friends, NOTHING Bumbling Ben said today changes anything. If anything it only reinforces the fundamental reasons for owing the Precious Metals. Did Ben even mention a plan for dealing with the nations rising mountain of debt? Did Ben even mention a plan for ending the taxpayer subsidy of the failing banks? Did been even mention a plan for dealing with the rising rate of home foreclosures and credit delinquencies? Does Ben even have a plan for anything? Ben's plan is to "hope for the best". Sorry Ben, not good enough.