Clueless As The Day Is Long

The master central planner in charge Ben "Benny InkJets" Bernanke gave this absurd speech on Friday afternoon in of all places Jekyll Island at Jacksonville University.

http://www.c-spanvideo.org/program/296446-1

The money printing Wall Street sycophant went through in step by step fashion the systematic destruction of the US Economy. He was pretty dead on explaining the crisis and the Fed's role during the crisis. Remember, Bernanke is an academic. Bubbles don't exist in his world. He can only print money and hand over to Wall Street so they can clean it up.

The whole discussion is about 45 minutes long and honestly I had to restrain myself from throwing my PC out of the window on multiple occasions.

This guy is 100% unfit for his current position. He makes Greenspan seem competent.

Bernanke should have been thrown out on his ass when he stated during the discussion that QE is not inflationary and that it is merely an asset swap. I am sure Lloyd Blankfein's intern wrote that for him. This claim by Bernanke is an academic claim that only belongs in the halls of Princeton University. In Bernanke's world he is correct in that assumption, but in the real world, all of the money on the other side of the swap is being used to run up equities and commodities. Its asset price inflation. It is a weapon to make asset prices trade at higher prices than they normally would. Guess what? QE is an asset swap, but it is 100% inflationary and in all of the wrong places. Bernanke seems to believe that because commodities are being run up because of speculators that it doesn't count as inflation because corporations can't pass that cost onto consumers. They cant? Have you gone to the pump lately? Bought a carton of eggs? Buy a gallon of milk? Ludicrous! Even if corporations can't pass the costs onto consumers they will suffer from margin compression that leads them not to hire anybody. Its a vicious cycle.

Again Ben Bernanke is an academic. He doesn't live in the real world. Just because he has written a book about the Great Depression doesn't give him the right to print $600B on any given weekday.

Bottom line. Ben Bernanke is an incompetent fool who totally missed the economic crisis. He minimized the Fed's role leading up to the crisis and embellished the Fed's actions during and after. The Federal Reserve can't lead the country's economy if the economy is not in a bubble. They need easy money and bubbles to justify their jobs and to further their ambitions on Wall Street after they leave the Fed.

All I hear is that Bernanke is a smart guy. He is highly respected. BLAH BLAH BLAH. 

Degrees don't make you smart. They make you marketable.
Money doesn't make you smart. It makes you powerful.
Being well read doesn't make you smart. It makes you aware of the issues.
Experiences don't make you smart. They build and toughen your resolve and character.
What makes you smart? Very simply! The decisions you make.

If Ben Bernanke has any self respect left, he would tender his resignation as soon as possible.