Long-time blogger Mike Shedlock treats blogosphere newcomer Ben Bernanke to an old-fashioned fisking. Mish’s final assessment:
Is it any wonder the Fed has blown asset bubble after asset bubble with increasing amplitude over time?
I think I’d be a little kinder. I think that, when you get to define your terms in ways that are very different from the way ordinary people might define them, you have practically complete freedom of action and almost no accountability, the factors you consider in making your judgments will be pretty different from what the ordinary guy might have done. You don’t care about the effect on the ordinary guy. You’ve got the Buffetts and Dimons of the world to consider.
Welcome to the blogosphere, Dr. Bernanke!
I think that the Bernanke and other Fed governors & chairmen* have an additional problem: They really don’t know what else they can do.
* Yeah, yeah, Aunt Janet isn’t a ChairMAN. You could sue me but I’d just move to Indiana.
I read Bernankes post. Even allowing for the fact that it is by definition exculpatory I’d call it a miserable piece of dishonesty, or at best pathetic self deception. Zero hedge took it apart, and, to add insult to injury, did a laundry list of Bernanke epic fail prior predictions.