Quote Of The Day
Based on the following quotes just uttered by the Chairman...
- BERNANKE: WALL STREET HASN'T BENEFITED MORE THAN MAIN STREET
- BERNANKE SAYS FED `VERY FOCUSED' ON MAIN STREET
... Bernanke's next career as a sit-down comedian smash hit is guaranteed.Even Bill Gross is amused.
Gross: #Bernanke from Mars: “Wall Street hasn’t benefited more than Main Street.”
— PIMCO (@PIMCO) July 17, 2013
As for the reality, perhaps this prior post showing what has really happened in the US, is appropriate:
Reminiscing on the good ol' days when traders and investors poured over fundamental metrics, CNBC's Rick Santelli looks upon the current environment as a single-factor "Bernanke-loves-me, he-loves-me-not" un-reality and the impact he has on savers. "It seems a little bit ridiculous," he understates before launching into two minutes of clarifying thought on just what it is that Bernanke is doing and that we are suffering through. Just who is Bernanke working for?
Expanding on the discussion last night, Santelli slams Bernanke for his flip-flopping view of the unemployment rate ("where was he during the elections when 'unemployment' was getting better?", his entire disregard for the terrible divergence between a surging corporate profit buildup (surely indicative of a healthy economy?) and the 'real' employment rate (which is dismally awful) preferring to focus on the 'unreal' unemployment rate - which even he now notes is over-stating the recovery.
- advertisements -