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?
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Expanding on the discussion last night [6], 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.
As Santelli notes, maybe, just maybe, it is all about interest rates and the cover for a Treasury with "boatloads of unsustainable debt."