With the predictions of no subprime crisis, no stockmarket crash, Bernanke seems to be not very good at one of his main job descriptions. Predicting and forecasting what will happen with the economy. He is so close to the action you think he would have half a clue. Not when you see what his latest forecast.
If you are head of the federal Reserve and your name is Ben Bernanke you can get forecast after forecast wrong and they will call you a genius. Even those higher up and many major publications such as the wall street journal.
NEWS
Here is his latest miss. Just a few days ago, Mr. Bernanke said at a major congressional hearing that quote "we see evidence of a self sustaining recovery " Then just days later, even before the ink dried, Mr. Bernanke said, that he "would not rule out buying more bonds to aid the recovery" Call it a helping hand, or QE3 or what ever you like. But how can he get away with this, he also goes on to say quote "The job market is firming somewhat". Really? That is the same as saying, that a female is almost pregnant!
At the rate of job creating that we are currently seeing, it will take about 30 years to get back to the levels we were seeing in the year 2000. Accounting for new job entrance and making up for all those jobs that were lost over the years. The simple fact is that there is no recovery. There is no job creation of any sorts.
The funny thing is that Bernanke was not talking about the jobs that were being created, the low paying jobs, such as a health aid, or stocking shelves in supermarkets in Walmart.
Just for a minute let us look at the bigger picture of what is going on. We have an economic crisis going on. We saw gold prices hit 1,400 an ounce, we are looking at brent crude going over 5 a barrel. There is a global crisis underway. There is no recovery. Inflation is rearing its ugly head. The only reason why we have any recovery at all, because of the bailouts and the stimulus packages and other rescue packages is because of the low interest rates as well.
The government will have to raise interest rates soon as inflation continues to skyrocket. When this does happen, the recovery will come crashing down.
Ben Bernanke's Illegitimate Predictions Wrong Again NEWS
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