Wednesday, January 13, 2010
Kelly Evans and Jon Hilsenrath of the Wall Street Journal talk about what is fondly referred to here as "the gift that keeps on giving". Others call it Fed chief Ben Bernanke's remarkable speech from ten days ago - Monetary Policy and the Housing Bubble.
You have to wonder why Bernanke bothered giving this speech at all, particularly at this time with his Senate confirmation vote looming. While few believe that he'll not be approved for another term (that is, once the procedural holds placed by a few angry elected officials are lifted), defending "too low for too long" just adds to the claims that he's out of touch with that part of contemporary economic thought that isn't funded or controlled by the Fed.
----------- The mess that Bernanke is making worse
----------- Bernanke smackdown!
----------- More blowback for Ben Bernanke