CNBC
Fed Chairman Ben Bernanke went before Congress last week looking to emphasize the "unusual uncertainty" surrounding the US economy and wound up pledging, in no uncertain terms, that the Fed was prepared to take unusual steps to fire up growth."Helicopter" Ben thinks he can inflate us out of this drepession by lowering interest rates to "stimulate" the economy. He is apparently devoid of any economic knowledge, or he would recognize lowering interest rates under Greenspan was the cause of this current depression.
"We are ready and will act if the economy does not continue to improve, if we don't see the kind of improvements in the labor market that we are hoping for and expecting," Bernanke told the House Financial Services Committee last Thursday, following a similar briefing to a key Senate panel Wednesday.
Why do people view him as a competent economist? Because we are being taught the wrong kind of economics.
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