Thursday, September 17, 2009

Banana Ben Bernanke Is A Complete Idiot And/Or A Pathological Liar

A couple days ago Fed Chairman Bernanke proudly proclaimed that the recession in this country is most likely over.  This was a few weeks after he arrogantly took credit for saving the world from global financial disaster. 

Let's look at a couple datapoints to see validity of Bernanke's boast:

1)  Yesterday, the CEO of Chrysler and Fiat said that auto industry sales are off 19% so far in September after the cash for clunkers program ended:    Auto sales

2)  Fed Ex reported today that their revenues were down 20% in the most recent quarter vs. the same quarter a year ago.  Fed Ex is considered a key indicator of economic activity.  Or perhaps this is what Bernanke was looking at...

3)  Credit card defaults usually track unemployment,  rose to a 26-year high of 9.7 percent in August.

So the question remains, is Bernanke a complete idiot, an ivory tower geek who is blind to the facts or just completely corrupt?  Clearly, if you watch the video footage of his past statements about the economy from an earlier post   Link, it's hard believe ANYTHING that comes out of Banana Ben's mouth.  It brings to mind an old rhetorical riddle about traders from my Wall Street days:  "Question:  how do you know when Bernanke is lying? Answer:  when his lips are moving."

“The last duty of a central banker is to tell the public the truth.” Alan Blinder, Former Vice Chairman of the Federal Reserve


  1. Yes, as I think the Alan Blinder quote suggests, one is inclined to weigh in on the side of official mendacity, not stupidity in this case. In my view, Mr. Bernanke is essentially a criminal (yet to be recognized) in that he aided and abetted one of the great swindles of any one's time, namely the banker bailouts. The failed (and still insolvent institutions) should have been folded up and their constituent parts sold off to smaller healthy institutions.

    We know what Bernanke delivered instead. He should Resign or be fired so he can see his good reputation be debauched in retirement just like his ghastly predecessor. And most importantly The Fed itself needs to be audited and likely dismantled.

    September 17, 2009 11:24 AM

  2. Agree with everything. I remember saying back in 2001: "I only hope Greenspan lives long enough to see his likeness burned in effigy"

  3. Dave,
    The title of this post implies the two labels are mutually exclusive, but I think Boom Boom Benny can rightly claim title to both.

  4. gyc, thanks for pointing that out and I corrected the title

  5. Dave,
    Thanks for the title change and stopping by the site. You may want to check back in as I really go off on a rant (metals are featured) that I think is important.