Title: FED Chairman Ben Bernanke Testified Before Congress Today - My Viewpoint.
Author: Andrew M Molchan
Date: Tue July 17th, 2012
July 17 2012. ANDY'S UNPOPULAR INSIGHTS. Ben Bernanke Testified Before Congress today, and Everyone Heard ONLY What they Wanted to Hear.
The Stock Market went up because the usual Kramer Clown TV whores were screaming, "Bernanke leaves the door open for more stimulus."
Yes, Bernanke said the door was open, and ALSO said that he was NOT planning to drive another Trillion Dollars of Queer Money thought it anytime soon.
As a side note, I watched the testimony on CNBC and Bloomberg. On CNBC, the talking-head A-holes would voice over the core-relevant excellent questions from Republicans, but let left-wing jackasses like Schumer blabber on about the need for more Queer Money Socialism.
I watched the hearings, and what I head was Mr. Bernanke saying that the FED can only do so much. Congress has to get off of their dead asses and pass the needed laws. That's not what the Kramer Clowns wanted to hear, and thus they did NOT hear, and did NOT report.
What more can the FED do? The FED cannot go below ZERO Rates. The FED is ALREADY BUYING Billions of dollars of US T-Bonds. The FED is already using Madoff accounting that would get you or me in jail. Aside for fabrication yet ANOTHER Trillion Dollars of Queer Money, and adding MORE Trillions to the National Debt - what's in the tool box?
Here's an economic insight - a Nation CAN live off of Queer Money Debt for many years, but NOT Forever. Even the FED morons kind of understand that rule.
Mr. Bernanke DID SAY that unless Congress has some SERIOUS law passing ACTION between now and January, the US Economy WILL go into Recession in 2013. An economist I greatly respect, Arthur Laffer, as said the EVEN IF by some miracle Congress Does Act, 2013 will be a Recession Year anyway.
A Congressman did ask Mr. Bernanke a question that for years I've been asking in my essays. "Doesn't the FED's action make it possible for Congress and the White House to Continue to do Nothing?"
Mr. Bernanke answered the above question by saying, "It's NOT the FED's job to threaten Congress."
Read my essay below, from July 15, "Where is Operation Valkyrie when We Really Need It?" What Bernanke said in effect was, YES, I'M A MINDLESS, NAZI, CONENTRATION CAMP OFFICER FOLLOWING OREDERS, AND NOT THINKING ABOUT ANYTHING ELSE.
As I've been saying for years, one of the biggest problems is that the FED only has lose change in its pants. They really are a collection of COWARDS. The history books of 40 years from now will describe both the FED, and Congress, as sweet talking spineless BUTTERED WORMS.
YES, the FED Should be kicking Congress in the ass. YES, Bernanke should be saying, "Madoff accounting can work for several years, but NOT forever. If Congress isn't going to do anything then the FED is going to STOP creating TRILLIONS OF DOLLARS of new Debt so Congress, and the White House, can continue to do Nothing."
In my opinion, Mr. Bernanke is like 90% of the people in Washington DC. He's 90% worried about his future pension checks, and keeping his job by ass-kissing. What's long-term needed for America's survival can go to Hell.
At the end of the day, it's impossible to be BOTH a great Nation, AND a Nation of cowardly inconvenience-fearing weaklings. This is why America WILL continue on its road to the economic Cemetery.