Sniping at Federal Reserve Chairman Ben Bernanke is nothing new, but I predict that the generally flattering treatment he has received from Wall Street and its media acolytes will cease pretty much immediately. As noted today at Forbes.com, at an afternoon presser Bernanke basically said he's clueless as to why flooding the market with free cash made bankers richer, but didn't create jobs for Joe Sixpack.
I don't think that before today the market believed the Fed was really going to withdraw from its unprecedented interference in the economy. But after today's sober assessment from Bernanke and reiteration that Quantitative Easing II is over, beginning tomorrow Wall Street will sound like a cacophony of jilted lovers.
Meanwhile, the price of wheat is in a free fall, with some folks reporting that demand is not there to support anywhere near the current Quantitative Easing II-inflated price. Now where have I heard that before?
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