Bernanke's farewell speech post-mortem: "Fed did the right thing I hope"
A glimpse at the wordcloud of Bernanke's farewell speech this morning tells you all you need to know about the Fed's extraordinary policies - the two most-used words are "think" and "know". From "hoping" the Fed did the right thing to explaining how Main Street "needs to understand what they did was necessary,"Bernanke admits that they still have no idea how QE works "QE is at least somewhat effective... works in practice but not in theory," and almost admitted that the Fed's new plan 'forward guidance' worked in theory but not in practice. The "populist reactions" around the world to central bank interventions are "probably not avoidable," he adds, also noting in his awkward 'don't pin me down' manner that stocks are not in a bubble, but "in historical ranges."
It would be funny if it wasn't so damn tragic.The miracles of 1913 just keep on giving.Our only hope is a time machine so we can go back and shoot everyone of those "progressives" right in the face.
The very best of hands I tell ya the very best indeed.
Just a note you don't have to explain good policies just for the plain fact is that they work.
You only have to explain shitty policies, well because they don't work.No word finessing or rebranding or any other politiwording is gonna change that fact.You can't explain away failure.
Fucking geniuses every single one of em.
A glimpse at the wordcloud of Bernanke's farewell speech this morning tells you all you need to know about the Fed's extraordinary policies - the two most-used words are "think" and "know". From "hoping" the Fed did the right thing to explaining how Main Street "needs to understand what they did was necessary,"Bernanke admits that they still have no idea how QE works "QE is at least somewhat effective... works in practice but not in theory," and almost admitted that the Fed's new plan 'forward guidance' worked in theory but not in practice. The "populist reactions" around the world to central bank interventions are "probably not avoidable," he adds, also noting in his awkward 'don't pin me down' manner that stocks are not in a bubble, but "in historical ranges."
It would be funny if it wasn't so damn tragic.The miracles of 1913 just keep on giving.Our only hope is a time machine so we can go back and shoot everyone of those "progressives" right in the face.
The very best of hands I tell ya the very best indeed.
Just a note you don't have to explain good policies just for the plain fact is that they work.
You only have to explain shitty policies, well because they don't work.No word finessing or rebranding or any other politiwording is gonna change that fact.You can't explain away failure.
Fucking geniuses every single one of em.