The Federal Reserve Chairman must always try to stay above politics. They must be careful in what they say, so that they don’t spook the markets needlessly. A misplaced word can (literally) move markets.
Although his words will sail harmlessly over most people’s heads, today’s words by Ben Bernanke were astounding.
I quote: “The financial markets are in quite fragile condition and I think absent a plan they will get worse…I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way.”
“Quite fragile.” Quite fragile? We are talking about the most powerful nation on earth, with (by far) the largest GDP, a nation that is often accused of bullying our way around the globe.
When the Fed Chairman says “quite fragile,” what he is doing is this: He is standing on the top of the Empire State Building with a megaphone more powerful than speakers at a ZZ Top concert. He is yelling at the top of his lungs, “Look Out Below! Our entire country is about to fall on your sorry asses! If you thought 9/11 brought you pain, just wait until you see what this one brings you. If your stupid Congress doesn’t act within the next few days, all hell is going to break loose! Can you hear me? Can you hear me! I am talking to you. I am screaming in your frigging ears! Will you listen?”
That’s what Bernanke said today. Nothing less. Congress better listen, and listen fast.
www.lumbert.com
www.shaksperbooks.com
www.jaylumbert.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment