Tuesday, December 7, 2010

Bernanke's 60 Minutes Interview

Sunday night’s interview was a shameless softballing by the timid reporter, Scott Pelley.

Mr. Pelley should have asked challenging questions. Why aren’t Fed policies helping to create jobs? When you say the Fed doesn’t “print” money, aren’t you being disingenuous since you create money by the stroke of a keyboard? You say the risk of not acting during the crisis in 2008 would have caused another Great Depression as a result of a financial collapse. Do you have any reasonable evidence of that? What basis do you have for saying we would have 25% unemployment without the Fed’s $3.3 trillion “rescue.” Why are interest rates rising instead of declining as a result of your QE2 policy? If you believe your policies have helped the economy, why haven’t they worked so far? Etcetera …

I probably disagree with almost everything Dr. Bernanke says in the 60 Minutes interview. It just amazes me that Chairman Bernanke could sit there and say the things he said in light of the Fed’s track record. He is totally incapable of admitting that the Fed is the source of our problems not our solutions.

This king has no clothes.


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