The Great Fortune Teller

Anytime our buddy Mr. Bernanke speaks on Capital Hill, we feel it is important to remind everyone to not believe one thing that comes out of his mouth when he talks about the future or our economy.  Why not?  Because before the greatest crash since the Great Depression, he thought everything was just fine.  He thought the economy would continue to grow, housing prices would continue to rise, and unemployment would stabilize.  Now, when he tells us that there is no concern about inflation and that oil prices will not hurt the economy, we should remember his track record when it comes to fortune telling!

This "dog and pony" show that takes place when he appears before Congress is outrageous.  A number of congressmen challenge him, as they should.  Most, however, have no idea of his track record.  We should not be surprised that most of our elected officials have no real economic knowledge whatsoever.  They were elected based on their promises to "fix things" and are now responsible for making decision that will impact the future of our society.  They ask him questions as if what he says is Gosphal, which of course is far from the truth.  His record speaks for itself.

What someone should ask Mr. Bernanke is the following...

"In your testimony, you told us that inflation is not a concern, our economy is strong, and oil prices do not pose any threat to the economy right now.  Why should we have any faith whatsoever in those statements?  Here is what you told us back in 2007 before the biggest economic collapse since the Great Depression.....  How do you explain those statements and why did you not  know or tell us about the coming crash before it happened, when so many others saw it as clear as daylight?"