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Wednesday, April 27, 2011

Ben Bernanke's First Press Conference: Snooze Fest

Ben Bernanke takes a nap during a lull at his first press conference

Reporter falls asleep asking a question at Bernanke's press conference

More nap time at Bernake press conference
The Ben Bernanke press conference this afternoon was pure kabuki theater, a boring charade of bureaucratic babble.  Bernanke, for example, got to use his new favorite babble buzzword, "transitory," three times. The spoon fed questions and rehearsed answers gave Ben "the Buck Busting Buzzard" Bernanke plenty of room to alibi his way out of his crimes of killing the US dollar, letting inflation loose upon the world, and robbing the middle class.

Bernanke, the man who prints billions of new dollars with the press of a button, also likes to pass the buck, when it comes to taking responsibility for destroying the dollar.

Thanks. First, I should start by saying that the secretary of the treasury, of course, is the spokesperson for U.S. policy on the dollar...
Representative Ron Paul called out Bernanke for putting on a charade and not addressing the real issues. He pins the tail on the skunk, when he says, Bernanke is culpable for inflation.

Let's hope Rep. Ron Paul can help make the Federal Reserve's role in dominating our economic lives "transitory," and someday soon end the Fed.

Ron Paul / paul.house.gov:
Statement on Federal Reserve's Press Conference --
"Chairman Bernanke's press conference today was unprecedented, and it demonstrates that Federal Reserve officials are very concerned about growing public criticism of Fed policies. Although Mr. Bernanke predictably provided no substantive information, the American people want real answers about Fed bailouts, lending to foreign banks, and most of all inflation. Mr. Bernanke continues to ignore his culpability for the inflation all Americans suffer due to the Fed's relentless monetary expansion. Rising prices are the direct result of Fed devaluation of our dollar. Yet rather than addressing the Fed's loose dollar policy, Mr. Bernanke continues to assure us that inflation is not a problem.

Without the Federal Reserve's relentless expansion of credit throughout the 1990s and early 2000s, there could have been no excessive borrowing or explosion of subprime lending. Through easy credit, the Fed initiated the economic boom that created the dot-com bubble. When that bubble burst the Fed pumped additional liquidity into the system, which led to a new boom that created the housing bubble. Commodity prices have risen rapidly, producer prices have followed suit and consumers are already seeing the beginning of massive price increases passed on to them. And now the Fed's additional trillions of dollars in monetary pumping is creating yet another bubble. This is the exact opposite of stability in the marketplace and has nothing to do with free markets. It is central economic planning at its worst. And the end result may be hyperinflation and the destruction of our currency.

Now Americans are waking up to the dangers of the Fed's inflationary monetary policy, and they want it to stop. Today's staged press conference will not be enough to stop the growing demand for real Fed transparency, and I hope to build on that grassroots demand by passing legislation that will result in a true audit of the Fed's activities.

Support from my colleagues was vital in the last Congress in making progress towards Fed transparency, and I hope to build on that support in this Congress. It is well past time that we begin to rein in the Fed." - Congressman Ron Paul
The Huffington Post colorfully noted Bernanke's press conference camouflage.
Bernankemania! Golden Words From the Leader of the Temple
It was fascinating to watch a smart guy not communicate so effectively. And he didn't do it by saying too little. He did it by saying too much.

And by adopting a lot of different personas. Instead of one Ben Bernanke, we got a whole roomful: Bernanke the Job Creator, Bernanke the Budget Cutter, Bernanke the Activist, Bernanke the Fatalist ... He crowdsourced himself and hid in a flock of decoy Bernankes...
Incredibly some economic extremists, like Paul Krugman, are saying Ben Bernanke is not destroying the dollar fast enough, in order to somehow help the unemployed. Krugman is worried that Bernanke was being "intimidated by the inflationistas," because he was not printing even more dollars, via quantitative easing. Krugman wants more dollars, more inflation. That is, running through the streets naked, crazy.

Paul Krugman:
Bernanke Wimps Out  —  So Bernanke did get asked why, given low inflation and high unemployment, the Fed isn't doing more.  And his answer was disheartening.  —  As far as I can tell, his analytical framework isn't too different from mine.  The inflation rate to worry about is some underlying …

he’s not making sense, that his own theories — and for that matter the doctrine endorsed by the Fed itself — says that the central bank should be doing much more quantitative easing, not stopping …
David Dayen / Firedoglake:   Bernanke to Unemployed: Drop Dead
Matthew Yglesias / Yglesias:   Bernanke Calls For Anemic Recovery
Mike Konczal / New Deal 2.0:   Our Questions for Ben Bernanke
David Leonhardt / New York Times:   Holding Bernanke Accountable
R.M. Schneiderman / The Daily Beast:   Fed's Ben Bernanke: Trust Me!
Sudeep Reddy / Real Time Economics:   Recap: Bernanke's First Press Conference
Dakinikat / Sky Dancing:   A First: Fed Chair Presser
ZeroHedge: Transcript And Word Cloud Of The FOMC's "Historic" First Ever Media Pantomime
Binyamin Appelbaum, NY Times: Bernanke Defends Himself and the Fed
Jeff Cox / CNBC: Did Chairman Ben Just Tip His Hand at QE3?
Ezra Klein / Washington Post: What Ben Bernanke Should've Said
Doug Kass / TheStreet.com: Bernanke Presser Will Be Non-Event
Video of Bernanke Press Conference (for insomniacs):

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