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I'd help him figure this out, but it would be like, well... talking freedom to a communist. Brutally honest, Bernanke admitted that he had no clue what was actually causing the current fragility in the U.S. economic recovery. While the FOMC statement assigned blame outside of the U.S., pointing at Japan along with rising food and oil prices, Bernanke was put on the spot by a reporter who noted the inconsistency behind that explanation and a lowering of long term forecasts. Bernanke took the hit, admitting only some of the factors were temporary and that he didn't know exactly what was causing the slowdown, but that it would persist. "Growth," said Bernanke, "will return into 2012." I agree with his forecast. After Obama and his blundering policies are voted out of office, I expect a resounding 4th quarter rebound. But I imagine Bernanke is clueless as well about exactly why 2012 will bring growth. |
by Brett Rogers, 6/22/2011 4:16:49 PM
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