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"When does the Fed take some responsibility for policies that fail in their self-professed goal of spurring growth, rather than blaming everyone else while claiming to be the only policy hero?"
What about shortchanged savers? Bernanke's hope for long-term relief doesn't soothe. Keynes said by then we're dead.
Bernanke isn't superman. He's super-con-man. He's pushing on a string. He already caused high inflation. Consumers see it daily. How much higher is tolerable? Why aren't these and other core issues factored into decision-making?
"The deeper into exotic monetary easing the Fed goes, the harder it will also be to unwind in a timely fashion."
Bernanke says don't worry. That's what central bankers always say. Fulfillment doesn't match promises. Boosting equity prices short-term helps Obama. Perhaps it offsets harm caused by Muslim violence over the anti-Islamic hate film making headlines.
"For all the back-slapping" and pontificating for nearly five years, bottom line Fed analysis acknowledges things are rotten, "job creation stinks," and policies tried failed. Why think this time is different?
It's not, and the longer major issues aren't addressed responsibly, the worse crisis conditions will be when day of reckoning time arrives.
At the same time, his move highlights the law of unintended consequences. He likely made things worse, not better. He weakened the dollar, strengthened the euro, added another EU headwind, boosted commodity prices, made things less affordable, created more instability, and won't deliver what some observers hope.
One analyst said "let 'em eat stocks and housing" doesn't work. His policy doesn't spell relief. It's more feel good than do good. Super-low rates haven't helped. Economic numbers across the board are weak and heading south.
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