Ben Bernanke is the second worst failure in the history of world finance. There is really no doubt about that. Henry Paulson, of course, is the worst failure in the history of world finance. Now present Treasury Secretary Geitner may rival them both in the end, and was actually part of the failure of Bernanke and Paulson, but Geitner has not been "in charge" long enough to qualify right now (like not haiving enough at bats to qualify for the batting title).
Ben Bernanke became head of the Federal Rserve in early 2006--before the present "crisis" (partially crated by Beranke's panic--joined by Geitner and Paulson--to "save" Goldman Sachs--it being announced today that Goldman Sachs has received 13 billion dollars from the AIG bailut money). What did Bernanke do while the present crisis was building, on his wathc? NOTHING. Abasolutely NOTHING (until the s--- hit the fan, when he panicked and helped cause the present fear he now says is our problem). Bernanke fiddled while Rome burned.
Did Bernanke warn us in 2006? Nope. Did he warn us in 2007? Still bascially nope. Did he tell us what we needed to be doing in 2006 or 2007? Nope. Did he PREDICT what was coming--in 2006 or 2007? Nope. Did Beranke tell us about the irratioinal stock market "bubble" in October of 2007 (when the Dow reached an ALL TIME high)? Nope. (Yes, I am agian reminding you, Rush Limbuagh, Sean Hannity, Laura Ingram and all of the rest how BAD the people on Wall Street are--the Stupidest People on Earth--at predicting the economy.)
Yet, the headlines this morning are all aoubt how Bernanke "sees" the end of the recession by the end of this year. Note that there are no healdlines showing the economy is really improving There is just Bernanke's OPINION that we are headed for a "solid" recovery. Since when is Bernanke's opinion worth anything? Has he been right about anythning so far? Nope. Has he DONE anything to "save" us so far? Nope. He has been part of the problem and not part of the solution. since when is it major "news" that the second worst failure in the history of world finance believes that we are headed for a recovery, unless we lose our political nerve (like Bernanke lost his nerve when AIG was going under?(,
Yes, it appears that the Stupidest People on Earth are poised to strike again--poised to rally based on the WORDS of Beranke--the words of the second worst failure in the history of world finance. You can't get any more stupid than that.
Notice how this blog has again been proven right. I told Rush Limbaugh, Hannity and the rest that it was absolutely stupid to be concentrating on the stock market as the emeasure of Obama's performance (or Bernanke's, although Bernanke's overall performance, by that measure, is still much worse than Obama's). Wall Street is composed of stupid, irrational people--people now operating a computer gaming casino based totally on hype. What Wall Street does has almost nothing to do with the economy, and Rush merely labeled himself as stupid by stating otherwise (stating that the "smart" people on Wall Stree--an oxymoron--were "voting" on Obama's economic "plan"). Will Rush now support Obama, if the stock market continues to rally? Nope. That is because Rush has been intellectually dishonest--not to mention stupid--on this one.
I repeat: I am not saying that the stock market should go down, even though I believe President Obama's policies--and Bernanke's--will lead to ultimate disaster. Note how Bernanke set the politicians up for blame if things go wrong--the hypocritical failure (Bernanke). I am, in fact, betting that the stock market will go up before it goes back down. All of this government money flowing into the economy, even in such inefficient and dangerous ways, is bound to at least bring some appearance of a recovery--a "recovery" that our present policies are likely to short circuit.
So it is not irrational for the stock market to gradually go up. What is irrational , and worthy of the Stupidest People on Earth, is for the stock market to jump wildly upward based on HYPE and WORDS. That is unhealthy, and does not show health in the economy. It merely shoes that the stock market is SICK.
Therefore, if the Dow jumps 500 points today (not a sure thing), it should discourage you rather than encourage you. That will merely confirm that the Stupidest People on Earth (Wall Street) are back in action. Nope. I will not be buying at the top of an irrational rally like that. I will be selling (even though I am betting on at least the appearance of a "recovery" this year).