I would again remind you that Bailout Ben (Federal REserve Chairman) has PRESIDED over the Great Recesson: the wort recession since the Great Depression . Not resting on hi laurels, he then presided over the WORST "recovery" since the Great Depression. It is a FACT thata Bernanke was appointed in relatively early 2006and that the recession did not begin until January 1, 2008--not getting truly BAD until the late summer of 2008. Bernanke has STILL not rested on his laurels as The Worst Failure in the History of World Finance. His "unprecedented" (Obama's favorite word, which explains the quotation marks) Fed BAILOUTS and PRINTNIG of MONEY have created a STEALTH INFLATION concentrated in ENERGY (inculding gasoline and oil), other commodities, and FOOD. Biw ebergt abd fiid gaooeb ti be EXCLUDED from figures on the "core" inflation rate, but they also hapen to be about the LARGEST items in the ordinary family budget (outside of housing).
I actually heard Bailout Ben, before Congress a mere two weeks or so ago, explain why the APPARETN rise in infaltion wsa not worrisome, and why the Fed expects the economy to improve over the coming year (although slowly). ONe of Bernanke's key poihnts was that our problems last sumer were--at least to the degree of being a MAJOR factor--caused by a SPIKE in enegy prices, whihc Bailout Ben said HAS NOT RECURRED.
The man is hopeless. He should not be a PTA treasurer, much less the head of our "central bank". Even when Bernanke said that, it wsa FALSE. Even as Bernanke said that, the price of a barrel of oil was hanging around $100 a barrel, and gasoline prices were AVERAGING above 3.50 a gallon. Bernanke, and The Stupidest People on Earth on Wall Street, were takng "comfort" that oilk prices had gone DOWN from the summer. But, oil and gasoline prices almost ALWAYS go down as the summer driving season winds down, and then go UP in the run-up to Memorial Day. In fact, the GOVERNMENT makes sure gasoline prices will go UP in the summer by "blend" regulations that RAISE the price of gasoline 8 cents a gallon or so. Bailout Ben is CLUELESS. It was obvious a new energy spike was RECURRING, even as he said the opposite. What you have to do is COMPARE oil and gasoline prices NOW with oil and gasoline prices THE SAME TIME LAST YEAR. By that comparison, gasoine prices were up about 28 cents from last year (a BAD YER) when Bernanke made his FALSE statement. That false statement made bernanke's PREDICTINS WORTHLESS. Note that this was BEFORE Iran, and the possiblity of a military strike in Iran, began to rise to crisis status. But--you wuld not know it from clueless Bailout Ben or President Obama--there was ALWAYS a possibility that Iran and teh Middle East would again cause oil and gasoline prices to rise (on top of the commodity INFLATION created by Bailout Ben and the Federal Reserve).
This blog haas stated that Presidetn Obama PANKICKED, and sold oil from our "strategic reserve" (which you can expect again this summer, although it accomplised NOTHING last summer) wahen oil was UNDER $100 a barrel (although it had spiked to $105 a little before that decision was announced. This winter, oilk STARTED at about $100 a barrel. We STILL have not really started the "run-up" to Memorial Day (the traditional start of teh driving season), and oil is now ABOVE $105 dollars a barrel. Meanwhile, the stock market is again in a price BUBBLE, as The Stupidest Peole on Earth ignore the TERRIBLE economic news on oil and gasoline prices. Gasoline prices now are AVERAGING $3.58 a gallon.
What are the business media, and "experts" on Wall Street, tellng you (not all of them, but probably a majority)? They are tellng you--being as clueless as Bailout Ben--NOT TO WORRY. After all, did not oil spike to a high of $145 a barrel in the dark days of 2008? Until we again aproach $145 dollars a barrel, what is there to worry about?....................................................................sorry again, as I was on the foor again in that fetal lpositon, laughing/crying..................
First, $145 a barrel was FICTION. That was a speculative spike that lasted a FEW DAYS. The REAL high was about $120 dollars a barrel (and that not for very long). The sheer stupidity does not end there. In 2008m the economy COLLAPSED. And oil prices spiked in a MATTER OF DSAYS. If THAT happens NOW, we are in for Armageddon (and it COULD happen, if only because of Iran, on top of the INFLATIOUNARY politices of Bailout Ben and the energy policies of President Obama).
It gets wrose. Look again at the beginning of this article, where I mentioned that Bernanke had testified before Congress taht the spike in energy prices last spring/summmer was a large contributor to the DOWNTURN i the economy (not to mentin the spke in even the official inflatoin rate). The"Arab spring" even had something to do with that--indicatging that events int eh Middlese East are NOT a "surpristre". We NEED to be AGGRESSIVELYL pusing our own OIL producitn, and things like the Keystone Pipeline. Instead, Obama is doing as much as he canto SOLW teh productin of oil in this country., and even getting oil from Canada. The point here is that last spring and summer the economy BEGAN HURTING at about a price of oil of $100 a barrel. At $105 dollars a barrel, the economy THREATED to slide into another recessioin. Nottwithstanding the IDIOTS on Wall Street, the EVIDENCE is that the econmy HURTS at an oil price, and a gasoline price, of EXACTLY where we are now. Furtehr, the EVIDENCE is that the economy BEGINS TO SDSHUT DOWN at about $110 dollars a barrel for the price of oil (and a gasoline price above $4 a gallong. At $120 dollars abarrel (well below the "record" high), the EVIDENCE is that rthe economy SHUTS DOWN, for all intents and purposes. These lprices, of coure, need to hold for more than a day or two, but if they do the economy is in DEEP TROUBALE. A mere WEEK or TWO is probably enough to do major damage to the economy, and a MONTH is positively fatal (at $110 dollars and above, and maybe at $105). If we spike to $1120 for even a week, it is hard to see how we avoid another recession. The EFFECT of thiat kind of SHOCK lasts long after the price spike subsides. If gasoline goes to an AVERAGE of as much as $4.25 or $4.50 a gallon, it is most likely fatal to the eocnomy (in terms of avoiding another recession). $4 dollar gasoline is skating on the edge (as an AVERAGE, meaning much higher regional spikes).
No. We are in real DANGER here, and both Bernanke and Obama are responsbile for not recognizing the EXTREME DANGER, and treating it as a CRISIS (years ago, and not jsut now). Obama, as Liar-in-Chief, likes to BRAG about "increased oil productin" in the U.S, but EVERYONE knows that is the result of decsions made BEFORE OBAMA. Obama is the one that put in that disastrous MORATORIUM on drillg in the Gulf of mexcio, and has FOUGHT the productin of more U.S. oil and gasolien at almost every turn. When the fight over drillng in ANWR was HOT, in the late 1990s,Democratic/leftist oppponents liked to arugue that the oil would not even get produced for TEN YERS. Tath wa an outrageous exaggeratin, but it is true that there is a LAG time between increased producitnn (due to MORE DRILING, as distinguished fromopening old wells) and the decisons necessary to BEGIN deveoloping new wells and fields. It is interestng to note that we would NOW have oil from ANWR, even under the most PESSIMISTIC time schedule, if we had made the decisin to DRILL in ANWR when we should have. The same is true of other drilling decisions. Notice how our Liar-in-Chief acts like "increased production" in the past few years is the IMMEDIATE consequence of his own decsions, when that is an obvious LIE (as the ANWR debate shows). the decisoins that increased productin (besides the opening of old wells) were made ni the BUSH ADMINISTRATION.
Nope. Decision makers simply do not get any worse thanBaillut Ben Bernanke. The only questin with him is whether hie is really this DUMB, or whether he is also dishoenst (trying to juftify himself, espite his OBVIUS failures). I go for the "allof the above" apporach to Bailut Ben. I think he is bouth dishoenst (even denying the Fed has been "rprinting money") and bone-deep stupid.
P.S No proofreading or spell checkng (bad eyesight).