Official Ben Bernanke speech before the Economic Club of New York thread

[Drunken Cat]

I know this is a highly anticipated event here on the BS lounge.

Post and request links here, and also feel free to engage in blow-by-blow discussion.

[Drunken Cat]

For the record, Bernanke is ****. The guy's seemingly got the depth-of-knowledge of the preface of a bourgeoisie introductory economics textbook. Also, FYI his policies are sure to drastically depreciate the value of the dollar (they call it 'quantitative easing,' look it up).

[Drunken Cat]

Seems that this link is a winner:
http://www.cnbc.com/id/24494689

[Drunken Cat]

[- v e t -]

ABOLISH THE FED!!!!

[Drunken Cat]

Ben has brought up the spectre of forcing banks, through accounting reform, to put bad debt on there balance sheets, despite the "potential" hardship; however I see this as politically inexpedient and therefore as not happening.

Further, he's also raised the spectre of forcing banks to lend to "credit-worthy borrowers," which (if we are to take Japan as any sort of lesson) could be a grave mistake in that it may deepen the bad-debt problem by forcing loans to underperforming firms.

[Drunken Cat]

"Jobless recovery;" more like inflated statistics.

[Drunken Cat]

Another note; he mentioned that non-auto consumption grew. I read today that non-auto/non-petro consumption did not.

[Drunken Cat]

ABOLISH THE FED!!!!

No arguments from me, however I don't consider such a thing to be feasible given the political state.

[Drunken Cat]

No arguments from me, however I don't consider such a thing to be feasible given the political state.

Seriously, how the **** did this guy ever get in such a position for a Bush-era appointment?