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Bernanke Loses All Credibility Today



November 01, 2007 – Comments (4)

Injecting $41 billion, for what?

Because stocks are falling? Listen, Bennie, it's not your job to support stocks. Let the stocks do what they will. We don't need another asset bubble in this country. Well, maybe your pals on Wall Street do, and maybe the politicians lighting up your phone lines do, but the economy truly does NOT.

What it needs, probably most of all, is actually a bit of recession to put the fear or risk back into the world of gamblers posing as investors out there.

You want markets to behave according to your whim, Ben? Ain't gonna happen. Prices NEED to drop sometimes.

Let it happen.

Let it happen.

4 Comments – Post Your Own

#1) On November 01, 2007 at 8:31 PM, abitare (29.47) wrote:

Concur. I was short last Sept when "helicopter Ben" decided to "help" Wallstreet at my expense.

For morale, here is Jim Rogers calling "helicopter Ben" a disaster:

“I'm in the process of -- I hope in the next few months -- getting all of my assets out of the dollar,” Jim Rogers told Bloomberg yesterday. “I'm that pessimistic about what's happening in the U.S.''

The yuan is “the best currency to buy right now,” Rogers said. “I don't see how one can really lose on the renminbi in the next decade or so. It's gotta go. It's gotta triple. It's gotta quadruple.”

The dollar is just about the worst performing currency this year. Of the 16 actively traded currencies, only the Mexican peso has fared worse in 2007.

“It's the official policy of the central bank and the U.S. to debase the currency,'' said Rogers, “The U.S. dollar is and has been the world's reserve currency, the world's medium of exchange… That's in the process of changing. “The pound sterling, which used to be the world's reserve currency, lost 80% of its value, top to bottom, as it went through the whole period of losing its status as the world's reserve currency.''

Morale Courage taught to "helicopter Ben": 

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#2) On November 02, 2007 at 9:13 AM, ByrneShill (83.20) wrote:

I'm canadian, and when the lonnie got to 90¢ US, I thought we were close to a bottom, and bought US equities. Now your dollar has fallen off the edge of the world and even though most of my stocks are in positive territory in USD, I'm about -10% in CAD.

If money was still printed I'd invest in paper as there would be a shortage. Heck, if all the money Ben has injected was actually printed, I doubt there would be anything left in US to wipe your @$$ with.

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#3) On November 02, 2007 at 12:47 PM, 292972826 wrote:

I completly agree, the FED has a huge responsability in what happen out there...

First, they decrease the rate to a record level in 2002 in order to accelerate the growth without carring about the dollar value and now they try their best to save their financial friends from a crisis...

The big probelm of the FED is that it does not seem to be independent in regards of the amercian policy, it is a huge problem because foreign investor will loose all trust the dollar currency...At the inverse the BCE is only focusing on the Euro value (In regards of inflation), it is certainly an historical things, but i believe the german remenber quiet well their currency crisis in the last century and since they learn their lesson....

Buy Oil, or ADR to protect your portfolio.... 

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#4) On November 05, 2007 at 6:11 AM, abitare (29.47) wrote:

Jim Rogers is on again today. He says"If I was Benanke  I would abolish the Federal Reserve and resign. It would be the best thing for the country."

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