Bernanke's "News Flash"
Oh hey, surprise! Things aren't good with the U.S. economy. All I could think when I saw that "news" yesterday was that it was just a very late concession of what a lot of us probably already suspected. All you have to do is open your eyes and look around, or listen to people's stories, and there is still plenty of pain out there. Empty store fronts, people walking home with bags of groceries because they can't afford the gas, bus queues with lines of people... grocery receipts with amazing levels of sticker shock.
This morning it popped into my head that power may corrupt, as we all know, but it can also make you kind of myopic and, I don't know, stupid maybe. As soon as somebody gets into some position of power, they're surrounded by people who are going to sacrifice the truth to tell what that person in power wants to hear. Didn't Shakespeare's Prince Hal talk about the idea of going out disguised to hear what the common people REALLY think and feel? I think that's kind of a powerful testament to this sort of thing. I think about all the politicians and people like Bernanke who are sitting around, shut off, in ivory towers and with security details and somehow have no idea what's really going on out there.
Anyway, my thoughts for the day... mostly that the Fed's "news" wasn't really news at all to anybody who's been paying attention.