Thursday, December 3, 2009

They Really Said It ! [7]

Today was Bernanke's reappointment hearing with Senate Banking Committee. Nice day to walk down the memory lane. Did he save the economy ? Or did he make it worse ? I think he has made it worse, although the problems of the Fed balance sheet will become clear only in future. No matter what you may think of him, history will associate his legacy with one infamous remark
At this juncture, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
To this Jim Grant responded, "They are contained to planet earth" !

Not much point detailing all mistakes of Chairman Bernanke. This famous video is more than enough.

Reelecting him reminds me of the joke, where people kept requesting "once more" to the singer - not because he sang it great, but because they kept hoping maybe he will get it right with practice !

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