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Bernanke: He completely ignores a direct question as to why the Fed takes credit for rising...

Bernanke: He completely ignores a direct question as to why the Fed takes credit for rising stock prices, but not rising oil and gold prices as they jump alongside equities. A classic moment.
Comments (10)
  • Clayton Rulli
    , contributor
    Comments (2472) | Send Message
     
    who asked that question, Ron Paul?
    13 Sep 2012, 02:34 PM Reply Like
  • jerrycalpha
    , contributor
    Comments (59) | Send Message
     
    "We'll be mindful of inflation as we buy bonds"

     

    Hmmm
    13 Sep 2012, 02:38 PM Reply Like
  • RS055
    , contributor
    Comments (1882) | Send Message
     
    The Fed has always stated that its policies dont pay attention to comodity prices ( that are moved by geopolitics, droughts etc). Therefore the only "inflation" they try to control is Wages. So in short their mandateis really:
    1. full employment: get folks working hard
    2. Keep wages down

     

    the effect of such a policy is to flow all the productivity gains etc etc to flow to capital/Wall Street.
    13 Sep 2012, 02:40 PM Reply Like
  • bbro
    , contributor
    Comments (9322) | Send Message
     
    Bernanke deserves the Medal of Freedom....
    13 Sep 2012, 02:42 PM Reply Like
  • bigdividendsonly
    , contributor
    Comments (26) | Send Message
     
    Medal of prison next to Bernie.This is a pure tax on the poor and middle class ! Worse than the HCA !
    13 Sep 2012, 02:44 PM Reply Like
  • DianeLee
    , contributor
    Comments (346) | Send Message
     
    bbro, there you go stirring the pot again. ;) but I'll put my hand up as at least one "like" and a Bernanke admirer. He walks a tremulous fine line very well, overall (and that's a key word) methinks. (red meat for the Bernanke-haters, I know.)
    13 Sep 2012, 05:13 PM Reply Like
  • bigdividendsonly
    , contributor
    Comments (26) | Send Message
     
    Between the President's HCA acting as monster middle class tax this will be even a worst tax on the poor and middle class. It will pop the prices on everything as the dollar sinks. The World Bank is warning that food to feed hundreds of millions of third world will starve as prices to feed them rise. Japan must act to reduce the Yen's value and the great currency war continues.
    13 Sep 2012, 02:42 PM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2413) | Send Message
     
    Bernanke makes me embarassed to be an economist. Thank god Beach Pundit here at SA talks some sanity.
    13 Sep 2012, 02:42 PM Reply Like
  • kmi
    , contributor
    Comments (3984) | Send Message
     
    The bump in some commodities is speculative longs performing dollar hedging (oil, gold, silver) and in some commodities is speculative longs based on the belief in an improving economy (copper, iron).

     

    But in the end, its speculative longs and not reflective of real supply and demand for economic activity.
    13 Sep 2012, 07:36 PM Reply Like
  • Santaku
    , contributor
    Comments (33) | Send Message
     
    Speculative hedging...this concept had never occurred to me before. Thanks for the thought.
    14 Sep 2012, 04:28 PM Reply Like
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