1. Long-term yields are rising
2. Banks are not lending
3. Consumer credit is still dropping
4. Housing prices hit new all time record lows
5. Housing starts have hit new all time record lows
6. Banks are sitting on massive amounts of properties not marked-to market
7. Commodity prices have soared
8. Food and energy prices are up substantially
9. Those on fixed incomes earning nothing on their deposits are getting crushed
10. The stock market marches higher
Bernanke has taken credit for point number 10. He ignores or denies any role in points 1 through 9..."
"... Bernanke attended Harvard University, where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named "Long-term commitments, dynamic optimization, and the business cycle" and his thesis adviser was Stanley Fischer.
His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market. Maria Bartiromo disclosed on CNBC comments from their private conversation at the White House Correspondents' Association
Dinner. She reported that Bernanke said investors had misinterpreted his comments as indicating that he was "dovish" on inflation. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment."
During Bernanke's first term as Chairman, the Federal Reserve experienced its largest increase of power since its creation in 1913.
On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve. In a short statement in Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's
background, temperament, courage and creativity helped to prevent another Great Depression in 2008. When Senate Banking Committee hearings on his nomination began on December 3, 2009, several Senators from both parties indicated they would not support a second term. However, Bernanke was confirmed for a second term as Chairman on January 28, 2010, by a 70–30 vote of the full Senate, historically the narrowest margin for any occupant of the position...." (Wikipedia)
And therein lies the problem for you, me, the United States and quite possible the world.From The Political Commentator written by Michael Haltman
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.