In Praise of Elitism
November 14, 2010
Guess who said this:
"All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
Here's a hint: He said this in 2007. Need another hint? He was nominated to his position by former President George W. Bush. Still unsure? He was re-confirmed, over a year after making the above statement, by President Barack "Change" Obama.
The answer is current Chairman of the Federal Reserve, Ben Bernanke.
When you hear about quantitative easing on the news, remember that QE is Ben Bernanke's idea. The same guy who did not expect "significant spillovers from the subprime market to the rest of the economy" is today claiming that the United States needs to print $600 billion. Ain't that a bitch?
On Monday, we'll examine an economics professor whom the media has declared an expert. His comments on the subprime housing market's potential impact on the overall economy will be surprising to those of you who do not realize that macroeconomics is alchemy, and that an economist is no different from an alchemist.
Enjoy your Sunday. Each day these morons are in charge makes it's more likely that today will be the best day of your life.