Bernanke Speaks! Fed Chair Defends QE2, Says Inflation Not His Fault

Bernanke you are such a liar, Obama and your policy of printing more money as killed the dollar and the hopes and dreams of every American. YOU HAVE FLUSHED THE U.S. DOWN THE TOILET.

Sad. I mean, isn't that supposed to be the job of a central bank? To preserve the national currency as a store of value and protect what folks have working for all their lives?

2011 core inflation will be 1.3 - 1.6%?????? It's already more than that - No, not the way the govt revisionist cook the numbers - but in reality at the pump or the supermarket or anywhere you want to honestly look without fed's "hedonism substitutions" of counting something cheaper for something that's gone up sharply. Or its geometric weighting of assuming if six items in the consumer basket of goods have skyrocketed we'll count them for far less this time and instead find the six things that have gone up the least and count them for far more. Folks, THE CPI IS THE BIGGEST LIE.

And Ben Barnacle isnt the one most responsible. Alan Greenspin and Gingrinch and Boskin dreamed the game up over a decade go. They realized that if they found a way to understate the CPI all the social security recipients and others whose income was adjusted to inflation would get less and that would reduce the deficit and help "balance the budget". Gingrinch even warned the BLS that their department's funding depended on their "going along with it." And govt bean counters have been massaging the numbers more and more ever since. The CPI is the biggest lie.

THE CPI IS THE BIGGEST LIE.

Core inflation is a joke. It is calculated using things that rarely go up in price. Food and fuel prices do fluctuate but over the long term they always are up. I could care less that a computer is lower in price than it was a year ago and home prices are also included in core inflation. They tanked because of the very policies of Greenspan and the FED. Bernanke is clueless to what the people are going through and he could care less. He is hanging the seniors out to dry with his ultra low interest rates and helping his bankster buddies at the same time. I can't eat a freakin ipad. Bernanke = Wall Street lapdog.

Finally he admits there is INFLATION!

No inflation not our fault. We are holding interest rates at 0 when others are raising rates.
dollar has tanked and commodities priced in USD so they are going up.

No, not our fault. Its his intent. the way to pay back debt cheaply is do devalue our dollar. simple and easy way to pay off debt.

Let's keep it simple and look for most obvious reason. Don't pay attention to what these people are saying, watch what they do.

Bernanke, it is too your fault for inflation!!! YOU DEVALUED OUR DOLLAR!! Your printing press needs to be put AWAY!!!

Here is an example of how the inflation books are cooked. A plastic gas can of years ago had a lid with a spout. Just for arguments sake, let's say it cost 5.00. A plastic gas can today has a lid and spout plus vapor saving devices and costs 7.00. For arguments sake again, we will assume plastic cost is the same for both. But, because of the added features, it isn't considered inflation since the quality or features have been "improved" or upgraded. Of course, it's twice as difficult to use the new style, but that's another argument, and you can't buy the cheaper model anymore because of EPA rules. Cost has gone up 2.00 but it's ignored as inflation because of the "quality" rules of inflation calculation.

Bernanke says it is not his fault obama made him do it

Bernake just doesn't get it. He thinks the gas price inflation is caused by Middle East news items? But that doesn't explain why gold, silver, food, health care, etc. are skyrocketing.

The fact is he's been debasing the dollar by running the printing presses full steam well after the financial crisis was over. His goal has been to boost the stock market through inflation, which basically benefits the rich and hurts the poor.

"Inflation not my fault"...What kind of dream world is Bernanke living in? What a schmuck...He PRINTS the money, therefore he controls inflation...The more you print, the less value the dollar has...I mean doesn't he understand that?!? In reality it is a vicious circle: the Fed prints more money to pay for the interest on the T-Bills China and other US creditors are owed...Therefore, the Fed most print more and more money in order to pay those interests...Of course, it is quite a devious plan...print more money...reduces the value of the dollar:
1. Increase in corporate profits from exports
2. Corporation selling products overseas get more dollars for their products, after exchanging from the foreign currency into dollars....the Fed uses the extra cash to pay for the interest on T-bills, effectively screwing over China.

Come to think of it, we are actually in a currency war with China. The Fed will continue to devaluate the dollar in order to compete with China...The downside is that the people will have to live along Chinese standards in order to compete....Manufacturing will return to the US, albeit once American living standards are so dismissly low. It's the quiet. smooth way of swallowing the pill the English are swallowing now...

Last but not least, I don't understand how the people profit from an increase in stock prices....The stock market is a casino, it has nothing to do with the actual ecnonomy...so the increase in the Dow benefits traders not the economy, unless you believe that the richer the CEOs become the more they will hire (not likely given their greed).

Hey folks, it's all a lie. Fact is we are completely broke and don't have the will to turn it around. Sooner or later it will all come out in the wash, you can't spin or hide something this big. Prepare for the absolute worst.

They know there is widespread inflation....they just don't care. They know the inflation is caused by their tinkering with the economy...they just don't care and will deny it until the end or at least until it is safe enough to "come out" about it.
The Fed is an institution that was questionable in creating in the first place, but progressive Wilson forced it through by having a vote on it when most of his opponents to the bill recessed for Christmas. It was suppose to end all the "panics" that were results of the up and down of the economy--not long after we had the Great Depression. What is it's real agenda?

i literally watched gold rise 20 bucks during his speech or his transmission of words
of no meaning.

It's not my fault officer. I was texting while driving, and this big @#$% tree tried to stop me from going forward. IT'S NOT MY FAULT!

It is simply ridiculous for Bernanke to deny any responsibility for rising commodity prices while simultaneously injecting liquidity into the markets by buying treasuries and expanding the money supply at unprecedented rates. That is the DEFINITION of inflation! The only thing saving us right now is the fact that banks are still not lending (which negates the usual multiplier effect of printing money) and interest rates are staying low. If either of those ever changes, and they will eventually, look for blowout inflation rates and exploding interest rates to try to control the inflation and rapid erosion of the value of the US dollar, perhaps leading to abandonment of the dollar as the global currency standard. If that happens, our debt suddenly gets MUCH more expensive and we go down the tubes, never being able to reduce our deficit, much less pay off the debt. If you think it's painful to cut spending now, just wait until our annual cost for debt interest goes from $450 Billion to almost $1 Trillion. We'll be wishing we had that cushion to use as a way to cut spending, but it'll be gone, with NO BENEFIT to us and NO SAVINGS for national spending.

According to Wall Street Mr Bernanke can do no wrong. Benefits without harm to the very rich. But is it possible that the average American is receiving the opposite? Harm without benefits. If you double the price of gas, the CEO of Goldman still only pays 0.05% of his income in gas but the average american pays up to 13% of his income in gas. That is a big difference. That is why Saks and Coach have appreciated 150% while Walmart has not.

Hey Ben, maybe you need to take an economics class at your local community college. More manufactured dollars chasing the the same goods is your manufactured inflation!

obama reappointed bernanke so bernanke could be the fall guy for blowing up the economy.

It's time for new faces, and everybody knows it.

For someone to step up to a microphone and acknowledge there is still high unemployment, go back to his plush house and eat a T-bone steak dinner with a $100 bottle of wine, does nothing for the middle class taxpayer who Obama says will continue to be the backstop for the bankrupt Fannie and Freddie.

What does this overpaid idiot do again?