PrintAugust 12, 2011
Obama and Bernanke: Double-Whammy Disaster
Interest rate historian and contrarian guru James Grant put the double-whammy actions of Ben Bernanke and President Obama into perfect perspective Thursday when he noted that the Fed had moved past "central banking into central planning." Bingo! Grant went on to say that the Fed was "trying to impose prosperity through manipulation." Bingo again!
Think about that phrase -- "to impose prosperity through manipulation." It is brilliantly succinct and accurate in describing what is going on in our nation's economy.
And indeed, it is exactly what has been going on for months and it explains why Wall Street has done infinitely better than Main Street since the meltdown of 2008 bottomed out. Reality tells us that all of this central planning and manipulation is unsustainable. It is not based in Main Street reality. This is why we are seeing the incredible ups and downs in the market currently. Call it the "there's no there there"...(Read Full Article)
