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Wednesday, July 21, 2010

Ben Bernanke Speaks

The market fall today was connected to Ben Bernanke speaking.
At the bottom if a 10 day graph of the S&P 500 to put todays drop into context.

Video is of NJ Senator talking to Ben Bernanke. What GAULS me is Ben Bernanke says raising debt is a negative. Amazing, where was Ben the last 7 years? Now is the time to get fiscally responsible? How about 2002-2007? The Brass ones Ben has.

So Ben has cheap borrowing allowing banks to earn money with next to zero risk through the fed discount window, and has the GAUL to say he is supporting banks lending?

Summarize: Debt bad, "free earnings through discount window" ben doesn't like but enables it, and wants more lending. Lend to who? People who are bankrupt? I highly doubt solid businesses or people can't find loans. I'd like some examples please, instead of the problem is banks won't lend.

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