by Simon Black:
I really hate to beat a dead horse, but I wouldn’t be doing my job for you if I didn’t point out some of the most intellectually dishonest, self-aggrandizing Bernanke-speak to come out of the Fed Chairman’s testimony yesterday:
- “[The Federal Reserve has] 25 years of success in keeping inflation low and stable, not just in the United States but around the world.”
Translation: “I have not set foot in a grocery store or gas station in decades.”
- “Our estimates are that we’ve helped create many private sector jobs, government jobs to support the economy quite significantly.”
Translation: “In my sole discretion where I get to completely ignore all data points I don’t like, I am doing a heck of a job.”
- “I am very much in favor of getting our fiscal house in order but I think it’s a long run issue and I would be supportive of a less front-loaded set of measures.”
Translation: “Feel free to continue kicking the can down the road.”
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