Can We Please Not Jerk Off Over Ben Bernanke? You Know Who You Are



You people make me sick, I just want the record to reflect that.

WSJ:

U.S. stocks pushed higher Tuesday, reaching new highs for the year, after Federal Reserve Chairman Ben Bernanke said the recession is likely over.

Stocks had drifted around the flat line for much of the morning as new measures of retail sales and New York-area manufacturing came in better than expected, but wholesale-level inflation was surprisingly strong.

The market ticked up higher in the early afternoon, however, as Bernanke said that, from a technical point, the "recession is very likely over at this point." The Fed chief made his comments during a question-and-answer session at the Brookings Institution.

The Dow Jones Industrial Average recently rose 45 points to 9672, with Alcoa, Caterpillar and General Electric leading the gainers. At its intraday high, the index reached 9694.07, its highest point since Oct. 14.

The Nasdaq Composite Index and the S&P 500 also reached intraday highs for the year. Recently, the Nasdaq Composite Index was up 0.4%. The S&P 500 rose 0.2%, helped by a 2% gain in its materials sector and 1% rise in industrials.

Helping boost the metals stocks, gold futures closed at a new Comex record high of $1,005 Tuesday, up $5.10 per troy ounce. Gold's recent ascent has coincided with the weakening dollar, a trend that continued Tuesday as the euro hit a new nine-month high against the U.S. currency.

Anyone else catch that last part? It's so cute to see the kids in the sandbox playing with the yellow stuff.


NYT:

The Federal Reserve chairman Ben S. Bernanke said Tuesday that it was “very likely” that the recession had ended although he cautioned that it would be many months before unemployment rates would drop significantly.

“From a technical perspective, the recession is very likely over at this point,” he said, adding that “it’s still going to feel like a very weak economy for some time, as many people will still find that their job security and their employment status is not what they wish it was.”

The cautiously optimistic assessment came at the conclusion of a speech by Mr. Bernanke at the Brookings Institution marking the anniversary of the market crisis that was precipitated by the collapse of the investment bank Lehman Brothers.

Mr. Bernanke said the consensus of forecasters was for moderate growth for the rest of this year and next, particularly as credit markets thaw, consumer confidence takes time to heal, and the federal government begins to unwind a series of federal spending and lending programs intended to mend the economy.

As I suggest every time TPTB makes a boneheaded statement, someone please write this down so we can rub it in his face later, thanks.

Call me a tin foil hattist but I smell a rat here. Bernanke, being the economic rocket scientist that he is, surely understands that critical sectors are still waiting (not so) patiently to fall apart. Things may be looking up but they are by no means healed. I'm willing to bet (hell, even SF Fed's Chief Executive Asshat Janet Yellen agrees) that as soon as the plug is pulled on the patient, the economy will likely flatline again.

Quick, Dr Bernanke, better stand at the ready with the Fed firehose for the next round of disaster because by my calculations we should be hitting Round 2 any day now.

You didn't really think a little accounting magic could clean up this mess, did you? Surely you're smarter than that, Professor.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

1 comments:

cjn said...

The Journal has the full quote of your hero here:

http://online.wsj.com/article/SB125301730771311713.html

"Even though from a technical perspective the recession is very likely over at this point, it is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was"

IMHO, this is a MSM problem not a Obi-Wan Benobi problem. Maybe you were going there but you lost me at the end.