It's a Good Thing All Those Unemployed People Stopped Trying to Find a Job, Says Bernanke
Meanwhile, in deaf, dumb and blind Federal Reserve asshat news:
Federal Reserve Chairman Ben Bernanke said there has been a "modest increase" in the long-run sustainable average of U.S. unemployment, noting this was a cause of concern for monetary-policy officials.
Mr. Bernanke faced the Senate Budget Committee Tuesday, again offering a message for Washington to get its fiscal house in order.
In his opening remarks to the panel, the Fed chief said the current estimate of the longer-run normal rate of unemployment is between 5.2% and 6%.
Yeah? Is this from the same model that predicted housing prices could never ever go down?
Sure unemployment will run at 5 - 6% once all the people who have been looking for work for the last two to three years finally give up and either kill themselves, go postal and end up in prison or get smart and make a run for the border. I hear dishwashers in Mexico are pulling at least 6 pesos an hour these days.
Forgetting about the plight of the American worker, Gentle Ben reiterated his commitment to European markets. As if any of us doubted his resolve. "We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy," Bernanke said in prepared remarks.
Whatever it takes!