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Generational Dynamics Web Log for 6-Jun-06

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Is Bernanke an idiot? Some investors are saying so.

Is Bernanke an idiot? Some investors are saying so.

As of noon Tuesday, the Dow continues to plummet, following sharp selloffs in Asia and Europe earlier today.

According to the http://wsj.com, "THE DOW INDUSTRIALS SANK below 11000 as rate fears lingered, extending a broad selloff stoked by Bernanke's surprisingly hawkish comments on inflation."

Actually, the comments by new Fed Chairman Ben S. Bernanke weren't really all that unusual, but these are very anxious times.

People are beginning to blame Bernanke. One web site reader just wrote to me: "Bernanke, you're an idiot. Resign before you run us into a crash." This remark seems to reflect most pundits' beliefs right now.

The crash is inevitable, either now or soon, as I've been saying since 2002, because the stock market is overpriced by over 200%, same as in 1929.

It won't be Bernanke's fault, because there's nothing he can do or could have done to prevent it.

But it's just possible that "History" is going to put the blame on Bernanke. It's an outcome that would be loaded with irony, since "Ben S. Bernanke: The man without agony," may end up suffering the most agony of all. (6-Jun-06) Permanent Link
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