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The emperor -- no clothes and no I'm not talking about Michael Phelps.
I'm talking about the king.
Of the Federal Reserve Ben Bernanke.
Somehow the Fed has become the single institution.
That still has credibility in the markets when it comes to fighting our economy's horrible performance.
And I gotta tell you I don't see why.
We that nearly five years of intensive fed help.
Look at 2008 it was QE1.
-- Q -- to.
Operation Twist an operation -- list.
Plus a record 42 months of keeping the Fed Funds rate near zero and what do we have -- show for all of this.
Growth of one point 5%.
Unemployment at eight point 2% and -- ratcheting down of growth expectations.
For the nation's biggest companies.
The very folks who could fix unemployment and jumpstart this economy.
Had -- the confidence to do so but of course they don't and it's no surprise why.
Each successive intervention has given us less bang for the buck QE2 didn't bias -- true economic recovery not like what we're used to.
Instead we got a commodity price bubble.
Oil prices surged food and energy prices jumped -- mom and dad it's your grocery bill more manageable now the before the answer is no.
And there are other losers still keeping interest rates near zero up policy that Bernanke says.
He will continue for another eighteen months has been a nightmare for seniors on fixed incomes who rely on their savings to get by.
Look keeping rates low even longer is no guarantee that the housing market will recover because so far it hasn't helped.
Mortgage rates are at fifty year lows.
The DC people buying houses.
Look the markets for some strange reason still look to emperor Bernanke to solve our economic funk today's fed meeting as usual is met with a breathless excitement.
They only trouble is that this is a different -- than in the past.
As the economist Robert Samuelson wrote recently.
A decade ago that that was seen -- all knowing all powerful.
It could cushion business cycles -- financial crises and share prosperity.
The truth is the feds out of bullets central bankers cannot save us real prosperity.
We'll have to come from somewhere else and my suggestions are these congress stop goofing off and extends the bush tax cuts for everybody.
Tax -- getting defused.
Corporate tax rates brought lower.
Look America's economic engine is -- dead it's just sputtering.
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