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Michael head of says that this stimulus may give the economy the president of short term boost but don't count on its alas it didn't the first time -- the second and this third term won't be that storm explain -- Okay well do you think.
-- Barack Obama.
Is going to give Bernanke erased when -- thank -- and or at least he records and I mean I got to take a listen I will never defended Ben Bernanke but I don't think he's being a politician right now.
But can he he has been printing money and lowering interest rates for five years.
He has sprinted over to.
Trillion dollars -- any audit and assessment it's getting into another depression of course you study in 1930 and he's a great scholar of the Great Depression restricted two trillion dollars and he's taken interest rates to 0%.
So what does that given -- 161000.
People who lost their jobs in the goods producing sector.
The unemployment rate is eight point 1% that's because 368000.
People became so despondent that they stopped looking for work away and -- so I want -- today's Citi like -- weighted.
What if you were gonna have good does have waited it absolutely -- waited but when Romney says I'm gonna fire you if I get elected they get him elected president.
This week Bernanke from doing what he was gonna do anyway he's a counterfeit -- -- chief he loves to counterfeit money he has a history of doing it for five years -- Well.
To help Mitt Romney credit -- you talked about might come after the election right short term thing now mile high latest price over on neurology now unknown -- back to oblivion and I -- in economic Georgia has -- long term issues become evident after the elections short term it could be enough to -- the president reluctant.
We'll look at the consumer confidence numbers Bernanke has telegraphed another round of money printing guess what happened to the consumer confidence numbers they shot up.
And 79 this morning and numbers are very can't help the president helped the president announced -- poll numbers -- in very can cut tight states.
Are very good for mr.
Today president but but you are longer terms their -- issues.
What -- -- longer term I worry about economic growth because.
Five years up for any money and taking interest rates to 0% has not engendered economic growth whatsoever economic broke comes from.
More people entering the labor force and becoming more productive.
And counterfeiting money and creating inflation.
Does not get people employed does not bring people off the unemployment rolls and it does not expand productivity it does the opposite -- it destroys the purchasing power -- the middle class yeah and it why don't the markets see that in mind -- -- -- you see that -- The markets are rising in nominal terms that you measure them against gold they're falling if you measure them against a real inflation metric.
They are losing value it's only in terms of the dollar that they're going higher -- -- -- -- by the way is getting crushed now but what we were.
To -- democratic habits of last week one of the big things that the administration kept talking about is.
Well -- all the whining I hear from Wall Street about how lousy things are the Dow was doubled under my stewardship all the market indices.
Are jumping like crazy.
And how do you Canada.
Well a -- first of all the BS and.
In nominal terms over last twelve years and he put up a chart of the Weimar stock exchange or the Zimbabwe stock exchange just think they did fantastic in nominal terms.
Of course they couldn't buy you anything in the open market at all whatsoever the purchasing power those currencies got destroyed.
If that's the way we want to go remodeling our American economy after banana republic then but then event is leading the way and none of them Michael.
As colorful as you are brilliant Michael -- out and.
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