Dear Ben, it’s me again, just wanted to check in before your testimony today on the economy in front of Congress. The economy is recovering. You see the ISM data lately, the bounce in retail sales, the earnings releases from CSX, INTC and JPM, the JoC index of industrial material prices that is just 8.5% from an all time record high, and the S&P 500 which is back to 1200, up 80% from its low in March ’09. Why do you still have rates at zero? Is it because you’re worried that the banking system is still clogged with bad debt, you’re still concerned about housing and fear higher mortgage rates, the US consumer still is worried (ABC poll last night fell 4 pts to 5 week low), job growth is still punk, small businesses still see economic headwinds, capacity utilization is well below average and core CPI is still low, 2 data points you love to watch? Tell us today. Rates too low for too long caused the bubble, do we still need free money?

Category: MacroNotes

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Dear Ben, again”

  1. davossherman@gmail.com says:

    Interest rates @ 0% – good call out.

    My biggest question would be: Bernake you f*cking moron, how do you expect to have an economy without a consumer? We do after all have unemployment rate (U3-U6) of 22%.

    Keynesian stupidity is one thing, an economy with no consumers – well that is quite another.