Enough with the Bernanke bashing
Within the confines of a totally dysfunctional government, the Fed chief has done what he can.
Enough Bernanke bashing already. I am sick of it, just sick of it. Let me ask you a simple question: What have the other central bankers done right that makes him seem like such a dope to so many of you?
Sure, the Fed chief was slow to recognize the housing bubble that was created by his predecessor's attempts to stoke the economy after the burst dot-com bubble that his predecessor created by never raising margin rates. Sure, he should have cut to the bone in 2008, but commodity inflation was raging.
Since then, Bernanke has done his best to get housing restarted -- working; keep retail afloat -- working; and generate some construction of late. This is all within the confines of a totally dysfunctional government that includes the worst partisanship since the Civil War. Does everyone blame him for that, too?
Have you ever listened to Congress when it badgers this man? It's insane. Its members know so little that it is a wonder he even stays on the job.
In the interim, what have his colleagues done? Let's see, last year, former European Central Bank President John Claude Trichet raised rates twice. That was brilliant! That nailed inflation in its tracks, didn't it? That has to be the dumbest policy move of the decade. The ECB still has not come to grips with its crisis the way much-derided Bernanke has. We would really be calling for those guys' heads. As it is, we had to listen to a totally wrong Fed president from St. Louis, who advocated tightening here at the same time Trichet wanted it.
Is that what the Bernanke bashers want? A little solid tightening?
How about the Indians? They've done a bang-up job of slowing growth while stoking inflation. Bravo. Much better than Bernanke, no?
And let's deal with the Chinese, those so-called brilliant businessmen. Here you have a command economy, no GOP-Democrat fratricide there. They were supposed to have everything figured out. They have nothing figured out other than they know to dump goods into Europe and Europe ain't taking them anymore. That's the real cause of their problems. Is their central bank filled with genius? I prefer Lenin's New Economic Policy. Now, there was a central banker-cum-dictator who knew how to get the job done with maximum slaughter.
So I say enough of this already. Bernanke has done what he can. This is all on Congress and President Barack Obama. And if you want the world's economy jump-started, I think the German Supreme Court is more important than Bernanke.
Lay off him. That's an order.
Random musings: I'm thinking Facebook (FB) is really losing out to Twitter in part because of the latter's mobile apps. I like using Twitter more on mobile than on the desktop, in part because Facebook is trying to trick you into clicking on ads, which makes it so younger people will leave in droves. I liked Facebook as long as the migration from desktop to mobile was slow, and I was counting on that. But it turned out to be lightening-like, and that's why the numbers are slowing so badly. Happened on a dime, right around when Peter Thiel put in his sell order. Remember, as I wrote at the end of "Confessions of a Street Addict," it is better to be lucky than to be good. It was dumb luck that caused the sell program to be entered just when the desktop faded and mobile took off, wasn't it? Wasn't it?
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust has no positions in the stocks mentioned.
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What world do you live in Cramer???
Bernanke's policy of printing fake monies to keep the super rich super rich has failed
The real economy is now worse than the Great Depression and falling fast.
Cramer the US deficit has grown by 60 percent in the last three years due to the government having to spend tons of monies to keep unemployed people afloat along with the illegal aliens. Unemployment checks to the unemployed, welfare to the illegal aliens and huge tax refunds to the corporations like the $4 billion to keep GE afloat.
And the billions the government gave GM so they could close US manufacturing and open up plants in China and Russia.
Pretty much this proves Bernanke is a commie he is creating more jobs in Russia and China then he is creating here in the US and the job destruction is accelerating here in America.
If Bernanke put the over $25 trillion he has thrown at the financial crisis into building manufacturing jobs here in America and creating the 40,000,000 American jobs needed at a livable wage of $100,000 a year our economy would have recovered by now and we would have paid off 60 percent of the national debt instead of adding 60 percent to it.
Bernanke has failed as he is following the failed policy that they tried during the Great Depression. Throwing money at the super rich will not get the US out of the Greatest Depression we are in right now real GDP is south of $9 trillion probably even south of $7 trillion now.
You probably do not even know that $4 trillion dollars of the GDP number is totally fake. It's the rent we all get on our houses (assuming we still have a house) and living somewhere else for free. So instead of being a minus $4 trillion to the GDP it's a plus $4 trillion so about $8 trillion needs to come off the GDP leaving us at about $8 trillion for our GDP.
They put the number in there so the GDP numbers would not look so bad years ago. Now it's just masking how much trouble the US is really in. Our national debt to GDP is over 2 to 1 now.
Economic collapse is going to be sooner rather than later.
Bernanke is just adding to the problem not solving it.
Therefore he has to be a communist for creating jobs in China and Russia and taking jobs away from Americans.
With Zero Interest Rate Policy, banks no longer have a legitimate way to earn profits, so they turn to speculation and highly leveraged and risky investments called derivatives. Sure, the banks are greedy, and probably would have done them anyways. But instead of bailing out the banks, he should have taken a principled capitalist stand and let them fail. Now, he should break up the big banks before they fail, because the taxpayers can't bear the burden of another bailout. But when the big banks collapse, they will cause a major financial collapse.
Lets try a little of that shall we? When you buy a house (as you use as an example) if your SMART, you buy a house that you can afford, that will go up in value (so as to be an inflation hedge), and you maintain it properly so that it will serve you well for decades. You don't spend your mortgage money on extravagant vacations and generally living beyond your means. While it's good to donate to charities you would not give your mortgage money to them, you would give from discretionary funds knowing that your employer is not going to give you more money just because you squander your income.
The American people in general have always known that the govt. needs to borrow money for infrastructure and unforeseen expenses and don't have a problem with that as these expenditures have a return.
BUT the U.S. has gone deeply in debt with one folly after another. 2 recent "wars" and counting that have run up the deficit by trillions and have accomplished nothing else. Trillions thrown away on so called "aid" programs to countries that are so dysfunctional they could never be helped. Trillions spent propping up dead companies and bailing out politicians buddies in the financial markets (paying off their gambling debts).
Americans aren't pissed off that the govt. borrows money, their pissed off that their money is being thrown around like confetti at a parade and they have to do without and pay for it .
Then we see Cramer here today telling us essentially that we should just shut up and take it with a smile and say thanky massah sir thanky.
Kramer is sick........................................of all the talk. Then he should stop listening. Put on some earplugs....................take another vacation to Mexico............that would help all of us....
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The solid report comes a month after the retailer closed all of its Canadian operations.
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