Writes Glenn Jacobs:

I've had it. In the second paragraph of this Bloomberg article, Bernanke calls bubbles a "phenomenon." Ben, bubbles are not a naturally occurring phenomenon; they are the result of a causality--the flow of newly created fiat money into certain asset classes.

Good ol' Ben then goes on to say that banking may be concentrated in too few hands. His solution: concentrate it all in the Federal Reserve and the Treasury.

The really scary thing is that I don't think that Bernanke is the least bit stupid or ignorant. He is a master of doublespeak and is on the tip of the socialist spear thrusting right at the heart of whatever remains of a free market economy in America.