Bernanke: Down Is Up

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from Yahoo Finance:

In a speech on Thursday, Federal Reserve Chairman Ben Bernanke provided some reassurance on the stalling recovery, along with a warning. He attributed the weak first half of 2011 mostly to temporary shocks to the economy. While the damage those events caused could affect the second half of the year, he stressed that the U.S. economy should continue to grow — unless policymakers screw things up. He also asserted that the central bank will do its part to continue to stimulate growth.

By Bernanke’s logic, the weak second  half of 2011 will also be attributed to “temporary shocks” to the economy – you can bet on it. Notice also that “gnostic Ben” is quantitatively (that was easy!) above the rank “policymakers” (see Kant’s Zum Ewigen Frieden for the origin of the ideological permission to employ that dialectical jiu-jitsu).

8:37 am on September 9, 2011