Just watched Bernanke's press conference...I'm mad

[eduardo89]

I was just watching Bernanke's address the press about the Fed's meeting today and I can't believe people still take this clown seriously. How do people have so much blind faith in him or the system?

It got me thinking, when Bernanke started off as chairman, gold was at $560/oz. Today $560 will only get you 0.32 ounces of gold. So effectively since Bernanke took over, the dollar has lost 68% of its value in 5 and a half years. If any company's stock lost 68% th CEO would be fired!

 

[hazek]

It's all due to economic illiteracy. You can't ridicule what you don't understand.

 

[JoshLowry]

I was just watching Bernanke's address the press about the Fed's meeting today and I can't believe people still take this clown seriously. How do people have so much blind faith in him or the system?

It got me thinking, when Bernanke started off as chairman, gold was at $560/oz. Today $560 will only get you 0.32 ounces of gold. So effectively since Bernanke took over, the dollar has lost 68% of its value in 5 and a half years. If any company's stock lost 68% th CEO would be fired!

I think people come up with excuses for their government because of cognitive dissonance. The real system is very upsetting so they choose to make believe. I'm sure plenty of research money has gone into exploiting this.

http://en.wikipedia.org/wiki/Cognitive_dissonance

Kinda like the wife that makes excuses for an abusive husband.

Or how some of the voluntaryists give up on voting, discourage participation, and sit there with crossed arms criticizing the state because it appears "impossible to beat."

 

[eduardo89]

It's all due to economic illiteracy. You can't ridicule what you don't understand.

He actually used economic illiteracy as an excuse for the housing bubble. As if Fed policy has nothing to do with it. Maybe he was taking about himself and Greenspan?

 

[Acala]

Kinda like the wife that makes excuses for an abusive husband.

Battered Voter Syndrome