Wednesday, February 27, 2008
Ben Bernanke's on the job training
You often hear Hillary say she has the experience to be commander in chief and she will know what to do. She will hit the ground from day one.
Of course, her experience these days seem to be falling on deaf ears. The two most powerful people in the Union are the president of the United States and the Federal Chairman. I would say the Federal chairman has more power than the president insofar as the economy is concerned. Alan Greenspan was one of the best federal chairmen this nation has known. Anyone who lived through the 70s knows the disasterous policies Nixon used with price controls with the inept fed chairman George Miller.
We now are heading into the same direction of George Miller. In Ben Bernake's short tenure thus far, he has already made several missteps. Read Motley Fool's article here. Bernake has proved himself inept. He raises and lowers rates on a whim. He sees things that aren't there. I guess this would be Hillary's definition of "on the job training."
So, we may have a president Obama and a federal chairman Ben Bernanke who seem to have no clue how the economy works. So, there are going to be rocky times ahead. I just hope our portfolios aren't decimated during these trying times.