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Bernanke: "I Wish I Could Just Wave A Magic Wand"

'There is no magic wand for unemployment.'

Short clip from The Bernank's QE5 presser last week.  Runs 45 seconds.

Bernanke admits that the Fed is basically powerless against unemployment at this stage, having utilized all available Keynesian tools known to mankind.  Remarkably, he also admits publicly to balance sheet risk for the Fed.


Another highlight (runs 1 minute):


Watch more highlights here:

WATCH: Bernanke Announces QE5



Photos by William Banzai7, who finds a magic money wand for Bernanke.

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Reader Comments (2)

Dr Ben is suffering from driving forward by looking in the rear view mirror. This Fed is so concerned with having a legacy of failure to live with that they keep applying more and more of the same BAD medicine, which is zero interest rates for savers and completely irrational fixed income returns for people near or in retirement. The Fed of the 50's, 60's. 70's and 80's worked their monetary magic during the baby boom. During this period, lower rates created more consumption of houses and cars and this turned the economy around. Well that was yesteryear... Today, all of those baby boomers are either in retirement or are 10 years away and are being forced to either save every penny they can or stop consuming to make ends meet in this crazy zero interest rate environment, while the children of the baby boomers have no buying power at all. Enough of this crazy strategy, we need Dr Ben to realize this huge mistake and raise the Fed Funds rate back to the CPI rate of inflation. This will add more to spending, then the current strategy of telling the baby boomers that they should expect more of the same zero interest returns on their savings for at least another 3 years. This is crazy and stupid at the same time.
Dec 19, 2012 at 4:46 PM | Unregistered CommenterJack
Jack, Hope you have seen Ratigans rant. There he talks about the extraction of this country. Then Cheyenne wrote about the same subject matter and the rule of law that does not exist. That is what is going on here and our pols are in on it. Maybe not knowingly, but certainly have sold themseves out for the effort. Lastly check out Bailout the movie. I actually though Ratigan was going to break a blood vessel in his brain. The Fed is doing their part and they ain't gonna change.
Dec 19, 2012 at 5:06 PM | Unregistered CommenterSKINFLINT

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