Reuters Writes: Obama: Fed chair will prevent asset bubbles, focus on jobs

 

(Reuters) – President Barack Obama said on Wednesday the person he selects to head the Federal Reserve when Chairman Ben Bernanke’s term ends in January will prevent asset bubbles from forming and try to bring down the unemployment rate.

“They’re going to be making sure that they keep an eye on inflation, that they’re not encouraging some of the bubbles that we’ve seen in our economy that have resulted in busts,” Obama said in an interview on CNBC.

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Ummmm, President Obama, I have very bad news for you.  If you want the Fed Chairman to prevent asset bubbles, it might be a little too late.

As of right now, we are in the……wait for it…….wait for it………LEGENDARY & EPIC credit bubble, the likes of which the human kind has never seen before. It is an experiment in speculative finance on a massive and global scale.  And yes, you are, Chairman Bernanke/Greenspan and the rest of the US Government are to blame for it.

This credit finance bubble is so massive that it encompasses many smaller ones. They include but are not limited to the real estate bubble, student debt bubble, stock market bubble, bond bubble, corporate debt bubble, car sales bubble and the list goes on.  There is no question that one way or another we will have to pay for it. Whether it blows up or slowly deflates, the economic pain associated with it will be severe.

What troubles me the most is that our officials Obama/Bernanke/Government are either complete idiots who do not understand simple economics (by making the statements above) or they are very good liars.  I leave that for you to decide. 

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