The way you are handling the Federal Reserve Banks monetary policy stinks. You have escorted the US dollar to a level lower than the Swiss Franc, the Canadian Dollar and the Euro. I suppose the Ruble and the Peso are the new target lows you wish to accomplish. In the meanwhile, the dollar has lost 50% of it's value and forced the investors of this country to evacuate the plunging dollar as a benchmark of financial stability in favor of commodities such as energy, food and foreign currency. The counter effect of this is now we are paying extraordinary prices for gasoline, grain and related products and higher and higher prices as the trickledown effect hits all sectors of the economy.
Greenspan took the heat when the Fed raised interest rates in the summer of 2000. This was done to loosen the labor market when conditions at hand suggested a contrary form of action. Guess what? Between the vacuum of the dot bomb, the Cinderella effect of Y2K and the act of raising interest rates combined to shut down the economy. The difference now is that monetary policy is being compromised due to foreign entities abandoning their dollar holdings and flooding the economy with unwanted currency and you are printing billions to bail out Bear Stearns and lend to other shady Wall Street investment brokers to leverage their shaky holdings. This one is on your shoulders mister.
The economy is merely a measure of confidence, that of consumers and that of investors and financial institutions. Guess what Ben? No one has confidence in you. Every time you speak, the dollar becomes a little more worthless. It's time for some tough love for the rich bastards who make forty million a year running scam loan deals duping consumers into real estate purchases that leave the US taxpayer holding the bag. The US taxpayer and the average citizens aren't ready to float liquidity to those bastards at the expense of our own small little insignificant lives.
Take a look at the personal computer industry in 1995. A consumer buying guide for PC's in 1995 had no less than 200 PC manufacturers listed. Guess what, the herd got thinned out by natural order market conditions. The strong lasted or got bought while the meak perished and disappeared into oblivion. No one saved their ass.
When I get my economic stimulus check, there is no telling what I will do with it. I may hold and wait for you to step aside, I may decide to send it to the middle east in return for filling my tank. I may buy non perishable food because anything fresh is going to be so damned expensive I can't afford to waste it.
The flip side of this is that now gas is over 3.25 a gallon, I drive less, I drive slower and others seem to be as well. Who knows, maybe we will revert to more community oriented society. That might not be a bad thing.
Mr. Bernanke, It is time for you to go away quietly before you get nailed crossing the street. Your actions are really starting to piss of America. You can defend yourself but you are still the one causing the financial decay to spread.
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