Bernanke's Testimony: Hogwash

7/15 - "Actions continue to speak louder than words. For all this talk about "inflation", the Fed sure is not concerned much about it...Bernanke has an ongoing alphabet soup of credit lending facilities and has extended the Primary Dealer Credit Facility to next year...The market has now forced Bernanke to walk away from his ridiculous June assessment that threats to the downside have diminished somewhat."

"Bernanke continues to have no vision. He is stuck with his academic models that suggest it is possible to spend ones way out of a recession. It is impossible. Unwarranted spending is particularly dangerous at this juncture. Capital that could and should go to more productive uses, is instead diverted to more malign investments or personal consumption."

"Somehow Bernanke believes that housing and the economy will pick up in 2009. The question remains "Is he tha...