by Vedran Vuk, Casey Research:
With Fed Chairman Ben Bernanke giving what may be his last testimony before the House Financial Services Committee, Congresspeople on both sides of the aisle poured their hearts out to Bernanke for his “service.” In this Bernanke love-fest, he was repeatedly thanked for saving the economy from an even worse fate than what has transpired so far. Irony abounded in the questions following the compliments, however. One second, Committee members are praising him for doing a good job and the next, they’re asking him to do something about the exceptionally high rate of unemployment.
In the hearing, Bernanke didn’t reveal much new information… and apparently the new class of aides on Capitol Hill is a poor one, as the pre-written questions hardly challenged the Fed chairman. Much of the hearing was wasted with questions which allowed Bernanke to repeat his opinions about the negative effects of the sequester. Anybody who follows Fed policy closely already knows Bernanke’s response: he thinks it’s causing a drag on the economy.
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