Many, many areas of the economy are beyond the control of the Fed chairman. He's not able to buy Spanish bank bonds, thank heavens. He can't do a $1 trillion Chinese stimulus program. He can't cool inflation in India.
But Ben Bernanke can create some housing inflation, and that's a win. He can make it so you eventually feel foolish for being on the sidelines or earning 1 percent on CDs.
It's one thing to buy a one-year CD because you figure that rates are going up and you don't want to be stuck with a long-term low yield. It's another when the Fed chief is saying, "Look, I am making you look like a chump if you buy CDs that go out three or four years."I heard cat-calls immediately. He's stoking inflation. He's hurting savers.
Oh, please.
The fight remains one against deflation. The fight is over jobs. We get jobs, we get higher home prices, we get non-government-sponsored demand.
OK, you're not believing my In Ben We Trust rap? Then let's look at the charts. What about those breakouts? How about those leaders?
They are saying just what I am saying. We speak in unison.
