Top Leaderboard, Site wide
July 28, 2014
Truthdig: Drilling Beneath the Headlines
Help us grow by sharing
and liking Truthdig:
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Newsletter

sign up to get updates


Paul Ryan’s New Clothes
Wishful Thinking About Natural Gas




The Sixth Extinction
War of the Whales


Truthdig Bazaar
Letters of Ted Hughes

Letters of Ted Hughes

By Ted Hughes
$29.70

more items

 
Ear to the Ground

Bad News Bernanke: The Return

Email this item Email    Print this item Print    Share this item... Share

Posted on Feb 29, 2012
Bernanke
Wikimedia Commons / U.S. Federal Reserve

Everyone’s gotten a little worked up lately because the Dow hit the 13,000 mark a couple of times, but here comes Fed chief Ben Bernanke to hit us with the reality stick, or at least give our knuckles a bit of a rap, in an economic update delivered to Congress on Wednesday.  —KA

CNBC:

Stocks struggled for direction Wednesday as Bernanke dashed hopes for further monetary stimulus and as traders shrugged off the Fed’s latest report that showed the economy grew at a “modest to moderate” pace in the last two months.

The Dow Jones Industrial Average struggled to move back into positive territory, after finishing above the psychologically-important 13,000 level in the previous session for the first time since May 2008.

Read more

More Below the Ad

Advertisement

Square, Site wide
TAGS:


Get truth delivered to
your inbox every week.

Previous item: North Korea Agrees to Play Nicer With Nuclear Program

Next item: Scientists Say T. Rex Had Three-Ton Bite



New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

Blueokie's avatar

By Blueokie, March 2, 2012 at 10:56 am Link to this comment

mrfreeze - It reminds me of the Reagan days when economic indicators said one thing, while the media and Administration said something else, history has recorded who won that round.  Just as now, the idea that America is full of rich people and those who will soon be rich is believed by a ludicrous number of
people, when a little investigation reveals that your actual best chance of that happening is winning the lottery.

One of the best examples of the disconnect between economic reality and myth right now is gasoline.  Supplies are at 20+ year highs, demand is at 15+ year lows, we were net exporter last year.  If supply and demand were actual factors in price we wouldn’t be hearing about $4.00 gas, and yet we are.

Report this
mrfreeze's avatar

By mrfreeze, March 1, 2012 at 3:42 pm Link to this comment

Blueokie - I think that those of us who spend our (valuable?) time here on TD are not the vast majority of Americans. I sincerely believe, that most Americans think that “things are getting better,” and that the American Dream is alive and well and just waiting for them “over the rainbow.”

Report this
Blueokie's avatar

By Blueokie, March 1, 2012 at 3:26 pm Link to this comment

Traditionally when the Dow goes up, unemployment goes up, when it goes down, unemployment goes down.

In a market where price is so easily manipulated, price doesn’t reflect value.

Orders for durable goods were down 4% for January (a significant amount), particularly since there were no significant weather events to close business or impact transportation.

Bernanke and the Administration’s problem is, unlike Slick Willie, Greenspan, and Rubin, they can’t blow obvious bubbles, paint concrete yellow and label it gold.  Unlike the previous Administration, no one will buy the myth anymore that the better the wealthy do, the better we all must be doing.

Report this
mrfreeze's avatar

By mrfreeze, March 1, 2012 at 12:09 pm Link to this comment

You know what I’d like to see here on TD would be a panel post or a series of posts regarding what’s really important when looking at the economy.

There isn’t a day that goes by when I don’t see or read stories (seemingly printed/broadcast together) stating that the economy is doing fine or it’s doing poorly. It’s up, it’s down, it’s all around…....and yet, my common sense (and the job I do) tell me that no matter how high the Dow goes, and no matter how many economists tell us the “economic indicators” are looking good, our economic system is nothing but system by which fewer and fewer people are benefiting at the expense of the many. I’m not saying that we’re poor, but where exactly will the race to the bottom take us?

So, TD what about it: Break out some of your friends who know what they’re talking about and let’s have an intelligent conversation about our economic situation.

Report this

By gerard, March 1, 2012 at 11:33 am Link to this comment

P.S.  And while you are at it, take a long look at the empty eyes!

Report this

By surfnow, March 1, 2012 at 5:41 am Link to this comment

Everyone’s gotten a little worked up lately because the Dow hit the 13,000 mark a couple of times,..

No. Not quite everyone. Anyone with an ounce of common sense or understanding of a consumer economy realizes that the only indicator of any significance to us right now is the unemployment figure- and that is still at 16 percent unemployed and underemployed. The Dow don’t mean jack and hasn’t for years. In fact it’s actually bad news, because it just shows that Wall Street hucksters are still at their usual games wild speculation.

Report this

By litlpeep, March 1, 2012 at 12:56 am Link to this comment

Bernanke very well may be telling the truth.

Unfortunately when you have a widespread reputation for having made a career of kis sing the hind end of both parties, it no longer matters how much bite that truth may tell.

For your bite no longer has in it any teeth.

Report this

By gerard, February 29, 2012 at 8:36 pm Link to this comment

Am I going crazy—or is it you?  The economy grew at a “modest to moderate” pace in the last two months.” (the difference between modest and moderate being ...?)  The Dow Jones ... “struggled to move back into positive territory after finishing above the psychologically-important 13,000 level.” Why important?  Because (as Hillary told us from the top of Mt. Everest, “because it’s there! Meantime the people were looking “for more free money.” Why not? The market thrives on as much free money as it can get!  While in another part of the forest,“intraday trading surged, logging its best running etc…”  Running where? Who won? What about intranight trading? Don’t tell me. Let me guess. The “people
who want the punch bowl to be there forever,” of course. Quick, Henry!  OCCUPY WALL STREET!  Get somebody who can break the code.  Where is Anonymous when we need them?

Report this

By rend it, February 29, 2012 at 5:43 pm Link to this comment

13000, bubble much? whats driving it?

Perhaps, this remarkably messed up ratio.

2:1

http://www.counterpunch.org/2012/02/28/whats-really-pushing-up-the-price-of-gas/

Report this
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.