America has an economy that produces about $13 trillion of activity each year. America also has a Federal Reserve Chairman that produces about 13 trillion raised eyebrows each year.
Last week, in Jackson Hole, Wyoming, Bernanke raised a few more eyebrows by asserting that the Federal Reserve remains in control – more or less – of economic conditions here in the United States.
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Healthy Correction or Ailing Recovery?
Bad day for stocks, yesterday. A bad day. Not a terrible day. Not a crash day. Just a bad day.
The Dow fell 140 points. This was baaaad…because it shows that the stock market does not really buy Bernanke's storyline.
You'll recall that when we left off last week, Ben Bernanke assured the world that while the recovery was not exactly what he had hoped for, he nevertheless had the situation in hand. He said he had the tools necessary to fix the problem and would do whatever was required.
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