Obama’s Biggest Mistake…

Obama’s biggest mistake… re-confirming Ben Bernanke. Does any one in the White House really trust what Helicopter Ben is doing? He missed the crisis after it started. He downplayed it and acted too late. He misdiagnosed the issue… and now he’s doing nothing to help Main Street. Heck, even his banking buddies, tucked away in his back pocket, are showing signs of trouble again. What has Bernanke done right? The guy is using toothpicks to build a house. By next week, he’s likely to issue QE2… but it’ll disappoint, and it won’t be enough. It’ll drive the dollar down, and commodities through the roof, killing any chances of a Main Street recovery. It’ll jack up food prices and oil prices back to $100 a barrel. They fail to see that another injection will do more harm than good. The last one did very little — if anything — to bolster the economy, let alone help unemployment. And now they’re considering doing the same thing a second time? Another one will only do more of the same… Only we’ll be stuck with a hyper-inflationary crap storm of $2,000 gold, $100 oil, and unaffordable food prices when dollars are dropped from above. But let’s be real here. The Fed is just kicking the same can down the road. It’s building this crazy house of cards on top of the collapsed mess of the last one. It wouldn’t matter if the Fed dropped $10 trillion into the system; every Fed bailout and money pump has lead to the same garbage. Bernanke and his curmudgeons have to see that. And this idea that inflation isn’t a problem is bogus — yet they keep insisting inflation is too low, as food and oil prices continue to rise… Sure, core inflation stands just above 1.1% — but it doesn’t account for food and energy.  Real inflation in this country, according to Shadow Government Statistics, pegs it closer to 8.5%. And it’ll only get worse if China, Japan, Russia, India and Brazil move to abandon the…

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Obama’s Biggest Mistake…

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