Meanwhile, in the non-birther obsessed world, things are still looking pretty grim

[MadHound]

Ben Bernanke held a press conference yesterday, and there were a couple of things to take away from it. First, he stated that inflation wouldn't continue rise, at least not at the current pace. Well, that's not surprising, since he is counting on the fact that shutting down the printing presses in early June will, ie the end of QE2, will curb inflation. Let us hope that is the case, the Fed's batting record in these kind of predictions is iffy at best.

He also mentioned that we can expect unemployment to stay high for years to come, hovering at around seven percent for at least the next couple of years. Personally, I think that this is being optimistic on his part, but we'll see.

In other words, our economy is going to remain stagnant at best for a long while, and if we're not careful, it could easily slide into further depths. Frankly, I think Bernanke is being far too optimistic, we'll see what really happens.

[MrTriumph]

1. QE2 & speculators gave us $4 gasoline & pathetic export growth. What a flop!

x

[ReggieVeggie]

2. recced but still says zero

oh well :shrug:

[MadHound]

3. Some folks simply don't want to hear bad news,

Even when it is the truth.

[Poboy]

4. Kick for the first if not only post on this subject, unfortunately.

[MaeScott]

5. K and R. nt

[leveymg]

6. Very insightful. Thank you. I learned more reading this short post than I have in a week of Trump

News overkill and the spectacle of the self-immolation of the Birthers.

BTW: I would say that QE2 is only part of the reason why we have $4 gallon gas. I still give some credit to the basic greed of the major oil companies and the slimy speculators that grow like toxic mold in the trading pits. Even if they didn't have an extra couple trillion to play with, they would still find a way to suck all the life blood out of the middle-class.

P.S. - See, the post: "Exxon profit jumps 69% as oil prices rise, makes 11 billion in 3 months",

[MadHound]

7. Oh, I'm not discounting the effect that oil speculators have had,

But given that the Feds have now let the presses run off a total of 1.85 trillion dollars, that kind of printing is going to have a major effect.

[leveymg]

8. There are systemic causes for inflation (currency inflation) and intrinsic (commodity speculation).

I think we essentially agree, but are just describing different parts of the elephant. ;-)

[discocrisco01]

9. QE2

QE2 was a dumb idea. Only fiscal stimulus works, and not monetary policy.

[leveymg]

11. I will agree it has been very good for the bottom-line of Exxon-Mobil Corp.

See, http://money.cnn.com/2011/04/28/news/companies/exxon_earnings/

But, it's all a question of who you allow onto the inadequate lifeboats on the Titanic. Obviously, it isn't the passengers in steerage locked in the lower decks behind those steel gates.

[FSogol]

10. Bernake, "First, there is no inflation and secondly even though inflation is rising, it won't rise

as fast." Anyone remember Monty Python and Cannibalism in the British Royal Navy?

"There is no cannibalism in the British Navy, absolutely none, and when I say none, I mean there is a certain amount."
- Sir John Cunningham