The good news is … Fed Chairman Bernanke didn’t commit “treason” when he announced yesterday that the Fed will do absolutely nothing to stimulate the economy. Republican candidate Rick Perry had warned him that any Fed program that helps the Obama Administration right the economy would amount to “treason.”
The bad news is … we’re apparently cooked because, in part, the Fed refuses to do anything. Bernanke seems to think that his word is so magical — he said he’s “optimistic” — that it alone will fix things. At least he admitted, “It may take some time.”
At least through 2012?