The Street contributor Dan Dicker says that Ben Bernanke is his hero.
(Watch the video below)
First of all Bernanke is my hero, and he should be yours too. This is a guy, nobody expected any tightening to go on this year, but this is a guy who only will do what is right for this nation and right for this economy. And, he believes that it’s turning around. He believes that there’s growth here. He believes that we won’t get double dip. He believes we need to put this country in a better position than Greece and Ireland and Portugal and Italy and Spain. So he’s taking a very very difficult task, moving towards tightening here, tightening now. Tightening in early 2010 instead of 2011 or 2012.
Mr. Dicker’s praise for Ben Bernanke stopped short of throwing on a cheer leader outfit and pom-pom – though this may have been bigger news had he done so.
We realize Mr. Bernanke believes that the economy is turning around, and that he believes we won’t get a double dip, and that he believes we’ll be in a better position that the PIIGS.
My kids believe in the tooth fairy, the Easter bunny, Santa Claus and that Harry Potter can fly on a broomstick. But does their belief in these things actually make them real?
The very difficult task of tightening interest rates in 2010 should have happened much, much earlier. Mr. Bernanke, along with his predecessor(s) are among those responsible for the mess we are in today because of loose credit lending policies and total disregard for a strong currency.
They may be heroes to investment bankers and Dan Dicker’s friends, but they are more akin to villains from the perspective of the American people.
Watch Mr. Dicker Cheer on Ben Bernanke:
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Where does Bernanke work – at the Hall of Injustice? LOL
Superman – “Great Scott! Citibank is about to go under, Wells Fargo is under capitalized, and Tim Geithner is nowhere to be found!”
Batman – “Maybe if we can just get the Green Dipshit to start the printing presses we’ll make it!!”
Bernanke – “I’m already on it Bat Man. Just another day’s work in the life of the Toxic Asset Avenger.”
Meanwhile, back at the Legion of Doom and Gloomers, a SHTF scenario is unfolding…
Ben Sauron behind the gates of Mordor Street : “One bank to rule them all and shred them into darkness…”
Chris, You crack me up!!! lol.
I do believe that Benny is someone’s hero. Problem is, he’s not mine because I don’t work for a multi-billion dollar bank.
Chris C.–thats pretty funny! Can’t you just picture Geithner running around giggling in that green Riddler outfit? Seriously, get rid of the stinkin Fed and let rates be determined by the market.
The same idiots that love Bernanke also love Obama.  These guys are like an immense flock of shit-birds over the nation.  Making a mess everywhere they go.
Problem is, the discount rate is only froth. Too lazy to look, but I think only about $15B is being tapped through the discount window. Compare that to the $1T (trillion) in excess reserves laying around, or the available credit through TAF, etc. and it’s not even meaningful. I think people have confused this with the Fed Funds rate.
This Mr. Dicker fellow sure is one hell of a bootlicker. But to whose benefit? Is this something he does of his own accord, without any external motivation? Will someone throw some crumbs his way for is subservience? Cheap prostitute.
Chris, that was genius! haha
Bleak — No doubt; they really played this up in the media but the interest rate move was meaningless…. It’s really easy to get people to believe when every channel and major news source is running stories with “Tightening” and “Interest Rate” in the headline, even though in this particular case …. it’s just not the case. The FED knows they need to tighten, they just don’t want to… they are holding off on any significant change as long as they possibly can.