Generally, I like Ben Bernanke. I often don't agree with him policy-wise, but the way I figure it, the only nice guy with a beard that's got a tougher job than ol' Ben is Santa Claus, and the latter only has to do the impossible one night a year.
But
this story makes me wonder whether The Bearded One may not have spent too long at the punch bowl.
Quote:
Bernanke puzzled by weak consumer spending
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke said he's surprised by how cautious consumers have been in the two years since the recession officially ended. But the Fed chief offered no hints of any steps the Fed would take to boost the weak economy.
Bernanke said Thursday that a number of factors are keeping consumers from spending more, including high unemployment, a temporary spike in energy prices, falling home prices and high debt burdens.
"Even taking into account the many financial pressures they face, households seem exceptionally cautious," Bernanke said, according to a transcript of a speech his is giving in Minneapolis.
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I mean really! Besides "high unemployment, high energy (and food) prices, and high debt burdens" why aren't more Americans blowing the next month's mortgage payment on a cool new TV?
It's puzzling all right. But only at the top.