November 19, 2010

More from Mish, on Helicopter (Weimer) Ben this time

Bernanke Claims QE II will Create 700,000 to 1 Million Jobs; Where? Mexico, Peru, China

Posted: 18 Nov 2010 12:40 AM PST

In the truth is stranger than fiction category, Fed chairman Ben Bernanke tells US Senators that Quantitative Easing will create 700,000 to 1 Million Jobs.

Federal Reserve Chairman Ben S. Bernanke met with U.S. senators today to defend his expansion of record monetary stimulus, saying it would aid job growth and the central bank would control any inflation.

Alabama Senator Richard Shelby, the senior Republican on the Banking Committee, said Bernanke cited an estimate that the program may help create 700,000 to 1 million jobs. Bernanke met with about 11 committee members amid a Republican backlash against the Nov. 3 decision by U.S. central bankers to buy an additional $600 billion of Treasury debt.

Bernanke reiterated his view that the central bank needs help from Congress in aiding the economy. “He went out of his way to say that he absolutely hopes Congress will take the lead in setting economic policy,” [Indiana Senator Evan] Bayh said.
Curiouser and Curiouser

Inquiring minds are asking, if that's all it took, why didn't he do so in 2008 when the unemployment rate started soaring? Why not double it and create 1.4 to 2 million jobs?

That last paragraph in the Bloomberg snip above has me wondering if Bernanke went down the rabbit hole. Allegedly Bernanke wants help from Congress to set Economic Policy?! Really? What about that big battle Bernanke had with Congress over that very same issue?

When I googled for a rabbit hole illustration I discovered James Yang's site here.

You can buy his book through this link here. Man, I do like his images. Ingenious, clean, gleeful, compelling, attractive

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