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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (25007)	6/29/2008 1:25:17 PM
From: koan	Read Replies (1) \| Respond to of 149317

"This month, Ben Bernanke, the Federal Reserve chairman, broke from the usually banal official pronouncements about the dollar to talk bluntly about the risks of inflation. He told an international conference that a weakening dollar had caused an “unwelcome rise” in inflation and pledged to guard against such dangers." koan: " here is what is crazy about that introducory sentence. The feds knew from the very first rate cut it would cause the dollar to fall and fan inflation. In that sentence it sounds to me like Bernanke was 'surprised" by the inflation. The fed stalled for a long time lowering the fed funds rate and the discount rate for far longer than anyone thought they would. They new exactly what would happen. Falling dollar and inflation. They lowered those rates because they were facing an economic meltdown. This was a foregone conclusion. Now the inflation is manifesting itself exactly as EVERYONE knew it would before the first rate cut. Too bad Bernanke doesn't feel like he can tell the truth without parsing words. This chit is hard enough to solve straight up without gobbledegook-lol.