The Robber Barons

June 27, 2011
by Bob Livingston


Eight weeks ago, Federal Reserve Chairman Ben Bernanke said the job market was gradually improving. He was wrong.

Ben Bernanke is stumped.

That’s what the Federal Reserve chairman told The Associated Press last week. The AP report said:

“Fed Chairman Ben Bernanke told reporters Wednesday that the central bank had been caught off guard by recent signs of deterioration in the economy. And he said the troubles could continue into next year.

‘We don’t have a precise read on why this slower pace of growth is persisting,’ Bernanke said. He said the weak housing market and problems in the banking system might be ‘more persistent than we thought.’â€