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MISTER BERNANKE --- STOP THE PRESSES
It's all well and good to provide some relief for your Hot-Shot Investor buddies, Mr. B., but Working America has needs as well. Blaming high gasoline prices on increasing numbers of Chinese and Indian drivers whose influence on the economic law of supply and demand won't fly. Trying to divert public attention to external influences may work in an autocracy but those tactics are demeaning to the intelligence of the American public.
Your policies have significantly reduced the buying power of the Dollar. The oil producing nations know that when the oil is gone ----- its gone! Naturally these nations want to at least maintain the buying power of a barrel of crude oil. With a watered-down currency, it merely takes more of it to purchase that barrel.
Your decision to arrange a sale of Bear Stearns to J.P.Morgan for two dollars per share may have helped those who were making a run on the bank, but for the shareholders it didn't even cover the value or their building. The alternative of bankruptcy, in general, is not a popular avenue, but in the Bear Stearns matter, it would have protected the corporate assets which your move whisked away. Shame. Shame.
These are harsh words, Mister Bernanke, but as Harry said, not too long ago, “If you can't stand the heat, get out of the kitchen.”
Working America deserves better than seeing their paycheck afford less and less of the vital needs of a family. Deflating the value of the Dollar to deal with the economic effects of the housing bubble burst is poor policy. A run on Investment Banks is unfortunate, but doesn't call for measures which undermine the fragile economic health of Working America. It's time you gave more attention to Main street and less to Wall street. Have a nice day.
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