This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bernanke to Congress: Your Turn! - Today's Outrage

JACKSON HOLE, Wyoming ( TheStreet) -- It's probably best that Federal Reserve Chairman Ben Bernanke didn't appear on live television today. He might have lost his cool. He might have said what he really thinks about the ineptitude of the political leadership in Washington.

Bernanke's "speech" from the Economic Symposium in Jackson Hole, Wyoming was clearly directed at policy makers. Reading between the lines, he basically told Congress to get its act together and do something about job creation.

I imagine his jaw was clenched tight as he carefully penned his words, mindful of the need to remain above politics, holding back a seething anger that he and the Fed seem to be doing all the heavy lifting while political leaders exchange election-year barbs.

The original draft of the speech in his mind probably said something like: What the hell is wrong with you idiots? You gripe and moan about Fed policies but you don't do a thing yourselves.

Prudently, he wrote the following instead: "The quality of economic policymaking in the United States will heavily influence the nation's longer-term prospects."

I'm sure he wanted to offer some sharp words about how Congress embarrassed the nation and screwed things up royally with the irresponsible debt ceiling debacle.

But he more cautiously noted that "the country would be well served by a better process for making fiscal decisions."

As he considered how to express his concern that Washington just doesn't get how dangerous an overdose of fiscal austerity would be at a time when the economic recovery is barely taking hold, he probably wanted to say something like: Get over your petty political agendas and open your eyes to the massive unemployment problem in America.

But gentle Ben wrote only that: "Although the issue of fiscal sustainability must urgently be addressed, fiscal policymakers should not, as a consequence, disregard the fragility of the current economic recovery."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $125.80 -2.25%
FB $77.56 -1.59%
GOOG $530.80 -1.85%
TSLA $232.95 1.06%
YHOO $41.30 -1.76%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs