Thursday, December 03, 2009

Nothing Left To Do

I said yesterday that I didn't have strong feelings about Bernanke's confirmation. It's not that I'm a fan, it's just that I didn't imagine anyone who would be on the likely short list to replace him would be any better.

But his testimony today was awful. Apparently more fiscal stimulus is bad according to Helicopter Ben. It's his mandate to maintain full employment. He hasn't done it. The Fed's effectively at zero interest rates. So, basically, 10.2% unemployment is ok with Ben.

Nothing to be done. Well, except for stealing from regressive taxes.

Heckuva job!