{"id":19264,"date":"2011-06-23T01:01:01","date_gmt":"2011-07-20T00:17:51","guid":{"rendered":""},"modified":"2011-07-20T00:17:51","modified_gmt":"2011-07-20T00:17:51","slug":"bernanke_admits_he_s_clueless","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/06\/23\/bernanke_admits_he_s_clueless\/","title":{"rendered":"Bernanke Admits He\u2019s Clueless"},"content":{"rendered":"
\n

RUSH: Ben Bernanke, chairman of the Federal Reserve, says he doesn\u2019t know why the economy is limping along. From an equally stumped Associated Press, headline: “Economic Trouble Puzzles Fed Chief, Too.” What economic trouble? I thought we were in a recovery. AP keeps telling us that. By the way, I thought Obama kept telling us we\u2019re in a recovery. What is this sabotaging the economy business? See, we heard that, too. We hear Obama say we\u2019re in a recovery. We read the media report that Obama says that we are in a recovery. What is this economic sabotage, then, that\u2019s going on? <\/p>\n

“The economy\u2019s continuing struggles aren\u2019t just confounding ordinary Americans. They\u2019ve also stumped the head of the Federal Reserve. 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.” Oh, no. We were supposed to be on our way to creating 500,000 new jobs every month by now, according to Vice President Bite Me. So, in other words, Bernanke is saying that it is the economy holding the economy back. It\u2019s what he said here. “We don\u2019t have a precise read on why this slower pace of growth is persisting,” but it\u2019s gonna be “more persistent than we thought.” So the economy is screwing up the economy. That\u2019s, I guess, the answer. <\/p>\n

“It was the Fed chief\u2019s most explicit warning yet that the economy will face serious challenges next year. For several months, he had said the factors working against economic growth appeared to be ‘transitory.'” Well, if you take a long enough view, everything\u2019s transitory. Temporary, transitory. Now, here\u2019s the guy that\u2019s got all the answers. Here\u2019s the guy that spent $2 trillion. We still don\u2019t know who got it all. Two trillion dollars to rebirth the US economy. He has no clue why it hasn\u2019t worked. Doesn\u2019t have the slightest idea, folks, when it will start working. That was AP. <\/p>\n

Forbes is equally befuddled: “In his second post-FOMC press conference, Fed Chairman Ben Bernanke touched on every topic, admitting that the recovery was weaker than expected and that beyond temporary factors like supply chain disruptions in Japan and high energy prices.” So it\u2019s not the Japanese earthquake. Obama\u2019s not gonna like that. The regime\u2019s been focused on that as a excuse. So it\u2019s not Japanese earthquake. It\u2019s not gasoline prices. Something else is going on to sabotage the economy, and Ben Bernanke says he doesn\u2019t know what it is. He says we\u2019re in a soft patch; he doesn\u2019t know what\u2019s causing it. No weather to blame. No natural disasters. No way to look in a mirror to see the problem. How about Obamacare, Mr. Bernanke, think it might have anything to do with that? What this is, Bernanke is saying he\u2019s a failure, too. <\/p>\n

Obama\u2019s a failure; Bernanke is a failure; Schumer and Durbin admit they are failures. They are admitting there\u2019s economic sabotage going on. I don\u2019t care how you slice this, there\u2019s no way the Democrats win it. The Democrats are in power. Look at it this way. Look at me, they got the White House, they got the House, or they had it until this past January, they had the Senate, and the last two years the Republicans, without a majority anywhere, have sabotaged the great Obama? The Republicans, these idiots, right when everybody\u2019s looking at them have sabotaged the economy? Why, how smart can Bernanke and Durbin and Schumer be if they let the Republicans sabotage the economy, how could that happen? Republicans did this under the cover of darkness. Republicans did this sabotage when nobody was looking? The Republicans put one over on the great Obama, destroying his economic plans, causing unemployment? <\/p>\n

This is pathetic. This means that they know they own it. Mr. Bernanke, let me tell you what the factors are that you just can\u2019t seem to figure out here to explain this. Leftists, liberals, socialism, spending, spending, spending, and your printing. Does that maybe help? But on the other side of this, ladies and gentlemen, by virtue of the chairman of the Fed now — look at me — by virtue of the chairman of the Fed saying he has no idea what has happened, by the chairman, the all powerful chairman of the Federal Reserve saying he\u2019s clueless, befuddled, he has no idea how this can happen. Does that not open the door for the Democrats to blame sabotage, Republican sabotage? I see how all this is shaping up now.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Ladies and gentlemen — Mr. Bernanke, specifically — we all here have a suggestion as to what\u2019s causing all the trouble. Now, we aren\u2019t economists, but we do know a little history, and what we know is that throughout human history Obamanomics has failed every time it\u2019s tried. Keynesian spending never works. Socialism never creates prosperity, nor does communism. It doesn\u2019t work. There\u2019s your problem! It\u2019s Obama. It\u2019s not complicated. <\/p>\n

Ray in Chicago, great to have you on the EIB Network, sir.<\/p>\n

CALLER: Hello, Rush. It\u2019s an honor and a pleasure to speak with you.<\/p>\n

RUSH: Thank you very much. I appreciate that.<\/p>\n

CALLER: You know, I\u2019ve got a couple of statements and a question. If this were a private business, and a man you had hired to do the job that Ben Bernanke has been hired to do came into the board meeting and stated, “Well, I\u2019ve done all I can and I don\u2019t know what to do,” would there be anything to do other than to ask for his resignation?<\/p>\n

RUSH: No, I think he\u2019d be gone.<\/p>\n

CALLER: Why isn\u2019t everybody, including the Democrats, asking for the man\u2019s resignation?<\/p>\n

RUSH: No. That would admit culpability on their part. They\u2019re not gonna do that.<\/p>\n

CALLER: Well, he\u2019s already admitted it.<\/p>\n

RUSH: But getting rid of him is like a nail in the coffin. That\u2019s like the Democrats admitting they, the Democrats, are the problem here — and now they\u2019re trying to blame the Republicans for the sabotage. So Bernanke is just an innocent bystander, a victim. They\u2019re not gonna get rid of him. They don\u2019t get rid of their own. They do not get rid of their own. It takes a Weiner-type scandal before they get rid of their own, and they don\u2019t even really like getting rid of guys like Weiner.<\/p>\n

CALLER: (laughing) Well, you\u2019re probably right about that.<\/p>\n

RUSH: They don\u2019t. No way. These people do not throw themselves overboard. They do not throw themselves under the bus. They don\u2019t do it. They don\u2019t care. They don\u2019t take action that will harping their ideology. They\u2019re not gonna shoot themselves on purpose. They do get circular firing squads going, but they\u2019re not like us. We will shoot ourselves on purpose to show that we\u2019re good people. They won\u2019t. If this were a Republican president and Bernanke\u2019s out there saying this stuff, the Republican president, of course, would be asking for his resignation. <\/p>\n

He can\u2019t, really. The guy served independently for all practical purposes, but there would still be a clamor for him to go. I still think, folks… Let me just be blunt once again. I don\u2019t care what they\u2019re trying to sell today that the Democrats are trying to blame the Republicans for this sabotage. I still think that Bernanke is doing what he was hired to do. I think what the Democrats are doing is trying to escape blame for this. They know how mad you are. They know how fit to be tied you are over what\u2019s happened to your 401(k), to your kids\u2019 future, your own future, your job, your house. <\/p>\n

They know. They know how mad you are. They knew that was gonna happen. They\u2019re not idiots. They know if they set out on a course to fundamentally transform the country, change the economy, and get rid of the routes to capitalism since our founding, they know it\u2019s gonna upset people. So what they\u2019re trying to do now is fix the blame elsewhere. They\u2019re just trying to escape the blame. That\u2019s this latest policy — the latest trick, if you will. But Bernanke is simply doing what he was hired to do, as is Obama, as are they all. <\/p>\n

“How can you say this, Mr. Limbaugh? You keep saying this and this is just outrageous! We in the New Castrati, we want to believe you, Mr. Limbaugh, but how can you say this?”<\/p>\n

Okay, let me ask you this, Mr. New Castrati. If (take your pick: Bernanke, Obama, Schumer, Durbin) don\u2019t want the economy to tank — if they really don\u2019t want it to tank — they would be doing far different things than be what they\u2019re doing. If they don\u2019t want the economy to tank, they wouldn\u2019t be adopting positions assuring the piling up of more debt. If they didn\u2019t want more uncertainty — if they didn\u2019t want what\u2019s happening here — they would embark on policies designed to create jobs, increase revenue to the Treasury; have some confidence and certainty in the economy for businesses large and small. They\u2019re not doing any of that. If they really wanted what they claim to want, they\u2019d stop all this. They have two-and-a-half years of failure as a track record. It\u2019s obvious what to do, and they\u2019re not doing it.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Just so you know I\u2019m not making it up, this is Bernanke yesterday afternoon in Washington, his press conference where he says he doesn\u2019t have the slightest idea why the economy is doing so poorly.<\/p>\n

BERNANKE: We don\u2019t have a precise read on why this slower pace of growth is persisting. One way to think about it is that maybe some of the headwinds that have been concerning us like —<\/p>\n

RUSH: What?<\/p>\n

BERNANKE: — you know, weakness in the financial sector, problems in the housing sector, balance sheet and deleveraging issues. Some of these headwinds may be stronger and more persistent than we thought and I think it\u2019s an appropriate balance to attribute a slow down partly to these identifiable temporary factors, but to acknowledge a possibility that some of the slowdown is due to factors which are longer lived and which will be still operative by next year.<\/p>\n

RUSH: The headwinds, that\u2019s what it was, that\u2019s the answer. Headwinds. He\u2019s up at 35,000 feet, he\u2019s flying around, there are headwinds up there. What did he mean by headwinds? He said, well, weakness in the financial sector. That sounds like the economy. Problems in the housing sector. That sounds like economy. Balance sheet and deleveraging issues. Quick question. Do you what he means by deleveraging issues, off the top of your head? If somebody were to ask you in a couple of seconds, could you answer the question? I was just asking a certified CPA accountant moneybags kinda guy whether or not deleveraging issues could be explained in two seconds, and the answer is no. I was only kidding about wanting an answer in two seconds. <\/p>\n

It sounds to me like he\u2019s just saying the economy is in the way of the economy and we don\u2019t know why the economy is doing what it\u2019s doing. And it might extend into next year that we won\u2019t know why it\u2019s doing what it\u2019s doing. I remember Clinton in the late nineties saying that they had defeated the business cycle. I will never forget them saying that. <\/p>\n

END TRANSCRIPT<\/p>\n

*Note: Links to content outside RushLimbaugh.com usually become inactive over time.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Ben Bernanke, chairman of the Federal Reserve, says he doesn\u2019t know why the economy is limping along. From an equally stumped Associated Press, headline: “Economic Trouble Puzzles Fed Chief, Too.” What economic trouble? I thought we were in a recovery. AP keeps telling us that. 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