Tuesday, August 25, 2009

More bubbles to come

"Helicopter" Ben Bernanke, a guy who cannot recognize asset bubbles, is to be reappointed Chairman of the Federal Reserve. From The Wall Street Journal:
President Barack Obama will announce the nomination of Ben Bernanke to a second term as Federal Reserve chairman on Tuesday, opting for continuity in U.S. economic policy despite criticism in Congress of the low-key central banker's frantic efforts to rescue the financial system.

Mr. Obama's decision had become a subject of growing speculation and uncertainty in financial markets and in Washington policy circles.

The president called the Fed chairman to the Oval Office this past Wednesday to offer him another four-year term. Mr. Bernanke then flew off to Wyoming where he gave a defense of his controversial policies at the Fed's annual meetings in Jackson Hole. Mr. Obama left for Martha's Vineyard, Mass., where he will deliver the news Tuesday with Mr. Bernanke at his side.

Mr. Bernanke is seen by supporters inside the administration and in markets as a creative and steady hand who helped to keep the financial chaos, which became especially dangerous in the past year, from becoming much worse. White House chief of staff Rahm Emanuel said the president credits Mr. Bernanke for "pulling the economy back from the brink of depression."
My Bernanke poem:
Real estate was
The way to get rich.
Just buy a home
And give it a flip.

If you bought more house
Than you can afford,
Helicopter Ben
Will dump cash your door.

He's Helicopter, Helicopter,
Helicopter Ben,
The money-throwing man
Who works at the Fed.

Money from the clouds,
Money from the sky,
Manna from heaven,
Thank that helicopter guy.


  1. Seems to me helicopter Ben dumped cash at the banks, not homeowners?

  2. If you are underwater on the house you have a mortgage on, you arent a "homeowner".

    The bank is! So yes, the homeowners got the cash.

  3. Thanks for this greedy poem..

  4. Whatever he did, it worked. Home prices are still up 300% in NoVa before pre-bubble prices.