Bernanke Channels Benchley
Ben Bernanke gave his second-ever press conference on June 22.
Before I offer my assessment, I think it is wise to make you aware of a long-forgotten film: a 1931 movie short by Robert Benchley, one of the supreme humorists of his era. Benchley came on-screen as an economist. He provided information on why the economy was about to turn around. (It wasn’t.) The depression was over. (It wasn’t.) The recovery was just around the corner. (It wasn’t.) Then he offered the appropriate evidence. The people in the theaters fully understood. Once you see this video, so will you. Professor Bernanke will never seem quite the same.
As soon as Bernanke’s press conference was over, the Dow fell 80 points. Asian stocks fell. European stocks fell. He isn’t as funny as Benchley.
And now… the rest of the story. …..
Harold
