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Bernanke Pumps Up Obama's Economy

BEGIN TRANSCRIPT

RUSH: Forbes magazine: "Economically, Could Obama Be America's Best President?" This story is based on two things.  The story is based on the stock market hitting record highs and the inexplicable uptick in consumer confidence.  That's it.  The Forbes story is based on those two things.  The headline:  "Economically, Could Obama Be America's Best President?"  Well, let's listen to Ben Bernanke.  Ben Bernanke is chairman of the Federal Reserve and he was on Capitol Hill today during a joint House and Senate economic committee. He was testifying, and he basically said that the recovery is too weak for us to stop pumping money into it.  We gotta keep doing stimulus.  And what they're basically doing is pumping -- the stock market's going through -- these guys are creating bubbles, folks. At some point this is gonna implode.  It just has to. 

They're artificially propping up the stock market.  They're printing money and converting it into bonds and the bonds are ending up buying stock, buying securities.  I don't know all the machinations of it, but that's the route, that's what's happening.  The stock market's not going crazy because average mom-and-pop investors all of a sudden are buying stock.  This is money being printed because the regime has decided that the stock market will be a great optic to show a great economy.  It's all a game.  And here's Bernanke.  Now, you keep in mind now, economically could Obama be America's best... That is insulting.  My God.  This economy is barely hanging on.  Another union came out today and demanded to be excused from Obamacare, folks, another union.  Anyway, here's Bernanke.  Listen to this.

BERNANKE:  A premature tightening of monetary policy could lead interest rates to rise temporarily, but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further.  Such outcomes tend to be associated with extended periods of lower, not higher, interest rates, as well as poor returns on other assets.  Moreover, renewed economic weakness would pose its own risks to financial stability.

RUSH:  Let me translate that for you.  What Bernanke was saying is the economy still sucks, and we gotta continue to pump money into it.  And, as we do, it's gonna make Obama look like maybe America's best economic president ever.  And I, Ben Bernanke, am single-handedly gonna make sure that's what people end up thinking.

END TRANSCRIPT

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