To begin with his 'rhetoric' was completely populous. He stated the same 'supply and demand' rant regarding oil we have heard for some time now, probably years if the truth be known. I was stunned. There is no supply problem, Saudi Arabia stated same and has cut back production due to that fact alone. So, what newsprint does Bernanke read and why would newsprint superimpose his knowledge of the actual markets.
Oil isn't a viable resource anywhere in the world. That is to begin. The USA reserves are full and the national security interests of the country are served, beyond that offshore USA oil should be left alone.
I wasn't impressed, Mr. Bernanke. Sincerely, wasn't. But. I am profoundly worried. This is a Fed Chair that has no clue about why the USA economy is in the condition it is and only marches to the rhetoric of his Republican peers.
On Standard and Poor's putting U.S. debt on a negative watch: (click title to entry - thank you) "it didn't really tell us anything" because everyone knows the U.S. has a long-term problem.
