AND ANOTHER THING. (While I am apparently ranting). I am mystified as to why left-leaning/progressive folks seem to be the loudest of Bernanke’s cheerleaders.
All things equal, high asset prices enrich the “haves” and do nothing to benefit the “have nots,” thus widening the wealth gap.
Bernanke’s policies appeared to have a minimal impact on real economic growth (once the liquidity crisis was past), but they resulted in an EPIC boom in US financial asset valuations. Thus, almost definitively, it seems to me, widening the gap between the haves and have nots. (And, on a relative purchasing power basis, benefiting the rich at the expense of the poor).
Yet the people who are most concerned with the plight of the have-nots seem to generally LOVE Bernanke. I just don’t get it.
