Get Ready for a Massive Stock Market Selloff , by MN Gordon, Economic Prism
On Tuesday, Federal Reserve Chairman Ben Bernanke’s made his semiannual monetary policy testimony before the Senate Banking Committee. Washington and Wall Street wanted QE3. Bernanke demurred.
Following the testimony, Senator Chuck Schumer told Federal Reserve Chairman Ben Bernanke to “get to work.” Schumer, like most Senators, is under the illusion that Bernanke can actually do something to improve the economy. Those days are gone.
“The question in my mind is, is he [Bernanke] not stepping up with another program in any quick fashion because they’re [The Fed] starting to wonder if it’s going to have any impact? Alternatively, are they not stepping up because when they look at the data they think, ‘It’s not that bad,’?” (Read More....)