Bernanke Channels Benchley
We see fear, not optimism. We see a refusal to take risks, not entrepreneurship. We hear a giant sucking sound: the money going into the sink hole of the U.S. government and not coming out. That capital is lost forever. It will fund boondoggles that Congress and the President agree to bankroll. It will not fund economic growth. It will not be amortized by increased productivity.
The committee, being Keynesians, all believe that a stimulus on the scale of QE2 is supposed to goose the economy. But the economy resembles a cooked goose. They have no explanation.
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