Update: Bernanke Defends QE2 in OpEd, admits the Fed is targeting stock prices
Update 3: Here is the Op Ed. Insanity. Gold soaring.
…higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion….
Update 2: ZeroHedge covers Ben’s OpEd. I cannot WAIT for Sen Rand Paul to ask Ben where he get off targeting stock prices and driving up costs for the middle class while he devalues our savings to prop up big equity. This adds jobs how exactly? Stock markets had their ephemeral fake recovery and there are still NO JOBS.
Update: RON PAUL is to Chair Monetary Policy SubCmte and remember Rand is coming to The Hill. Ben is SOL. Audit the Fed Baby~