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Government

Bernanke Admits: Inflation Rising

Apr. 27, 2011 3:49pm Jonathon M. Seidl

While he did announce the Federal Reserve will end its second round of quantitative easing on schedule, Fed Chairman Ben Bernanke admitted that inflation will rise, which was the fear of those who criticized the program in the first place.

CNBC reports:

In his first regular news conference, Federal Reserve Chairman Ben Bernanke said the central bank was continuing its stimulus policy because it was projecting slower growth in the economy with only a modest uptick in inflation.

Wednesday’s event marks the first regularly scheduled news conference by a Fed chairman in the central bank’s 97-year history.

The Fed cut its growth estimate for 2011 to between 3.1 percent and 3.3 percent from a January forecast of 3.4 percent to 3.9 percent.

The Fed also raised its estimate of inflation this year to a range of 2.1 percent to 2.8 percent, taking into account a recent surge in oil prices. However, it bumped its core inflation forecasts only marginally to a 1.3 percent to 1.6 percent range.

That’s a much different picture than the Associated Press decided to paint:

The Fed downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.

Fed Chairman Ben Bernanke spoke at a historic news conference after the meeting. It was the first time in the Fed’s 98-year history that a chairman has begun holding regular sessions with reporters.

Bernanke said Fed officials expect the moderate economic recovery to continue after weak growth in the first three months of the year.

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Comments (160)

historypaper
Posted on April 28, 2011 at 1:48pm
Fed Chairman Ben Bernanke is some night school idiot. He belongs with Obama Pelosi Reid Clinton and Biden.

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Guitar Master
Posted on April 28, 2011 at 11:45am
>>>>>>>>>>>>>>>>>>>>>
THE REPORTER SPEAKS
>>>>>>>>>>>>>>>>>>>>>

THE GREAT AWAKENING

Good morning all you lug-heads are you aware that while you were asleep your country was being stolen & plundered from you. Could it really be that you are just starting to wake up?…..I doubt it very much !

While you were busy taking your spoiled brats to soccer lessons, getting a pedicure or having tailgate parties, a communist plot to steal your country has been underway. Oh, but you didn’t care as long as you had your big-screen TV, pizza and beer. All of a sudden you find yourself paying $4.50 a gallon for gasoline and it’s making you a bit uneasy.

People like Glenn Beck, Ron Paul and just a very few others, have been warning you for years about the coming storm but you didn’t want to listen, most still won’t heed their call.

So go ahead and complain, rant and rave boo, hoo, hoo….now go take little Johnny, that spoiled little brat of yours to his basketball game. Don’t educate yourself about your country, your public officials, people that want to destroy your way of life, you just go on about your business. In the end, if you don’t wake up, your going to flying a red flag with a hammer and cycle on it in front of your house. Ah! never mind, go back to sleep.

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OkiePatriot
Posted on April 28, 2011 at 10:50am
End the fed!!!

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Greenlawn
Posted on April 28, 2011 at 10:46am
That’s why this guy is the chaiman, he’s so smart…

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AmericanDogMan
Posted on April 28, 2011 at 9:39am
or this one!

http://www.youtube.com/watch?v=5M1WlV7vafk

add Michelle Obama’s fight against cookies and
you can see why food and energy wouldn’t be added in the inflation index

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AmericanDogMan
Posted on April 28, 2011 at 9:33am
Now this is why Obama and the elite (trump) won yesterday/today! This is the top story and everyone’s talking about birth certificates or General; swapping! He released so people didnt see this clip again!

http://www.youtube.com/watch?v=HlTxGHn4sH4

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SilentReader
Posted on April 28, 2011 at 3:51am
I think Ben Bernanke should get back into his little cocoon and have the Fed have their next press conference in another 97 years! Of course, by then the Islamist’s will have blown up the world and we have won’t have to worry about it, will we?

What an absolute dolt!

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SilentReader
Posted on April 28, 2011 at 3:46am
Ben Bernanke must think we are “bloody daft” as the English would say!

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SilentReader
Posted on April 28, 2011 at 3:44am
Ben Bernanke must think we’re stupid!

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Contrarian51
Posted on April 28, 2011 at 1:22am
I watched Bernanke today. I was surprised by how shaky (nervous sounding?) his voice was. It can’t be stage frightt, as the guy’s made tons of speeches and testified before Congress. Maybe it was because he knew nobody was going to believe what he was saying. Here’s what I heard:

There’s no inflation. It’s just that everything costs more. But that’s not inflation. Even if it is inflation, we’re pretty sure it’s not going to go on forever because some day we’ll revise the way we calculate and define inflation and we promise it will show that there’s no inflation. So just sit back and enjoy the ride.

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BoilitDown
Posted on April 28, 2011 at 12:53am
Just because Bernanke admits to the inflation we’ve been experiencing all these many years doesn’t mean he’s up to speed or wise enough to continue as the head of the Fed. I will not be satisfied until the complete forensic audit of the Fed is done and made public. What they call transparency, I call other ways of obscuring what is going on to continue duping the public.

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Slayer
Posted on April 28, 2011 at 12:31am
The question that should have been asked:
“Mr. Chairman, in light of the fact that many of us were critical of QE2 and that you decided to go ahead with it anyway, now that you’ve lost over $600 billion dollars of the taxpayers’ money do you plan to step down immediately or send yourself to prison for gross negligence? Because if I were a CEO of any corporation and I had to tell the shareholders at the annual meeting that I just blew $600 billion dollars, they would probably tear me from limb to limb.”

The best part of this was that NPR asked a question with some of the elements of the above question in it. The Jackass Bernanke’s response?
“I never said this would be a panacea. This is only a first step.”

God in heaven! If this is a first step, what will we look like in four more steps?
This moron has to be forcibly removed (frogmarched out the door in chains) if he does not resign immediately. Along with Timmy “The dollar is strong” Geithner.

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the hawk
Posted on April 28, 2011 at 12:11am
2.8 % THE FED’s inflation rate does’nt include food and gass prices! This is TRUE!
tALK about a golden rule!

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psadie
Posted on April 27, 2011 at 11:36pm
Beck and Fox have exposed the FED for what it is and Bernanke is in an uncomfortable position. Now the American people are onto him and he now admits inflation is rising. What an idiot and he is in charge of the economy. He needs to be arrested and thrown in prison. Dumb a$$.

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borismolly
Posted on April 27, 2011 at 10:25pm
We have a hardware store and believe me, prices on EVERYTHING are going up. When fuel goes up, it gets added on to everything you buy.

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mygunsweetness
Posted on April 27, 2011 at 9:36pm
If you want the truth about this man and his friends watch INSIDE JOB,It will open your eyes about these people,they aren’t for us,their for their bank accounts.I wouldn’t say it if it wasn’t true

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temple62
Posted on April 27, 2011 at 9:23pm
Like Greenspan, Bernanke should be in the cell next to Bernie Madoff. He, like Obama, thinks he is a rock star for his complicit role in destroying America!

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copperstatekid
Posted on April 27, 2011 at 9:12pm
To UpstateNYConservative
Thanks. That was a great post you had regarding the Fed and the QE and what it means. You described it in a way that was easy to understand. It would appear that we are in for some wild times. Thanks again!

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NOTYERHUCKLEBERRY
Posted on April 27, 2011 at 9:03pm
Gee Ben, tell us something we don’t know. Hey Ben, here is a good idea for you: Stop printing money, you jerk! You are the reason oil prices are through the roof, food prices are going up and the dollar is worth next to nothing. Hey Ben, one other thing, I have a Bank of Zimbabwe note that has a face value of One Hundred Trillion Dollars. I paid $2.80 for it with free shipping. Is this where you are really sending us?
You do realize we will fight back!

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mndjohnson
Posted on April 27, 2011 at 9:01pm
Stupid is as stupid does. Which story he gave is one the real one? It is like putting the Fox in charge of the hen house.

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krenshau
Posted on April 27, 2011 at 8:40pm
What an idiot. The market is slowing because everyone is afraid to invest in their company because of all of the inflation, regulation, and the general government disdain for business.

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ensemble
Posted on April 27, 2011 at 8:37pm
Captian Obvious. If little Ben actually was in the position to buy groceries or care about gas prices or fear for his 401K, ..he would have come to this conclusion when the tax payers, workers and peasant class saw it. To fake caring about how real Americans live, is when we all see how in danger the libs are.

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Dougral
Posted on April 27, 2011 at 8:21pm
I’m not sure Bernanke is a villain here. I think he is walking a knife edge and is probably as nervous as we are. Bernanke is a Fed chairman who is presiding during hard times. This makes his job rough. In addition he is dealing with a president who is adding to spending at a time of record deficits. What is Bernanke to do? He may see disaster if the government can’t sell it’s bonds, so he prints money to keep the ship afloat. At the same time he fears inflation. He only has so many levers and he doesn’t control most of the important factors. It is Obama that has the responsibility to get spending under control and to try to bring spending in line with revenues. Obama didn’t make the whole mess but he is president now and it is his job to deal with the issues we face. He isn’t so it is our job to get him defeated and put someone in who will step up to the plate.

That said, I am not a fan of the Fed. I think it has too much power and needs to be looked into.

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ThoreauHD
Posted on April 27, 2011 at 8:16pm
I wonder what his first clue was.. people buying Canadian dollars instead of USD?

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VermontPatriot
Posted on April 27, 2011 at 8:01pm
I really hate my keyboard sometimes.

the=then
lover=lower
clened=cleaned

It’s all good.

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