Oh, he tells me tears are something to hide
And something to fear
And I try so hard to keep in inside
So no one can hear
Last week found Ben Bernanke sitting before Congress for his semi-annual "Humphrey Hawkins" exchange. Bernanke made some epic statements. A sample:
Congress: Are you printing money?
Bernanke: Not literally
Bernanke: The amount of US student loan debt is large, but not particularly likely to cause macroeconomic instability.
(Bernanke in 2007: The sub-prime mess is grave but largely contained.)
and to a question has to whether most Fed policy gains have gone to owners of financial assets...
Bernanke: Wall Street hasn't benefited more than Main Street.
Guess no one had charts like this one handy:
See this and this if you're confused about the link between corporate profits and Fed policy.