A Regular Nostradamus

Bernanke on the unemployment rate earlier this year:

Currently, we don’t think it will get to 10 percent. Our current number is somewhere in the 9s.

Last week it came in over 10%, a new multi-decade high, with most credible observers saying it will head at least a bit higher before topping out. Add it to the long list of bad predictions by Bernanke, just some of which I pointed out near the end of this article.

Look, these screw-ups might be more comical than scary, except 1) the Fed is currently engaged in the largest monetary experiment in history, 2) monetary policy by nature depends on forecasts, making predictive ability an essential part of the job description for any Fed chairman, and 3) businesses and individuals rely on the Fed's economic outlook when making strategic and investment decisions, as do federal/state/local governments planning fiscal and other policies. At this point there are only two possible explanations. Either Bernanke's economic models are flawed to the point of uselessness or he simply says whatever is expedient, politically or for the financial markets, on any given day. Based on his history, I think it's both. And Obama wants to saddle the country with this guy for another four years.

"Pugilistic"

Outside of financial reform and monetary policy, I haven't followed anything that Alan Grayson has been working on. But on those issues I've been extremely impressed. This is someone who's taking positions and asking questions long understood to be taboo, at least if one wanted to avoid getting on the wrong side of some powerful interests. He's in a tough home district, and I hope his constituents realize how much good he's done in the short time he's been in Washington.

Too Big To Ail?

Priorities.

"Everyone Is Extremely Unhappy"

I keep remembering that line from Midnight Express as the inmates walk the wheel: "The bad machine doesn't know that he's a bad machine."

New All-Time Highs...

The silent sentinel continues to watch and act accordingly. Longtime readers know I've been on this from around $400. Based on email I get every so often, some savvy readers have been protecting themselves.

Next: the protection window should start to close. Probably a bit at first and in little-noticed ways, then eventually slammed shut (this is not meant as investment advice). Think like an unelected and desperate policymaker confronted by the consequences of things like "too big to fail," and you'll understand why the masses can't be allowed to opt out of the madness.

"Gutted"

Anyone surprised? More on the bad guy here. If you doubt that this issue has grassroots traction, check out this post on what's mainly a socially oriented website.

"Above The Law"

Steve Sailer does some digging and quickly hits bedrock.

Dinner Reservations About To Get Harder?

Follow-up to the previous post.