An Open Letter to Ben Bernanke (Jeff Matthews)

while we admit to not being schooled enough to grasp the finer points of your job as Fed Chairman, we do have a strong opinion about your persistence in bemoaning the state of the current unemployment rate, as well as your determination to plow ahead with the purchase of billions of dollars of Federal debt at negligible interest rates in order to, somehow, cure that high unemployment rate.

Our opinion is that your plan it is doomed to look foolish thanks to an impending rise in employment, and corresponding drop in unemployment, that we think will happen even without you buying a single government bond.

How, you may ask, do we dare argue given our own lack of schooling in your own chosen field?

Well, we listen to a lot of earnings calls with companies that do business all over the world. And we think if you bothered to do the same, it would change your mind about the inevitable persistence of that “stubbornly high unemployment rate,” to quote the well-worn phrase.

The conference calls we speak of comprise the earnings calls that publicly-listed companies routinely hold on a quarterly basis with investors to review the previous three months’ worth of their business activities.

They are free of charge—your minions can find them archived on corporate websites—and only take an hour or so apiece.

via Jeff Matthews Is Not Making This Up: An Open Letter to Ben Bernanke.

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