Damn Bernankes

June 5th, 2006at 07:06pm Posted by Eli

You’re doin’ a heckuva job, Benny!

Wall Street gulped and stocks plunged Monday after Federal Reserve Chairman Ben Bernanke decried recent increases in inflation and pledged action if necessary to make sure surging energy prices don’t make things worse.

If the Federal Reserve follows through, that probably will mean higher interest rates, just when investors thought the Fed was about finished with its two-year rate-raising campaign.

For millions of Americans, rising borrowing costs would make it more expensive to buy a home or a car or to make other big-ticket purchases. It also would make payments more expensive on all the debt people have racked up _ from credit cards to loans for education, vacations and other things.

On Wall Street, Bernanke’s fresh inflation warning sent the Dow Jones industrials sliding 199.15 points to close at 11,048.72. It had dropped even more, 214 points, two weeks ago on May 17.

Yet another Bush appointee spreading joy and successiness wherever he goes.

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