Deutsche Bank chief economist Norbert Walter is correct with the above comment. Bernanke has become part of the problem. The emergency actions by the Fed have only contributed to the widespread panic. If that is what Bernanke is trying to do, Mission Accomplished in a Bush kind of way. Bernanke and the Federal Reserve are failing miserably in their job of leading. Worse still is that much of the US market media seems to think Bernanke is doing OK. From the outside looking in, there is still so much arrogance and self assuredness, facts be damned.
More from the always interesting German market watcher Silvia Wadhwa.
Now ... I don´t know about you. But when I hear the words "central bank" and "emergency rate cut (or HIKE for that matter)" in one sentence, the word "confidence" does not pop into my mind. In fact I´d rather not hear the word "emergency" from or in connection with central banks or central bankers at all.
