In Saturday’s Arizona Republic business section, front page, there was an article quoting Federal Reserve Chairman Ben Bernanke. The headline says “Financial crisis hurts economy,” Bernanke says. Well, Mr. Bernanke, ya think? My goodness, is the best information we can get out of a federal agency? Tell us something we don’t know Ben! Here’s another quote. “…inflation should moderate later this year and next but …. the outlook for higher prices remains uncertain.” Well, is it gonna moderate or isn’t it? Make up your mind, Mr. B!
Oh well, truth be known, no one person or government agency can control a free enterprise, capitalistic economic system. Only consumers en masse can do that. We will only pay what the market is willing to bear. That’s the beauty and ugliness of it all. Our current economic situation represents the best and worst of our free enterprise system. The market will correct itself over time, but it may take awhile. We’re roughly two years into the current housing “decline.” We may have a ways to go yet but the housing market has already begun to rebound slightly in the Phoenix market. Watch future blogs for more market info.
In the meantime, pay no attention to Mr. Bernanke. He really doesn’t know anymore than we do.