Ben Bernanke addressed the House Budget Committee [3] recently and told Congress how important it was that they start to address the budget deficits...which is a little like telling them how important it is that they close the proverbial barn door after the horse was out.
And keep in mind that this "horse" has been gone a long, long, LONG time.
Prompt attention to questions of fiscal sustainability is particularly critical because of the coming budgetary and economic challenges associated with the retirement of the baby-boom generation and continued increases in medical costs… Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth.” ...
You don't say.
Maybe we can chalk this up to Bernanke's having a case of C.Y.A. after coming to grips with the writing on the wall...especially after Obama's budget busting deficit for the upcoming fiscal year, (and years to come).
Nothing like a little immunity, so he can say "he told 'em so", when he writes that book years from now.
