Monday, April 4, 2011

Don't you just hate it when that happens, Ben?

(NewsCore) - STONE MOUNTAIN, Ga. -- US Federal Reserve Chairman Ben Bernanke said late Monday that he expects to see a very high rate of foreclosure starts in 2011.

"We hope to see this decline by next year," he said in a speech delivered in Georgia.

Bernanke added that foreclosures are negative at a macroeconomic level for the United States.

"The most important transmission mechanism is that, so long as foreclosure are creating an ongoing supply of housing vacancies, we will be seeing continued softness in house prices," he said.

Note: no concern for homeless families, or the lack of a productive economy that is behind the soft prices. The guy has no soul. Some think he's a psychopath. He's probably counting on his infusion of trillions of unbacked bucks into the economy to boost real estate prices. After all, aren't high real estate prices the basis of a sound economy? Just raise those prices, and everything will be fine. Or so he wants us to believe.