Most have heard the old saw a day late and a dollar short.
Well, when it comes to the Federal Reserve it's much worse than a day late and a lonely dollar short. The Fed is always behind the curve, a fact Sir Alan Greenspan, the former clarinet player, proved repeatedly.
All the Bernanke easy money has done little to cut unemployment. The shrinking work force should get most of the credit for any drop in the unemployment numbers. If you check U 6, the comprehensive yard stick of unemployment, it's close to 14%.
Bubbles now forming in real estate, bond and equity prices threaten this artificial, phony, pumped-up recovery. And Bernanke has the look and demeanor of a guy getting ready to kick the can to the next poor bureaucratic slob who will sit on the chairman's throne.
In the case of this monetary charade, like one of those old grade B flicks, the bad stuff hits the fan after the last villain has hit the road.
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