Pretty interesting Q&A session with Mr. Bernanke insofar to see how much he disagrees with some theories running around the internets, and how he is willing to take credit for the stock market rising but conveniently has nothing to do with commodity price inflation. Indeed it is "entirely unfair" to equate commodity price increases with Fed policy. Just as it was unfair to equate easy money policies with NASDAQ bubbles or housing bubbles. So leave the Fed alone you bullies.
Conveniently while not responsible for commodity inflation, Ben is happy to take credit for stock inflation. Indeed he was nearly giddy talking about how the SP500 bottomed within a week of QE1. Nowhere do I remember the Fed mandate saying anything about managing the stock market but apparently it is in size 4 font somewhere.
So to review The Bernank says it was Fed policy to push investors into alternative assets thus increasing their value. When those assets are stocks, The Bernank takes credit for it. When those assets are commodities, The Bernank has nothing to do with it.
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