Emanations from the Planet Fed

The credit losses associated with subprime have come to light and they are fairly significant,” — Federal Reserve chairman Ben Bernanke, today

“Come to light’? They’ve been a million watt floodlight in the eyes for several months now to all but the terminally comatose.

Bernanke said that the most reliable indicators show U.S. home prices have not declined nationally and that the housing slump had so far not led U.S. consumers to cut back on spending.

Really? Then why did Home Depot cut their earnings forecast, blaming it on the housing market?

But I’m guessing Bernanke isn’t actually as dim-witted as he appears. His real job is to protect the ruling class and pretend all is well while the investment banks attempt to dump their toxic mortgage portfolios on someone else.