Of course Chairman Bernanke is watching the markets. But what I really want to know is whether he is watching investors and pundits and “financial journalists” watching the markets. Because if he would do that and torture himself with CNBC for just one whole day he might learn more about “Moral Hazard” than he could ever do studying economic history books.

Here’s what he might notice:

1) On an up day, he is considered brilliant. No further action required. Last Friday, we had numerous permabulls trying to spin the growth in new home sales and durable goods as positive catalysts for markets. Of course, that was because the market went up. You see Ben, when stocks go up, the economic data is encouraging.

2) On a down day like today, all the economic data is viewed as being a sign of a certain recession. Nevermind that the data should have been a surprise to no one. If stocks had gone up today, I am convinced that the “stockonomists” would have been writing them off as meaningless or irrelevantly old. You see Ben, when stocks go down, the economic data is discouraging and sadly, you are no longer brilliant. When stocks decline - the Fed is asleep and negligent. Your failure to cut the Fed Funds Rate is destined to cause economic disaster.

So Ben, just try to get your hands on some video tape of the past few days of CNBC. Just zoom past all the annoyingly repetitive commercials so you can listen to the annoyingly repetitive commentary. You will hear that investors expect you to fix this mess. And if you do nothing, you will be blamed by the Cramers and Kudlows and their ilk.  You may not and should not care.  But sadly, your interventions have been so amazingly coincident to market declines that every time stocks take a dive, investors and commentators expect a new action.  And so far, they have gotten what they wanted whether you intended it or not. So if you dare to do something tomorrow or the next day, it will be rewarded - stocks will go up and once again, you will be a savior. At least until stocks sell the next time…which of course will be met with another round of crying for intervention. It’s never enough for investors, especially since they have turned this into a giant marketplace experiment of Pavlov’s dog theory.

So Ben, please take some time out of your busy schedule and watch the people watching the market.