Usually, someone is ridiculed in a gentle way by saying “they aren’t the sharpest tool in the shed.”

You cannot say that about Chairman Bernanke. He is extremely intelligent. So, in this case, I am going to call him “The Sharpest Tool In The Shed.” But after reviewing the entirety of his actions lately, his leadership of the Fed and the response of the markets - it is clear, he is a “TOOL.”

That’s a harsh statement. I know. Calling someone a “Tool” is a derogatory term. Without a doubt. Don’t confuse me. I am not being sarcastic. I mean this in a very disrespectful way. I rarely call people names, but in this case, I feel it’s warranted and accurate.

He allowed himself to be used as a TOOL of the politicians like Sen. Schumer (D-NY) and Sen. Dodd (D-CT) et al.

He allowed himself to be used as a TOOL of the equity markets.

That’s the way I see it. The Fed’s independence from political and equity market pressure is critical for the confidence of financial markets and true free market capitalism. I had great respect for the institution despite the Greenspan era and had hopes that Chairman Bernanke would not become a TOOL.  I have lost the admiration.