The Bearded Clam: “There Is No Bubble”

“It was only two weeks ago that Fed governor Jerremy Stein delivered a speech titled “Overheating in Credit Markets” in which he observed the obvious and warned that a new credit bubble was forming (not to mention housing, tech, student loan, GM channel stuffing and much more). And it was only yesterday that we learned that Bernanke, after a 6 year hiatus, just had his latest “everything is contained” moment. FromBusinessWeek:

“Federal Reserve Chairman Ben S. Bernanke minimized concerns that the central bank’s easy monetary policy has spawned economically-risky asset bubbles in comments at a meeting with dealers and investors this month, according to three people with knowledge of the discussions…..”

Full article and a memory jolt on the clam