Blodget and Task discuss the Fed's inflation problem

Crude surged to $126 and GS warns of a super spike to $200, it is no wonder that the inflation warning needle is going into the red. The EZB talked hawkish and left rates unchanged last week. Henry Blodget and Aron Task take on the Fed in its inflation fighting mandate and blow essentially into the same horn we did since quite some time. (Greenspan - a huge failure,
A fictional peek into the future)

"spineless Bernanke",
"..is the dual mandate written in the constitution?"
"people are basically saying its the Fed's job to elliminate business cycles."
They mock what is currently perceived as the Fed's role to "privatize profits and socialize losses".

Blodget also mentions oil.
"Oil is at $125 a barrel, a year ago this would have been inconceivable", alluding to the Fed's role in weakening the US dollar.

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source: Bernanke's Bind: Fighting Inflation Could Crimp Consumers, Credit Markets
Henry Blodget and Aaron Task
http://finance.yahoo.com/tech-ticker/article/16419/Bernanke's-Bind-Fighting-Inflation-Could-Crimp-Consumers-Credit-Markets?tickers=AIG,WMT,COST

read also: Greenspan - a huge failure
http://manonthestreet64.blogspot.com/2008/04/blog-post_08.html

read also: A fictional peek into the future
http://manonthestreet64.blogspot.com/2008/04/fictional-peak-into-future.html