Not only does Bernanke's QE2 look like the action of a rash and hurried man, it appears even more questionable when you consider the latest positive surprise in job creation data (US adds 151,000 jobs) capping this weeks flurry of positive earnings surprises and broadening vindication the US economy is on the mend without Bernanke's continued support.
Perhaps the cynic might suggest that this is a pre-emptive bid by Bernanke for his place in history. And that QE2 was timed with an advanced insight into positive data releases? When cause and action become blurred and it is even possible, QE2 may become synonymous with the bold action that saved America from a deep recession. But really, could the man who agreed to become the chairman of the most powerful financial institution in the world be so personally ambitious? The mind boggles.
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