market perception - thursday, page-19

Bernanke has undermined the integrity of markets. IMO, a new secular bull market cannot begin until integrity is restored. How and when that occurs will, more than likely, be painful. Under his watch (and Obama), financial institutions have not only been spared the pain, but have been politically and economically empowered such that their role in the next crisis will be even greater and harder to limit. Another course could have been set giving greater regard to market and financial sector integrity whilst still supporting real economic growth. The past 5 years has been crony capitalism at its most epic.