Bernanke’s automobile analogy was spot on.
From his June 19th Press Conference:
“To use the analogy of driving an automobile, any slowing in the pace of purchases will be akin to letting up a bit on the gas pedal as the car picks up speed, not to beginning to apply the brakes.”
It seems Mr. Bernanke thinks he’s driving a sports car driving downhill.
I think the current economy is more akin to driving an 18 wheeler up a steep hill.