Howard Davidowitz, chairman of Davidowitz & Associates Inc., talks about the performance of Federal Reserve Chairman Ben S. Bernanke and the impact of Fed policy on consumer confidence. Davidowitz speaks with Tom Keene, Sara Eisen and Scarlet Fu on Bloomberg Television's "Surveillance."
Tom Keene: How will the American consumer react to the unlimited punch bowl?
Howard Davidowitz: Zero. This is not going to effect the American consumer. Bernanke has consistently been wrong. All the sugar bowls have consistently been wrong. GDP is going nowhere. Consumer wealth, median family income is down 10% over four years. Family wealth is down 40%. Unemployment is totally in the crapper. We've spent 5.4 trillion, we have nothing for it. .... The only way you fix anything is pain ... I've always thought Bernanke is certifiably nuts. His record speaks for itself.
Mike "Mish" Shedlock