Bernanke's Helicopter Only Delivers Cash To People With Helipads (Video Lowlights From Today's Speech, Transcript)

http://tinyurl.com/65sn7eb

• Read the complete speech

A second summary clip is inside plus written highlights from Reuters.
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Video - Bernanke speech part 2 - June 7, 2011
The failed Fed Chairman is optimistic about 2nd-half growth, as he blames Japan and still-moribund U.S. housing.  He's still in denial.

• Read the highlights from Reuters

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On challenges facing consumers:

…households are facing some significant headwinds, including increases in food and energy prices, declining home values, continued tightness in some credit markets, and still-high unemployment, all of which have taken a toll on consumer confidence…

On the housing market:

…low home prices and mortgage rates imply that housing is quite affordable by historical standards; yet, with underwriting standards for home mortgages having tightened considerably, many potential homebuyers are unable to qualify for loans. Uncertainties about job prospects and the future course of house prices have also deterred potential buyers….

On the Federal budget:

If the nation is to have a healthy economic future, policymakers urgently need to put the federal government’s finances on a sustainable trajectory. But, on the other hand, a sharp fiscal consolidation focused on the very near term could be self-defeating if it were to undercut the still-fragile recovery.

On Inflation:

…if the prices of energy and other commodities stabilize in ranges near current levels, as futures markets and many forecasters predict, the upward impetus to overall price inflation will wane and the recent increase in inflation will prove transitory. Indeed, the declines in many commodity prices seen over the past few weeks may be an indication that such moderation is occurring….

On wages:

…because of the weak demand for labor, wage increases have not kept pace with productivity gains. Thus the level of unit labor costs in the business sector is lower than it was before the recession. Given the large share of labor costs in the production costs of most firms (typically, a share far larger than that of raw materials costs), subdued unit labor costs should remain a restraining influence on inflation.