This is the English translation of what Bernanke said on Wednesday night:
Man, did I get scared when that market dropped 700 points in 4 days. I thought it was over! I will never talk again about tapering. I will never bring it up anymore. This economy really sucks. What it told me was that I forced the economy up with monetary easing by printing money and buying treasuries; forcing everyone into the stock market and the minute I stop doing that, everybody is leaving the market and we could give back all of the 104% gain we have had in the market. I didn't realize how lousy the economy is. The stock market didn't go up because companies are doing well and top lines are getting better. The only reason the stock market went up was because I was forcing it up. I forced it up by printing money, and by printing money, I'm screwing all the little people and all the poor people at the supermarket [inflation]. From now I'll blame rising prices on demand, not inflation.
We have 2 great stories we can tell the American people. As interest rates rise, just say its going up because the economy is doing well and the housing market is strong. All we have to do is push the banks up next week and we will have a big run!
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