Inquiring minds are reading Bernanke's blatantly self-serving speech including some bold lies regarding the U.S. Economic Outlook.

I can condense Bernanke's speech down to a single paragraph. An interesting set of word cloud images follows this summation.

Blah, blah, blah brief update. Economic growth slower than expected. Blah, Blah, uneven across sectors and frustratingly slow, millions of unemployed and underemployed workers. Blah, Blah, ability and willingness of households to spend will be an important determinant of the pace at which the economy expands in coming quarters. Blah, blah, signs of gradual improvement. I expect hiring to pick up. Business sector presents a more upbeat picture. Blah, blah, blah Fiscally constrained state and local governments continue to cut spending and employment. The solution to this dilemma, I believe, lies in recognizing that our nation's fiscal problems are inherently long-term in nature. Consequently, the appropriate response is to move quickly to enact a credible, long-term plan for fiscal consolidation. Blah, blah. Establishing a credible plan for reducing future deficits now would not only enhance economic performance in the long run, but could also yield near-term benefits by leading to lower long-term interest rates and increased consumer and business confidence. Blah, Blah, the Outlook for Inflation Blah, Blah, the prices for many commodities have risen sharply, resulting in significantly higher consumer prices for gasoline. Price index for personal consumption expenditures has risen at an annual rate of about 3-1/2 percent, compared with an average of less than 1 percent over the preceding two years. Blah, blah, blah, not much evidence that inflation is becoming broad-based or ingrained in our economy Blah, Blah, subdued unit labor costs should remain a restraining influence on inflation. Blah blah, longer-term inflation expectations reasonably stable. Blah, blah, commitment of the central bank to low and stable inflation remains credible. Blah, blah world oil consumption rose by 14 percent from 2000 to 2010. Blah, blah, U.S. oil consumption was about 2-1/2 percent lower in 2010 than in 2000. Blah, blah improving diets in the emerging market economies. Blah blah, Production shortfalls have plagued many other commodities as well. Not all commodity prices have increased, blah, lumber and natural gas near levels of early 2000s. Blah, blah, dollar's decline can explain, at most, only a small part of the rise in oil and other commodity prices. Blah, blah, blah dual mandate of maximum employment and price stability, and we will certainly do that. Blah, blah, economic recovery in the United States appears to be proceeding at a moderate pace, longer-term inflation expectations remain stable. Blah blah, (FOMC) has maintained a highly accommodative monetary policy, keeping its target for the federal funds rate close to zero. Blah blah, economic conditions are likely to warrant exceptionally low levels for the federal funds rate for an extended period. Blah, blah, blah [blatant lie coming] Federal Reserve's actions in recent years have doubtless helped stabilize the financial system, ease credit and financial conditions, guard against deflation, and promote economic recovery. All of this has been accomplished, I should note, at no net cost to the federal budget or to the U.S. taxpayer. Blah blah blah Federal Reserve be vigilant in preserving its hard-won credibility for maintaining price stability.

Word Cloud of Bernanke's Speech