And will he succeed?
We've lost our manufacturing base, incomes are flat, the spending of the past six years was done on home equity, consumer debt is now the only new way to bring new money into the system, and if we don't get a new asset bubble soon to create wealth and drive spending, we're screwed.
Consider these great quotes, from Bubbles Ben Bernanke, speaking right when the housing bubble was inflating in 2002. You owe it to yourself to read his whole reckless speech. You'll better understand what may be coming next.
And my take - don't be a bull, don't be a bear. Be open minded, be prepared to react to new data, and when they change the rules to the game, remember they control the game.
"Aggressive bubble-poppers would like to see the Fed raise interest rates vigorously and proactively to eliminate potential bubbles in asset prices. To be frank, this recommendation concerns me greatly, and I hope to persuade you that it is antithetical to time-tested principles and sound practices of central banking."
"The Fed cannot reliably identify bubbles in asset prices. Second, even if it could identify bubbles, monetary policy is far too blunt a tool for effective use against them."