Yesterday’s comments in this space proved timely, since all the evidence that Helicopter Ben could need of an economic slowdown was there in spades: ebbing consumer confidence, a cooling housing market, punk GDP growth and a slowing in the manufacturing sector. The Wall Street Journal’s reaction quotes implied that investors were caught off guard by the news when they dumped stocks as the session wore on.

But other than CNBC-watchers, who, really, could have been surprised? Yesterday we quoted the top bond guy in the country as saying that all the statistical signs of a waning economy were there in plain sight, despite the fact that our new Fed chairman evidently would have us believe that “inflation” is the central bank's biggest problem, not the delicate condition of the economy.

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Is Bernanke the clueless wonk he appears to be, or just a bad actor? You be the judge. And if you think the Fed is going to tighten by the widely inferred 50 basis points between now and mid-May, I’ve got a bridge to sell you.