You wonder about the American recovery (”Excuses, Excuses,” June 4, 2011). And so you should. What recovery? The Wall Street, as well as the City across the pond, got a couple of perks from Ben Bernanke’s quantitative easing, but that is about all. They were only perks for the financial sector used to bubbles. That is where hedging in every which direction has become a way of life. Bankers and their mates win, and everyone else loses, as witnessed by the appalling unemployment rates in both America and Britain, its sidekick in many things, including finance. Bernanke’s last speech shows all this perfectly well. He did not “signal” another round of quantitative easing, which depressed both the Wall Street and the City. Quantitative easing has already started creating another bubble, this time in the World Wide Web, but even the Fed, populated by the Wall Street sages, has lost faith in its own medicine. Bubble capitalism is losing its luster. Now it has fallen on all sorts of excuses about the moribund recovery. Following the historic property bubble, it has little else to offer.