In a part of the speech where he addressed unemployment, he stated:
Although attaining the long-run sustainable rate of unemployment and achieving the mandate-consistent rate of inflation are both key objectives of monetary policy, the two objectives are somewhat different in nature. Most importantly, whereas monetary policymakers clearly have the ability to determine the inflation rate in the long run, they have little or no control over the longer-run sustainable unemployment rate, which is primarily determined by demographic and structural factors, not by monetary policy.
Here the Chairman re-states the Fed mandate of achieving maximum employment with price stability, but then in an about face states that monetary policy really has no influence on unemployment over the long term. This is a fascinating admission. Has he given up? Maybe he has, because he also now introduces the word "structural" into the economic lexicon pertaining to unemployment, this is outrageous. Previously this adjective was only used by deficit terrorists to describe their misguided view of long term fiscal deficit projections. Now apparently, the Fed Chairman is using it to describe his misguided view of unemployment.
What does this term "structural" mean? Is this a real economic term? Is it a recognized accounting term? Is it a stock? Is it a flow? If you think about it, it is used when misguided, ignorant economic policy makers cannot logically explain some economic phenomenon using their own outdated, inapplicable paradigm. If you cannot explain it, it must be some sort of "structural" factor, it is "built in", part of the "natural" economic "structure". Perhaps they view it as an insurmountable "barrier", but this would only be because in reality they do not understand the policies that cause it. There is a structural barrier, it is in their own minds.
The shame of this speech (again!) is that Congressional and Executive branch policymakers can interpret this to mean that there is no policy to counter this now "structural" unemployment introduced here by Bernanke. Bernanke is a disgrace for a public servant.
PS: Go Yankees!