share: digg facebook twitter 27, Bernanke outlined an effort to spur economic growth, prevent prices from falling and push markets higher through the purchase of government bonds. [...] stocks have soared, the unemployment rate has dropped and Americans have started to spend more. Gross had skewered Bernanke's attempt to boost the economy, comparing it to a Ponzi scheme. Higher prices for food and energy have replaced a double-dip recession as a major concern for economists and investors. In the first of two days of Congressional testimony Tuesday, Bernanke took heat from Senate Banking Committee members who argued that the bond-buying program known as quantitative easing is to blame. The Fed chief blamed the recent jump in commodity prices on droughts and severe weather that have cut supplies at the same time China's appetite has grown. A rising stock market could then give Americans confidence in the economy and spur consumer spending, which leads to higher corporate profits. —The Standard & Poor's 500 stock index is up 27 percent since Aug.