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Posted on 02/02/2012 9:20:29 AM PST by whitedog57
Federal Reserve Chairman Ben Bernanke is giving a presentation to the House Budget Committee on “The State of The U.S. Economy.” Here is the CSPAN link.
In summary, he says the economy is growing, Europe is still a problem (and will continue to be so for a long-time). His Q&A with the committee is very interesting.
1. He will do everything possible to protect the U.S. from Europe (he has already stated that The Fed will likely keep interest rates at near zero through at least late 2014).
2. He talked about the unsustainable fiscal condition in the U.S. (trillion dollar deficits as far as the eye can see and no budget from the Senate in over 1000 days).
3. He then added that Congress shouldn’t rock the economic boat (that is, don’t really do anything about the unsustainable deficits and debt).
The market reaction to Chairman Bernanke’s address is a jump in gold and silver prices. I was humming the Shirley Bassey song “Goldfinger” to myself.
But he did admit that savers will be hurt by the super-low interest rate policies The Fed has undertaken. I would call this Chairman Bernanke’s Homer Simpson “D’oh” moment. Yes, low interest rate policies of The Fed do hurt savers and encourage them into taking on more risk. Is that what we should be doing to savers?
And Homer Simpson’s beard even looks gray!
So, Chairman Bernanke’s speech is nothing new: slow economic growth with Euro speedbumps, so The Fed will keep rates really low and punish savers and retirees.
I think that sums it up nicely.
So, Chairman Bernanke’s speech is nothing new: slow economic growth with Euro speedbumps, so The Fed will keep rates really low and punish savers and retirees.
“Retirees will be taken out by humanist death care. They won’t need the retirement money they saved up. They are not useful economic units.”
BUMP! Dealing with an ailing elderly father and ‘the system’ your words are truer than you know! Grrr!
I expect socialized medicine will progress to become a form of outright genocide against the old through the State withdrawal of health care. It’s not as bad now as it is going to get.
For those who are not rich and who are without children to help them, it will be much worse. Your dad is fortunate to have you.
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