Posted on 10/20/2008 10:37:58 AM PDT by TigerLikesRooster
US may need a new economic bailout
Dearbail Jordan and Suzy Jagger, New York
Ben Bernanke, chairman of the US Federal Reserve, today admitted the Government may be forced to inject billions of extra dollars into the American economy after warning of a "protracted slowdown".
Speaking before the House of Representatives, Mr Bernanke suggested that the US required another “significant” fillip to help stimulate growth after Americans were granted $168 billion worth of tax rebates in May, to encourage spending and boost consumer confidence.
A new plan would come on top of the $700 billion bailout of the country's ailing banking sector, which includes $250 billion in funding to buy shares in American lenders.
Mr Bernanke said today: “With the economy likely to be weak for several quarters and with some risk of a protracted slowdown, consideration of a fiscal package by Congress at this juncture seems appropriate.”
(Excerpt) Read more at business.timesonline.co.uk ...
Ping!
Is a bailout the same as spreading the wealth?
Hey, Bernanke, have you evewr heard of saving? Or are you just another Keynesian?
If the govt. stimulates me again, I’m buying more pinto beans & bullets/#4 shotshells.
That way, I figure I’ll have the strength & firepower to take your govt. cheese in `09.
You may inflate bubbles like hell.
If they are about to pop, dump money at them from helicopters.
Really smart people they are.
(With apologies to the United Way) Thanks to you, George Bush, it works for none of us!
Unbelievable.
“If they are about to pop, dump money at them from helicopters.”
That’s from a Friedman quote, isn’t it? For as much of a genius Friedman was, I’ll never understand why he couldn’t see that busts are the result of booms.
Say no to monetary statism!
Agreed. Simply devoid of any believability whatsoever.
B-I-N-G-0!!!
I’d stockpile a bunch of blackpowder stuff also, in case the reloading supplies stop.
How about tax cuts and rebates?
No! Bailouts are free money that the government makes from nice new paper.
Spreading the wealth is just like Robion Hood. First you steal from those who have some money and then you give it to those who do not have any. Now you realise that stealing is expensive and cannot be done by just anyone so...There will be some expenses deducted from what is stolen from you.
For a spread the wealth program to work it will be necessary to steal all the wealth from everyone and give it to those who have none. Think of it as to those acording to their needs and from those acording to their abilities.
We used to call it Socialism; but, The One will probably have a name that you like.
Doesn’t free money result in a devaluing of the dollar?
Argentina experienced chronic inflation from 1949 through the 1980s. Hyperinflation exploded to almost 5,000 percent in1989, when government expenditures reached 35.6 percent of GDP (Gross Domestic Product) and subsequently topped out at over 20,000 percent.
A more contemporary example is Zimbabwe, where hyperinflation reached 12,000 percent in 2006, then increased to the point where a single Zimbabwean dollar was eventually denominated as about $10 trillion. The government was finally forced to lop ten zeros from their currency so the calculators could handle the numbers.
I have enough stored to arm my neighbors old timer.
Yes and thus higher prices.
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