Posted on 03/03/2009 9:09:17 AM PST by NormsRevenge
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke on Tuesday urged bold action action to pull the economy out of a deepening slump, even if it means a surge in U.S. government debt.
"We are better off moving aggressively today to solve our economic problems," he told the Senate.
"The alternative could be a prolonged episode of economic stagnation that would not only contribute to further deterioration in the fiscal situation, but would also imply lower output, employment and incomes for an extended period," he said.
President Barack Obama's recent budget proposal projects an explosion of the budget deficit to $1.8 trillion, and a rise in the debt-to-GDP ratio to about 60 percent from 40 percent, the highest level since the early 1950s.
"All else equal, this is a development that all of us would have preferred to avoid," Bernanke said.
(Excerpt) Read more at news.yahoo.com ...
“bold” is the Dems word of the week....What’s the Republican’s?????? HELLOOOOOOOOOO???
I thought the last two “bold actions” were going to solve the problem?
Rush led his show off today relating as soon as Bernake started advocation Obama’s budget the stock market went south. Way to go Fed Chairman.
“Whether the government needs to increase the size of a $700 billion bank rescue package depends on government evaluations of lenders and the course of the economy, the Fed chairman said.”
Sounds like AP spin.
Bernanke’s problem: Capitalism.
The Fed, part of the NWO plan.
Thanks but no thanks
Ben is about out of bullets, having cut interest rates
to -0-?
Therefore the boldest action I can think of would be an across the board tax cut for ALL individuals and businesses, and eimination of the capital gains tax.
But since idiots elected a marxist ideologue with narcissistic personality disorder, this is never gonna happen on his watch
Bernanke knew he was in trouble when even Bernie Sanders was grinding his ass.
LLS
Stop his ability to issue $trillions of debt (at less that 3% no less) on YOUR back and you will help stop his plan to socialize the US cold in its tracks.
How many Romneyites and others still think that the billionaire bailout in October was a good idea?
I agree, it appears we need a long series of bold actions to counter this challenge.
The problem, putz, is that you haven't convinced us or the markets you know how to "solve" anything.
When are you going to stop dropping billions into a money pit and start stripping the bad assets out of the banks' balance sheets and liquidating them, which is what needs to be done? So what if you might have to take some of them into receivership, clean up the balance sheet, and sell or merge them? That's what's worked in the past, so get started, take some "bold" action already.
at least the dollars which are simply evaporating from the stock market will no longer be taxable by Barry, having shed their earthly existence as generators of dividends or interest or capital gains or reinvestment in future wealth
RIP, trillions in vanished American (formerly taxable) wealth
http://www.federalreserve.gov/aboutthefed/bios/board/bernanke.htm
Dr. Bernanke was born in December 1953 in Augusta, Georgia, and grew up in Dillon, South Carolina. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.
Dr. Bernanke is married and has two children.
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