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Bernanke urges bold action to avoid lengthy slump ('Bold'='higher taxes, socialized healthcare?)
Reuters on Yahoo ^ | 3/3/09 | Reuters

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 ...


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections; Your Opinion/Questions
KEYWORDS: bernanke; bold; gdp; slump; urges
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1 posted on 03/03/2009 9:09:17 AM PST by NormsRevenge
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To: NormsRevenge

“bold” is the Dems word of the week....What’s the Republican’s?????? HELLOOOOOOOOOO???


2 posted on 03/03/2009 9:12:08 AM PST by goodnesswins (Conservative and fighting for freedom and liberty....whether you like it or not.)
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To: NormsRevenge

I thought the last two “bold actions” were going to solve the problem?


3 posted on 03/03/2009 9:12:30 AM PST by Mr. K (physically unable to proofreed (<---oops))
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To: NormsRevenge

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.


4 posted on 03/03/2009 9:13:27 AM PST by Old Retired Army Guy (tHE)
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To: NormsRevenge

“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.


5 posted on 03/03/2009 9:13:35 AM PST by Smogger (It's the WOT Stupid)
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To: NormsRevenge

Bernanke’s problem: Capitalism.


6 posted on 03/03/2009 9:13:46 AM PST by mewzilla (In politics the middle way is none at all. John Adams)
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To: NormsRevenge
When Bernake refused to diss Hussein's budget....the market began to fall.
7 posted on 03/03/2009 9:13:57 AM PST by roses of sharon (Pray Hussein fails!)
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To: NormsRevenge

The Fed, part of the NWO plan.


8 posted on 03/03/2009 9:14:35 AM PST by BGHater (Tyranny is always better organised than freedom)
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To: NormsRevenge

Thanks but no thanks


9 posted on 03/03/2009 9:15:35 AM PST by mort56 (He who would sacrifice freedom for security deserves neither. - Ben Franklin)
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To: NormsRevenge

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


10 posted on 03/03/2009 9:16:00 AM PST by silverleaf (Freedom's just another word for "nothing left to lose")
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To: NormsRevenge
A fireman charging into a burning building to save someones life is bold, since there is the possibility of doing considerable good, by incurring considerable risk. Standing outside and using the fire truck to hose down the fire is not bold, because while it does some good, there is little risk. Driving the fire truck into the building, is stupid, since it has no chance of saving the person, eliminates the chance of putting out the fire, and actually makes the fire worse when the fuel tanks cook off. This budget is not bold, it is stupid.
11 posted on 03/03/2009 9:18:20 AM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: NormsRevenge

Bernanke knew he was in trouble when even Bernie Sanders was grinding his ass.


12 posted on 03/03/2009 9:18:20 AM PST by Farmer Dean (168 grains of instant conflict resolution)
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To: NormsRevenge
These assholes have no idea what to do and what is causing these problems... Bush screwed up with every economic appointment that he made... or so it seems. Do what Reagan did... do what Kennedy did... do what Bush did and cut taxes, cancel Capital gains taxes and cut income tax rates... stand back and get the hell out of the way!

LLS

13 posted on 03/03/2009 9:19:10 AM PST by LibLieSlayer (hussein will NEVER be my president... NEVER!)
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To: Old Retired Army Guy
Every dollar that flees the stock market flows right to Hussein in the form of Treasuries. The Kenyan's ability to pull off a socialist coup is related directly to his ability to leverage the good faith & credit of the productive citizen. YOU!

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.

14 posted on 03/03/2009 9:19:13 AM PST by semantic
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To: NormsRevenge

How many Romneyites and others still think that the billionaire bailout in October was a good idea?


15 posted on 03/03/2009 9:20:16 AM PST by Captain Kirk
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To: Mr. K

I agree, it appears we need a long series of bold actions to counter this challenge.


16 posted on 03/03/2009 9:21:56 AM PST by phormer phrog phlyer
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To: NormsRevenge
"We are better off moving aggressively today to solve our economic problems," he told the Senate.

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.

17 posted on 03/03/2009 9:22:28 AM PST by colorado tanker (Oh my God, am I hoping for change.)
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To: semantic

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


18 posted on 03/03/2009 9:24:40 AM PST by silverleaf (Freedom's just another word for "nothing left to lose")
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To: NormsRevenge
Could someone please tell me about Bernake’s history. Where is he from? Where did he work? Where did he go to school? How did he ever get in the position he is currently in?
19 posted on 03/03/2009 9:27:17 AM PST by madinmadtown (BO stinks..)
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To: madinmadtown

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.


20 posted on 03/03/2009 9:34:01 AM PST by NormsRevenge (Semper Fi ... Godspeed.)
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