Bernanke: deep spending cuts could derail recovery ('self-inflicted wound' looms)

Yahoo ^ | 7/14/11 | Mark Felsenthal and Pedro Nicolaci da Costa - Reuters)

[schu]

Federal Reserve Chairman Ben Bernanke warned Congress on Thursday that overzealous cuts to government spending could derail an already fragile recovery and said a U.S. debt default could wreak financial havoc.

This reminds me of the Jackson quote in the 1830s about the central bankers, suggest the response go something like this:

I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out and, by the Eternal, (bringing his fist down on the table) I will rout you out.

http://en.wikiquote.org/wiki/Andrew_Jackson

If we allow this debt charade to continue, we will ruin the US forever. We had an opportunity to take the medicine in 2008, and it would have been painful, but the pain would be essentially over by now. Instead we let the Bernank and Paulson convince us the world was ending and we are now on the hook for trillions more with nothing to show for it.

The longer we wait, the more difficult it becomes. Lets get it over with.

schu

[lrslattery]

The same exact question came to my mind as well. What a bunch of lying thieves these people are!

[matt04]

What recovery? I guess I messed the memo that 9.2% unemployment is now considered a recovery.

[Opinionated Blowhard]

OK Moron. So will tax increases and continuing the borrowing binge. We have worked our way into a box. Any solution involves pain. The only question is whether its good pain or bad pain. Good pain comes from cutting spending.

[CPT Clay]

How deep Ben? We are running 1.6TRILLION dollar deficit each year. 108 Billion dollars a month additional borrowing. If interest rates rise(and you know they will) The recession will be even worse.

Eat your Peas now.