Posted on 05/12/2011 10:44:27 AM PDT by quesney
Federal Reserve chief Ben Bernanke reinforced his call on Thursday for Congress to raise the cap on U.S. borrowing, saying a failure to do so could lead down the same risky path that the failure of Lehman Brothers did.
During a Senate Banking Committeee hearing, Bernanke reiterated catastrophic consequences should Congress either fail to raise the limit on borrowing or edge too close to that limit.
"The worst outcome would be one in which the financial system would be again destabilized, which we saw in Lehman, which would have extremely dire consequences for the rest of the economy," Bernanke said, referring to the period following the failure of the Wall Street bank Lehman Brothers at the height of the financial crisis in 2008.
Bernanke also said that "using the debt limit as a bargaining chip is quite risky," reiterating a worry he expressed in a February press conference.
(Excerpt) Read more at finance.yahoo.com ...
Not doing something about the budget now is much riskier. Faith in the US dollar is near the point of collapse.
Ben Bernanke: “Hurry up and raise the debt ceiling so that Geithner can issue some new bonds and I can implement QE3.”
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Yes, I am just being sarcastic but you’ve gotta believe that Bernanke can’t wait to monetize more of our debt. Its what he lives for.
What’s the point of a limit if it’s always raised?
Hairy Reid on raising the debt ceiling on 2006:
“If my Republican friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy.
How can the Republican majority in this Congress explain to their constituents that trillions of dollars in new debt is good for our economy? How can they explain that they think it’s fair to force our children, our grandchildren, our great grandchildren to finance this debt through higher taxes. That’s what it will have to be. Why is it right to increase our nation’s dependence on foreign creditors?”
http://www.youtube.com/watch?v=ELkbDdPeL7I
Do you know how many times Chuck Schumer voted against raising the national debt ceiling?
If you answered “four times” to the question posed in the headline above, you are either spending way too much time in the Congressional Record, or you have superb research and recall skills! Let’s just assume it’s the latter.
Anyway, the right answer is indeed four times, at least. For the record, here’s the four occasions, as documented by congressional records...
http://www.freerepublic.com/focus/f-bloggers/2718415/posts
“Bernanke: Raise debt ceiling now”
American People; Cut spending first.
Looks like a manufactured soundbyte.
Likely Leahy or Shumer framed a question in such a way to get this response so CNN could publish the byte.
Me: arrest Bernananke now.
“At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”
Ben “Clueless” Bernanke,
March 28, 2007,
Prepared testimony to Congress’ Joint Economic Committee
http://archive.newsmax.com/archives/ic/2007/3/28/110709.shtml
Anything as long as this douche nozzle is no longer screwing up our money supply.
I was thinking .... FIRE the FED....
If I had my druthers that guy would be rotting on the end of a rope.
Bernake is just unhappy that the scheme to take imaginary FED money (that he creates out of thin air) and exchange it for US TBills (through the proxy TBTF banks) can no longer be sustained if the debt ceiling is not upped (no more TBills to manipulate).
His partner in this scam, Turbotax Geithner, can only keep bending the rules for a few more months to release TBills. Bernake must be getting yelled out by the private charter members who actually own the FED (i.e. the TBTF banks) who can now no longer front run TBills with the FED 0% gift money. This is the mother of all guaranteed money scams for them and all it cost is bankrupting our country and putting the US taxpayers on the hook to come up with the money later.
No wonder they fight tooth and nail not to let the FED get audited.
F*** you.
Love,
The American People
Yea!and going into further debt is not going to destablise the economy.
Gee! this guy is dumb.Its No wonder we’re in such trouble.
Worth repeating. BTTT.
As Neil Cavuto said last night, the GOP are gutless! They were elected in a record landslide to stop the spending, but they’re still afraid of Obama. As Neil said...”they have no cajones”. If they don’t want to represent their constituents, they should be replaced.
When they said the world would come to an end if we didn’t bail out AIG, I didn’t believe them.
I still don’t believe them.
The smart thing to do is to stringently avoid doing what Bernanke wants us to do.
Well put. More debt is simply more nails in the coffin at this point.
2 Trillion? chump change to elite a-holes
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