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 ...
Take what Bernake says then do the opposite. The guy belongs in California.
The house should vote on a bill shutting down the federal reserve instead just to show him who runs the country.
Audit the Fed now.
You should talk, Mr. Bernanke.
Buying a trillion and counting of Treasury debt to float the stock market is suicidal.
So , the federal reserve is part ofthe obama campaign> We kew that. No surprise there. They seek to purposefully with malice of forethought to destroy America.Count on it. Its necessary to the building of the liberal fascist Utopia. History is being rewritten as we speak.The Symbionese Liberation front could not have done it better.
Just wait and see what happens when the liberals turn on Obama.They will. Its coming.
But - but - the gubmint wouldnt bail out Lehman and let them fail. Not sure that is the analogy Bennie should be using.
It's ironic though - isnt it? The gubmint is asking for the debt ceiling to be raised so they can borrow more money - which is akin to asking for a bailout.
Cut the spending and open the books. A full audit and disclosure of what these thieves have been doing. Why keep drawing that imaginary line in the sand??? Our credibility, along with our future, gets a little closer to the drain each day. Why are they exempt from audit? What are they hiding?
God help us!
wolfpat:NO!
I have long wondered the same thing.
If one's credit-card limit were subject to automatically being raised whenever one might approach it, what would be the point in their being a "limit" (one uses the term very loosely here) in the first place?
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This is one of Geroge W. Bush’s gifts to the nation. Obama reappointed him.
Our government, the large banks/investment houses, Unions and corporate America are all one thing now.
Without our own American version of "The Cultural Revolution" on day we will be indebted to them for our existence and whatever crumbs they choose to throw us.
This is not the America of our fathers, much less of our grandfathers.
Made the trip down I-95 lately? When you get near Pedro’s South of the Border in SC near Dillon, SC, on the southbound side just before an overpass/exit is a green sign— “Ben Bernanke Interchange”!! I kid you not! Turns out Ben’s family were in Dillon, SC prior to the Civil War, merchants of sorts. And....Ben boy worked as a .. get this.. a waiter at Pedro’s South of the Border! Not taking anything away from working through school, but what a cheesy place. And the proximity of this “job” to the “border” and “pedro” reminds one of the devaluing of the Mexican peso— overnight the middle class was reduced in their net worth by half!!
From now on I call him “Pedro” Bernanke in honor of a truly useless failed roadside attraction. Some trip from there to the Federal Reserve’s private bank to the banks. Unreal.
Force little Timmy “Goldman Sachs” Geithner to pay the interest on the debt with the funds he has. This will, much as in any family, put priority on servicing our debt as opposed to letting little junior continue to max out his credit cards at maximum interest. The American public understands this. Discipline and eliminate useless expenditure- curb useless federal money- stop the flow.
With the added observation that “fixing the car and putting gas in the tank” is NOT what will/would be done with any additional funding. The assumption is that we need to borrow to meed our commitments- we do not. We can meet the commitments, and by so doing and doing it the right way show just how strong the dollar is. A strong dollar also means lower gasoline/crude prices, and as a percentage of each gallon— more federal revenue from increase use and sale. The assumption that “raising the limit” means govt. will focus on essentials is completely flawed. It won’t.
MEED= MEET (sic)
id sooner trust a crackwhore than the ben bernanke...
Excuse me, “I cannot put gas in the tank and buy groceries” now and raising the ceiling is somehow going to make it so I can in the future? Not it is a rouse, there is no fix by raising the ceiling, its time for the hard medicine and time to take our lumps for the errors we have allowed to happen. Sorry it is evil to pass our evils on to the next generation with the though there would be no consequences to ourselves.
It is time for a new Great Generation to grit our teeth and dig in to the beast we have created and raised.
What a monkey ass. We have to push hard on the House Reps to keep a spine, and tell this Rasputin clone to go straight to hell... where he and his kind all belong.
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