Bernanke Warns Lawmakers on Economic Strain; President Bush to Address Nation

Bernanke Warns Lawmakers on Economic Strain; President Bush to Address Nation

www.pbs.org

Bernanke appeared for a second day on Capitol Hill, testifying Wednesday before a hearing of the Joint Economic Committee and taking more tough questions from lawmakers concerned about the broad scope of the $700 billion financial rescue plan.

"Action by Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy," Bernanke said.

(visit the link for the full news article)

Here's Ron Paul grilling Bernanke 2hours ago


Bush and the FED are REALLY pushing this hard, they really really really want this to happen.

It's obviously not for the good of the country, so why push it to this extent.

Let's see what happens tonight with Bush's TV Broadcast.
Well he's not going to say anything interesting.

www.pbs.org
(visit the link for the full news article)

As I stated in the thread that was closed..

Is Britney Spears going to be there?? ANd fireworks?? Oh and football.. Ya goto have football...

Ya were screwed... Good thing I used to live on the streets..
But unfortunately this time there wont be a soup kitchen in site I think...

reply to post by ModernAcademia


God I love Ron Paul. I love how he pointed out hey Ive been calling this for how many years now and Bernenke could say nothing. He HAS been calling this and he is right in the price fixing. Sigh!!!

reply to post by ModernAcademia


Dr Paul said "coins" right at the end and didn't challenge him on that. Gold and silver, not Federal Reserve Notes. Why didn't he stand him against the wall on that one? WTF!?

He said they have the authority from congress?

How tf do they have the authority from congress? They cant call this a constitutional act, 1st off the fed is unconstitutional, 2nd off the government shouldn't be getting involved with crap like this.. and 3rd of all this is just plain bs for the people.. We have to bail these couple companies out?? Screw it let them fall.. start the depression, we all deserve it for Americans being american'ts..

god this pisses me off to no end..

[edit on 9/24/2008 by ThichHeaded]

any bets which axis of evil get some of the blame ...why waste a good oppotunity to lie about an enemy as well as the economy

Originally posted by ThichHeaded
He said they have the authority from congress?

How tf do they have the authority from congress? They cant call this a constitutional act, 1st off the fed is unconstitutional, 2nd off the government shouldn't be getting involved with crap like this.. and 3rd of all this is just plain bs for the people.. We have to bail these couple companies out?? Screw it let them fall.. start the depression, we all deserve it for Americans being american'ts..

god this pisses me off to no end..

[edit on 9/24/2008 by ThichHeaded]

Congress passed the Federal Reserve Act delegating that power to the Fed. Illegal as hell, but no one seemed to care except those voting against it.

Federal Reserve Act

Das Wiki Wiki

Originally posted by ModernAcademiaBush and the FED are REALLY pushing this hard, they really really really want this to happen.

It's obviously not for the good of the country, so why push it to this extent.
(visit the link for the full news article)

Neither direction is good for the country, this path leaves less devastation, if we don't pass this legislation you will see the credit market freeze...and considering the average household debt is more than 100% of total income, that's is really really bad. If the credit markets freeze, we will tumble into a very deep recession or depression. So if you want to lose your job or for your family to lose theirs then go tell your congressman to vote against it, but be prepared for 20-30% unemployment. This is much bigger than you are letting on, and I am with Paulson on this one, though the bill is poorly written, and I don't think it's the best plan...it's something, and the debt market is going to dry up without something. We can't take weeks to do this, and not doing anything at all would be disastrous, and it would actually end western capitalism. If anyone gives me the "capitalism died years ago" spill, then frankly you're an idiot, because how would the banks have made billions before this were it not for that?

[edit on 24-9-2008 by yellowcard]

[edit on 24-9-2008 by yellowcard]

If the biggest risk is unemployment, then spend 700 billion on creating jobs, solid, infrastructure jobs. Middle class jobs. Buying up the mistakes of banks will not stop them making more, on the contrary, it will encourage them, since they'll be able to offload bad debt onto us, and keep operating as usual.

There are many many things that would make day to day life in the US much much better, for a much longer term than this bailout, if 700 billion were invested into it.

If we're going to have socialism, let's have it for the people who actually deserve it, not those who've been pulling in millions to billions in bonuses and perks and paychecks. Let's be investing that 700 billion first of all in measures such as food, housing. Let's keep people in their homes, and make sure we have the food to feed them. Let's make sure that we have money to pay them unemployment until the economy settles, or money to create jobs. Screw wall street, leave them to eat each other in their voraciousness. They've run out of victims to cannibalize, let them eat each other.

Let's have a trickle up mentality. The poorer our poor are, the weaker and poorer our nation is. That's a true determinant, not how rich the rich are. Let's focus on finding ways to end poverty, and you know what? the economy, the market, WILL fix itself.

Yes, something has to be done, but this ridiculous plan, this is more like playing monopoly than real life.

See, in monopoly, if you hold all the assets.. all the properties, and all the hotels, you can give another player a 700 billion dollar loan, and all they can do with it is pay you rent. You still win, the loan is at best a delaying tactic. I don't see how this situation is any different.

Originally posted by Inannamute
If the biggest risk is unemployment, then spend 700 billion on creating jobs, solid, infrastructure jobs. Middle class jobs. Buying up the mistakes of banks will not stop them making more, on the contrary, it will encourage them, since they'll be able to offload bad debt onto us, and keep operating as usual.

There are many many things that would make day to day life in the US much much better, for a much longer term than this bailout, if 700 billion were invested into it.

If we're going to have socialism, let's have it for the people who actually deserve it, not those who've been pulling in millions to billions in bonuses and perks and paychecks. Let's be investing that 700 billion first of all in measures such as food, housing. Let's keep people in their homes, and make sure we have the food to feed them. Let's make sure that we have money to pay them unemployment until the economy settles, or money to create jobs. Screw wall street, leave them to eat each other in their voraciousness. They've run out of victims to cannibalize, let them eat each other.

Let's have a trickle up mentality. The poorer our poor are, the weaker and poorer our nation is. That's a true determinant, not how rich the rich are. Let's focus on finding ways to end poverty, and you know what? the economy, the market, WILL fix itself.

Yes, something has to be done, but this ridiculous plan, this is more like playing monopoly than real life.

See, in monopoly, if you hold all the assets.. all the properties, and all the hotels, you can give another player a 700 billion dollar loan, and all they can do with it is pay you rent. You still win, the loan is at best a delaying tactic. I don't see how this situation is any different.

This plan is much better than making the government the employer, this lets the free market handle things after the credit market has unfrozen. If the bill doesn't pass within the next 2 weeks, a crash is not out of the question at all. I'd rather the government make a profit from this than to blow money on being the employer. We can tax the industry to get our money back if we lose any. I know it's not the libertarian way to go, but it's the only way we have right now that is swift. I frankly don't want a depression, and I'm sure once the market unfreezes there will be private firms stepping up to buy these things. Warren Buffet said if he had a 700 Billion dollar credit line he'd be in there buying these things, because he would make a massive profit.