Bernanke proposes NO new steps to boost U.S. Economy (thanks buddy)

JACKSON HOLE, Wyo. (AP) -- Chairman Ben Bernanke is proposing no new steps by the Federal Reserve to boost the economy while hinting that Congress may need to act to stimulate hiring and growth. Bernanke said Friday that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run. He is speaking at an annual economic conference in Jackson Hole, Wyo. His speech follows news that the economy grew at an annual rate of just 1 percent this spring and 0.7 percent for the first six months of the year. Only slightly healthier expansion is foreseen for the second half.

Stocks fell lower after the speech was released. The Dow had been down about 78 points, about 0.7 percent, shortly before 10 a.m. The loss quickly extended to 145 points.

Bernanke's speech comes at a critical moment for the economy. Some economists worry that another recession might be near. A big reason is that consumer spending has slowed. Home prices are depressed. Workers' pay is barely rising. Household debt loads remain high.

Source: finance.yahoo.com...

Yes, just sit there like a big dumbass... twiddling your freaking thumbs!!!!! We are SCREWED. Get ready for the recession within weeks and a major depression soon after the New Years (if not sooner).

I think it is hillarious he goes on to blame Congress.. although they are partially to fault but not for what he is faulting them for.

What are we suppose to do... just let Obama keep on Spenging Spending Spending.... I think it is ever apparent what that line of fiscal doing has done.

They all need to be hauled out of Washington-on Sticks.

reply to post by anon72


The federal government NEEDS HELP!!! Go to the people and freaking ask how to fix stuff and work the best thing into a new policy.....You have millions of great minds not in office....USE THEM!!!

And if he did do something, you would be here complaining about how dumb he is for having the government try to interfere with the "free market".


Seems you just like to complain...too bad you don't run the country...everything would be perfect

reply to post by anon72
That's actually the first positive thing I've heard.
Now if only we could get Obama and congress to propose NOTHING, then we might recover.

reply to post by anon72


I am just so tired of everyone's story of personal angst.

We are all hurting. I am trying to suck it up and be positive but everyday there is another rant another atrocity and someone has had just about enough. None of these people ever put their heads in an oven though because they are back tomorrow and have had it "up to here."
Nah...I think there is a little farther you can go. Got a lot of life left in you...
What is it people are trying to accomplish ringing these alarm bells constantly?

There will be an election soon. Just put out the damn fire.

reply to post by anon72


If Bernanke does another stimulus it will just extend the agonizing decline of the economy out further. If Bernanke doesn't do a stimulus it will still extend the agonizing decline out a little bit, but without the massive debt to be paid by we the taxpayers later on for a failed attempt as saving a sinking ship.
Another stimulus would be the equivalent of using a tea spoon to bail water on the titanic.

reply to post by OutKast Searcher


Nice jumping the gun (aka Flamer attempt ). Unfortunately, again, you are wrong. Show ONE time I complained about what you claim...... I'll wait.... tic tic tic tic....

This is exactly when the Fed needs to do SOMETHING> not this:
[atsimg]http://files.abovetopsecret.com/images/member/7cb5a61aaf4d.jpg[/atsimg]

What I find most interesting about Washington and it's criticism of this whole matter....

NOT ONCE do you read anything about STOP SPENDING what you don't have.

Good news, Bernanke does nothing.

Bernanke should just go home and hang himself for all the crimes he has done.

Then don't replace him at the FED it will be better.

reply to post by anon72


He is not wrong really. It is congress' fault. They deregulate and set policies and govern the land and the problem is they have been corrupt for so many years that the accumulation of their transgressions now hits the people. The US being the juggernaut that it is can take down the world with it though (economically speaking).

What can you really say when people are elected or hired into positions steal from the office or award contracts to friends and family repeatedly. Abuse the system defraud it left right and center or change the very regulations that were installed to protect the system in the first place. They paved the path for the bubbles and the FED is no innocent player by any means, they help it all along in the very same way.

The people are also to blame, look around your home at all the junk you don't need or never needed. The things that don't get used ever so you can start to blame yourself (I will do the same). It was this attitude that helped push along because the mass materialist consumer made it happen.

So, everyone is to blame, including each and everyone of us excessive MATERIALISTS. They put the tart in front of our fat greedy mouths and we swallowed whole that damn thing hook line and sinker!

Action, Reaction
Cause, Effect

We're all a part of this together and it really is up to us (a majority) to fix the problem impotent governments can not. That being said I am going to enjoy Coca Cola and play Xbox (not really but you get it)

They are crashing the economy of The US on purpose and The Govt. is in on it. Things didn't get this way overnight and it has been a step by step plan that was foreseeable and could have been and should have been overted by any Elected Official with Any Brains!!

Thx for the thread..

Originally posted by anon72
reply to post by OutKast Searcher

 

Nice jumping the gun (aka Flamer attempt

). Unfortunately, again, you are wrong. Show ONE time I complained about what you claim...... I'll wait.... tic tic tic tic....

Outkast is a well known "homer" for the obama administration in particular and the left in general. So, what else would you expect him to say? Personally, if I were shilling for people that screwed things up this badly, I'd just be quiet and not post anything.

Anyway, I look at Bernanke's comments as nothing more than a continuation of the speech he gave before were he actually admitted that he was clueless on what to do about the economy.

So glad I saw this all coming (for a change) and moved all the retirement funds to stable value assets over a month ago. Lost huge $ twice - 2001 and 2008 - because it was too late to sell by the time I realized how bad it was going to be. Won't get back in again until there is a new upward growth trend. With Bernanke and the obama administration basically hand-wringing, and nothing else, afraid that will be awhile.

Oh, and someone in an earlier post said something about another stimulus. My answer to that is simply with what?

Last, only good idea I've heard come out of the obama administration recently was the trial balloon they floated about allowing everyone with a government backed mortgage to refi at 4% or less as a way to stimulate the economy for basically no charge. That might at least be a step in the right direction.

reply to post by anon72

Yes, just sit there like a big dumbass... twiddling your freaking thumbs!!!!!

What do you mean by this? Did you even listen to his speech? He's not just going to ``twiddle his thumbs``, he's going to do a lot, a whole lot.

Originally posted by Rockdisjoint
reply to post by anon72

 

Yes, just sit there like a big dumbass... twiddling your freaking thumbs!!!!!

What do you mean by this? Did you even listen to his speech? He's not just going to ``twiddle his thumbs``, he's going to do a lot, a whole lot.

Trying to get my mind around someone using Barney the Purple Dinosaur child's character for their avatar.

Anyway, for the benefit of people that didn't get to hear the speech, why not list out that "whole lot" of things you think Bernanke is going to do?

How about makeing outsourcing illegal. stop allwoing corparte giants momnopolizig businesses and land. thats was suposed ot be illegal, last to my knowledge, but they did it anyways. stop turning on that damn mney machine, ( last time it was reported he printed something like $12 trillion off the damn thing) few months ago. kick the ex CEO secratary of treasurey out, and put in one that is committed without financial wallstreet corruption. Buisnesses, corporations have basically made it..so you cannot open your own business. they will buy you, your stocks, the land right out form under yuoo as long as its legal, jsut so yuo cannot open shop.
disgusting business, how it is these days. it means you cannot open yuor own coffee shop now, starbucks might not like that, or your own version of america online..bill gates will DEF stop yuo form doing that.

reply to post by centurion1211

Anyway, for the benefit of people that didn't get to hear the speech, why not list out that "whole lot" of things you think Bernanke is going to do?

You people can read it for yourselves.

Good morning. As always, thanks are due to the Federal Reserve Bank of Kansas City for organizing this conference. This year’s topic, long-term economic growth, is indeed pertinent–as has so often been the case at this symposium in past years. In particular, the financial crisis and the subsequent slow recovery have caused some to question whether the United States, notwithstanding its long-term record of vigorous economic growth, might not now be facing a prolonged period of stagnation, regardless of its public policy choices. Might not the very slow pace of economic expansion of the past few years, not only in the United States but also in a number of other advanced economies, morph into something far more long-lasting?

I can certainly appreciate these concerns and am fully aware of the challenges that we face in restoring economic and financial conditions conducive to healthy growth, some of which I will comment on today. With respect to longer-run prospects, however, my own view is more optimistic. As I will discuss, although important problems certainly exist, the growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years. It may take some time, but we can reasonably expect to see a return to growth rates and employment levels consistent with those underlying fundamentals. In the interim, however, the challenges for U.S. economic policymakers are twofold: first, to help our economy further recover from the crisis and the ensuing recession, and second, to do so in a way that will allow the economy to realize its longer-term growth potential. Economic policies should be evaluated in light of both of those objectives.

Entire speech here.

Yes, I read the speech and here is what I got from it.

He is prediciting things will be better a long way down the road.

Me Too.

November 2012 will be a good indicator on just how fast a "long way" is.