Bernanke gives nod to more government stimulus

[techs]

http://news.yahoo.com/s/ap/200...0/ap_on_bi_ge/bernanke
http://money.cnn.com/2008/10/2...postversion=2008102011

Bernanke: Time to consider stimulus
Fed chief says lawmakers should consider another plan to boost economy. He cites risk of 'protracted slowdown.'

NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke testified Monday that Congress should consider passing a new stimulus package to try to jump start the economy.

Bernanke, speaking before the House Budget Committee, came just short of an outright endorsement of a package to pump tax dollars into the economy.

"With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," he said.

The Bush administration, however, has been cool to the notion



Hehe. If Congress wants Bush to approve a stimulus package, they just need to call it a tax cut.
But this is just about the first time Bernanke has differed with Bush, ever.
Significant?

 

[evident]

while i dont agree with this, keep the money coming :laugh:

 

[TheSlamma]

Fire up the printers.. the USD needs to tank some more.

The last $600 transfer to cheap China made shit sure helped the economy too.

 

[StageLeft]

Isn't this one mainly going to go to prop up state and local govs, who should really be canning their fat workforces right now? So, in essence it's a stimulus to government employees with our (private citizens, although I'm not one bear with me) money?

 

[andy04]

WHAT THE FUCK - why are sending more money to china???? Bernanke needs to die a horrible death

 

[OCGuy]

Originally posted by: TheSlamma
Fire up the printers.. the USD needs to tank some more.

The last $600 transfer to cheap China made shit sure helped the economy too.

Yep. Print away, print away........

 

[StageLeft]

Originally posted by: TheSlamma
Fire up the printers.. the USD needs to tank some more.

The last $600 transfer to cheap China made shit sure helped the economy too.

Mine went to Saudi to and to other oil exporters. I got $1800. Based on where gas has been this year I'd say around 2/3 of that money was blown on increased fuel costs. The rest, of course, into savings. If this next plan gives me more money it will go into savings or investments as well although I may spend a little on myself first

This one is estimated at 150B but some are saying it needs to be a lot bigger, like 300.

The debt is skyrocketing at a dizzying pace.

 

[brencat]

Bernanke and our financial experts in Washington are fools not to recognize that cheap money for too long is the primary reason we are in the predicament we have today. And yet they continue to recommend throwing dollars at the problem. Truly unbelievable.

I often explain it to people this way: If you have a job with a predictable income and yet you've gotten into trouble by charging $40k of credit card debt and the credit card companies offer to cut your interest rate on the cards from 12% to 2%, would you -- knowing how deep in debt you are -- go ahead and charge another $3k on a flat screen TV?

The only thing that is going to get us out of this mess is TIME. Time to pay down the debt or forfeit the asset. Time to pay the piper for our own selfishness and stupidity.

No more f'ing stimulus! :|

 

[OrByte]

by his own admission of the need for additional "stimulus" I am worried that the trillion or so already earmarked for "stimulus" isn't going to be enough.

why is he asking for more "stimulus" if we haven't already seen the effects of the latest "stimulus" to the economy?

what gives here?

 

[sunzt]

SWEET!! I was still a dependant the first time the checks came so I missed that boat. This time I'll be getting on the boat as it heads for the spending cliff. At least I'll be able to buy a few good things along the way!

 

[LegendKiller]

Originally posted by: TheSlamma
Fire up the printers.. the USD needs to tank some more.

The last $600 transfer to cheap China made shit sure helped the economy too.

Been checking on things lately?

http://stockcharts.com/charts/gallery.html?$usd

dollar is up almost 19% from the trough and climbing every day. All major world currencies are going through a major re-adjustment after the realization that "delinking" is a bullshit theory.

 

[LegendKiller]

Originally posted by: brencat
Bernanke and our financial experts in Washington are fools not to recognize that cheap money for too long is the primary reason we are in the predicament we have today. And yet they continue to recommend throwing dollars at the problem. Truly unbelievable.

I often explain it to people this way: If you have a job with a predictable income and yet you've gotten into trouble by charging $40k of credit card debt and the credit card companies offer to cut your interest rate on the cards from 12% to 2%, would you -- knowing how deep in debt you are -- go ahead and charge another $3k on a flat screen TV?

The only thing that is going to get us out of this mess is TIME. Time to pay down the debt or forfeit the asset. Time to pay the piper for our own selfishness and stupidity.

No more f'ing stimulus! :|

Not that I agree with more stimulus, but we are in this predicament for a lot more reasons than "cheap money".

 

[Budmantom]

Socialism....

 

[LegendKiller]

Originally posted by: Budmantom
Socialism....

It is socialism one way or another, get used to reality.

 

[bamacre]

Originally posted by: LegendKiller

Originally posted by: Budmantom
Socialism....

It is socialism one way or another, get used to reality.

You forgot to add "and if you don't like it, go live in somewhere else."

 

[CPA]

Originally posted by: andy04
WHAT THE FUCK - why are sending more money to china???? Bernanke needs to die a horrible death

uh, Bernanke is only recommending the idea that was first fostered by Pelosi a couple of weeks ago. Pelosi and the spend, spend, spend libs need to die a horrible death.

 

[dmcowen674]

Originally posted by: LegendKiller

Originally posted by: Budmantom
Socialism....

It is socialism one way or another, get used to reality.

Sweet

I hope you guys want to leave the country right away.

 

[LegendKiller]

Originally posted by: bamacre

Originally posted by: LegendKiller

Originally posted by: Budmantom
Socialism....

It is socialism one way or another, get used to reality.

You forgot to add "and if you don't like it, go live in somewhere else."

I try, but don't always succeed, in avoiding that statement, since it goes against the grain of the country.

However, the statement that it is "socialism" is just stupid. Everything inherent in capitalism is technically socialism in the broad sense.

Gains are shared not only by the worker, but also by society. The subprime game resulted in a huge gain for everybody, one way or another. As such, the fall, is borne by society, as a whole, one way or another.

That is just reality.

 

[ElFenix]

Originally posted by: CPA

Originally posted by: andy04
WHAT THE FUCK - why are sending more money to china???? Bernanke needs to die a horrible death

uh, Bernanke is only recommending the idea that was first fostered by Pelosi a couple of weeks ago. Pelosi and the spend, spend, spend libs need to die a horrible death.

what about the spend spend spend 'conservatives'?


(as an aside, how is mccaul on spending? reviewing the bills he's sponsored and co-sponsored, he looks like a real lightweight, then again he is a 2nd term congressman for the republican party so probably has little chance at introducing big legislation)

 

[heyheybooboo]

Originally posted by: Skoorb

Originally posted by: TheSlamma
Fire up the printers.. the USD needs to tank some more.

The last $600 transfer to cheap China made shit sure helped the economy too.

Mine went to Saudi to and to other oil exporters. I got $1800. Based on where gas has been this year I'd say around 2/3 of that money was blown on increased fuel costs. The rest, of course, into savings. If this next plan gives me more money it will go into savings or investments as well although I may spend a little on myself first

This one is estimated at 150B but some are saying it needs to be a lot bigger, like 300.

The debt is skyrocketing at a dizzying pace.

Federal debt only increased $131 billion since Friday.

What's funny (and not in a 'ha-ha' way) is I don't believe the US Treasury Department can actually keep up with the total Federal debt. They post a daily total and then in the following 2 or 3 days days back up and reconcile the previous daily totals for the last week.

Gosh. The numbers always seem to be revised upward :shocked:

Today's Federal Debt: $ 10,464,889,644,552.18

That would be an increase of $440 billion in three weeks

 

[manowar821]

Spending our way to freedo-- Er, fascism. Sorry, the keys are like, right next to each other.