(CNN) - Federal Reserve Chairman Ben Bernanke said the recent Standard and Poor's warning about the U.S. credit rating should be “one more incentive” for President Obama and Congress to address the problem of long-term debt that currently faces the country.
The ratings agency warned that without action to reduce debt, the nation’s top rating could potentially be downgraded. In a new effort by the Federal Reserve to be more transparent, he told reporters that this debt is the “most important longer term problem the U.S. faces.” He said it is the “highest importance” for the nation’s political leaders to “address this as soon and as effectively as possible.” Jessica Yellin has more on what he had to say.
Do not increase the debt ceiling!! Who's going to to call in 'the note'? No one. If they did, they would be sealing their own economic fate. Have the Euro banks repay the TARP funds they received secretly from Bernanke. The Fed is uncontrollable. Bernanke doesn't understand what is going on. This is not theory any longer; where his classroom paper writings have no effect. Bernanke, unfortunately, does not understand economics, he does not understand currencies, he does not understand finance. All he understands is printing money. His whole intellectual career has been based on the study of printing money. Give the guy a printing press, he’s going to run it as fast as he can.
This is what I'd like to hear and get informed about. Enough blah blah blah about the birthers. I watched The Arena, Piers Morgan and Anderson and not one word about what Bernanke had to say. It's unbelievable!
The dollar is falling almost like a rock. Metals skyrocketing along with energy prices.
When you flood the market with money there's only one place for the money's value to go and that's DOWN.
THe current administration is about as serious at balancing the budget as they are about winning the wars in Iraq, Afganistan, and Libiya.
it's funny how every time there's some serious news..there's always some trivial story that garners all the headlines...I guess for the president it's just a lucky coincidence.
this is more important than the birther issue.
How long have the people been saying that we need stop wasteful spending? Something needs to be done about this now before things get a lot worse. Military amongst other spending needs to be cut, and taxes need to be raised to get us out of the hole.