August 26th, 2011
12:28 PM ET
12 years ago
Bernanke pledges Fed support, but notes limits
(CNNMoney) - Federal Reserve policymakers will take a closer look next month on what steps they can take to jumpstart the stalled U.S. economy, but Fed Chairman Ben Benanke warned Friday that Congress better help too.
In a speech in Jackson Hole, Wyoming, the chairman announced that a one-day meeting of the Fed, originally set for Sept. 20, is being expanded to two days "to allow a fuller discussion" of what the Fed should do to respond to "disappointing" growth.
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Hoping Congress helps is a pipe dream Mr. Bernanke. The 112th Congress is the worst Congress ever!!!
Don't expect Congress to cooperate!! The majority of them have 1 goal and 1 goal ONLY – making President Obama a "one-term" president!!! Their minds are so filled with this to the point where they don't care that the markets are falling and the middle class is suffering!!!
President Obama is coming back with a JOBS plan that is going to be powerful. It’s going to be obvious who the REAL obstructionists are when he presents it. They will “stick together” and “stick out” like SORE thumbs and hopefully, the American people will see this. And YES, America, it’s going to cost MORE MONEY to bring JOBS back as we build up America and fix our infrastructure. Just watch how the RIGHT complains about this and at the same time, have NO SOLUTIONS to offer!!
Obama/Biden 2011!!!
Better watch out Mr. Bernanke any statement by you SENDS Perry. Common sense scares the life out of this lunatic. It's scary to believe people out there really want these goblins anywhere near the WH.
As for Congress – they don't want any part of work. They just want to vacation and charge it to the tax payers. 2012 can't get here fast enough.
Bring back Manufacturing sector....o.k, Agriculture needs to be prioritized....Tough on Immigration, including India and all south east nations...
GDP was steadily rising until the Tea Party rose higher and pushed it back down. The tactics the Republican party has used for the past 3 years is utterly appalling.
Did anyone notice the timing of the TARP vote, and when it passed? It was designed to be a "win-win" for Republicans. First vote was Sept 28, and Republicans voted against it. That was a Tuesday. Friday, Oct. 2, the Democrats voted the same way, but now Republicans shifted their votes to allow it to pass. Damn, those guys are slick.
The net result is two-fold. Oct. 1 was the beginning of a new fiscal year, so the TARP was pushed onto the incoming President, Obama or McCain, in FY2009 instead of the FY2008, which is where is really should have been charged. If Obama wins, then Republicans can cry about spending is out of control. If McCain wins then Republicans can cry about the Democratic Congress is spending out of control. If TARP fails, then blame goes on the Democratic Congress. If TARP succeeds, then credit is laid at that feet of GWB. If TARP succeeds, then credit is laid on a President McCain, who stopped his campaign. If succeeds then credit is laid on GWB, not a President Obama. Those guys are slick. I guess you can figure which of the scenarios we are playing out. It is the over-spending scenario, where cuts will slow GDP and make the economy stall.
The ONLY thing that could help now is for Obama and Biden to resign so that John Beohner could take the reigns as the third in line to the presidency. Short of that, we will have to wait until 2012 when the spending crazy Democrats can be removed from office and replaced with fiscally responsible adults.
The economic situation will only get worse as Obamacare creeps closer and closer. When millions lose their healthcare as employers drop healthcare benefits thank to Obamacare, the government will be saddled with the bill. Add up all the exemption waivers Obma is issuing and you will get a good idea of how many will be dropped thanks to Obama and the Democrats. As bad as things have been, the worse is yet to come as Obama and the Democrats have laid a huge medical care minefield that we will all be forced to traverse. Many will not survive with the existing medical coverage and many employers will succumb to the higher healthcare costs driven by Obamacare mandates. But of course the Democrats will blame others for their disaster. Nothing new there.