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Did Bernanke Save Us From A Depression?
IBD Editorials ^ | December 6, 2010 | Left wing dimwit EUGENE ROBINSON

Posted on 12/06/2010 5:17:15 PM PST by Kaslin

Ben Bernanke may or may not succeed in saving the economy, but at least he has the courage to try — and the honesty to tell the truth. The same cannot be said of our elected officials. Congress is buried under a crushing surplus of cynicism, while the White House seems paralyzed by a deficit of courage.

An expert on the Great Depression, Bernanke is determined not to be the Federal Reserve chairman who allows the nation to plummet into Great Depression II. Since our political leaders can't be bothered to do what urgently needs to be done — stimulate the fragile economy before it sputters out — Bernanke is using a rare bit of legerdemain called "quantitative easing" to pump $600 billion into the financial system.

Fed chairmen are usually as silent as the Sphinx, except in official testimony. But Bernanke, facing criticism for his action, went on "60 Minutes" to explain why he's prepared to do even more.

He took the even more unusual step — for an economist — of using language that non-economists can understand. "The unemployment rate is just not going down," he said in the interview, which aired Sunday night. "Unemployment is just about the same as it was in mid-2009, when the economy started growing. ... And it looks that at current rates, that it may take some years before the unemployment rate is down to more normal levels."

The jobless rate is a devastating 9.8%. Bernanke calculates that unless the recovery is somehow accelerated, it will take four or five years for unemployment to come down to a "more normal" range below 6%.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Editorial
KEYWORDS: 60minutes; bernanke; goodjob; interview; tarp; thefed; theqe2

1 posted on 12/06/2010 5:17:17 PM PST by Kaslin
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To: Kaslin

NO!


2 posted on 12/06/2010 5:19:24 PM PST by A. Morgan
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To: Kaslin

Made it worse.


3 posted on 12/06/2010 5:22:26 PM PST by VRWC For Truth (Throw the bums out who vote yes on the bailout)
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To: VRWC For Truth

And he is continuing to do the same things he did to make it worse.


4 posted on 12/06/2010 5:23:55 PM PST by jospehm20
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To: Kaslin
Crude oil is moving up and they are warning of $3.00 gas for Christmas. Gold is at a new high and they are not mentioning it. I guess they don't want people to put the facts together and see the dollar is tanking.
5 posted on 12/06/2010 5:27:09 PM PST by mountainlion (concerned conservative.)
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To: Kaslin

We were saved from a depression?


6 posted on 12/06/2010 5:27:11 PM PST by kearnyirish2
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To: A. Morgan

Make that a H*ll NO!

Banana Ben is enabling obama’s spending and far from saving the economy is helped create the problems that led up to the disaster to begin with.

Say What? 30 Ben Bernanke Quotes That Are So Stupid That You Won’t Know Whether To Laugh Or Cry

http://theeconomiccollapseblog.com/archives/say-what-30-ben-bernanke-quotes-that-are-so-stupid-that-you-wont-know-whether-to-laugh-or-cry


7 posted on 12/06/2010 5:29:31 PM PST by FromLori (FromLori)
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To: Kaslin

Only if you believe that suicide prevents heart attacks.


8 posted on 12/06/2010 5:32:02 PM PST by jazminerose (o)
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To: mountainlion

3.00$ by Christmas my foot. I filled up TODAY for 2.99$.


9 posted on 12/06/2010 5:34:13 PM PST by CommieCutter (A Centrist Democrat is now defined as: between Socialism and Communism.)
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To: Kaslin
I've NEVER posted a derogatory word about Bernanke. I can't presume that I know better than he.

HOWEVER, he might be the best central banker in the illustrious history of that breed, but no matter, when he drones, "it might take five or six years before we get back to full employment..." I know, clearly, that he doesn't get it. He's an academic, he doesn't understand the human engines of growth when acadademics just keep their greasy little hands off of them.

He's a national disaster, just like everyone else in this Administration from Hell.

10 posted on 12/06/2010 5:34:24 PM PST by the invisib1e hand (oy.)
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To: Kaslin

All of the Goldman-Sachs executives, and all their friends at all the other finacial institutions, should have been personally bankrupted before 1 cent was spent to bail out their institutions.


11 posted on 12/06/2010 5:34:26 PM PST by Bryan24 (When in doubt, move to the right..........)
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To: Kaslin

All of the Goldman-Sachs executives, and all their friends at all the other finacial institutions, should have been personally bankrupted before 1 cent was spent to bail out their institutions.


12 posted on 12/06/2010 5:34:41 PM PST by Bryan24 (When in doubt, move to the right..........)
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To: Kaslin
Did Bernanke Save Us From almost cause A Depression?

Fixed it

13 posted on 12/06/2010 5:39:09 PM PST by FatherofFive (Islam is evil and must be eradicated)
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To: Kaslin
Bernanke throws a large handful of turds into the punchbowl (QE2) while the politicans point to the far side of the ballroom shouting "look. look over there".

Weak and Weaker

14 posted on 12/06/2010 5:43:09 PM PST by VideoDoctor
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To: CommieCutter

It is over $3 in NY already.


15 posted on 12/06/2010 5:46:14 PM PST by Bookwoman ("...and I am unanimous in this...")
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To: mountainlion

Three dollars for gasoline? It’s been over three bucks here for months. Actually $3.14


16 posted on 12/06/2010 5:53:36 PM PST by ReverendJames (Only a lawyer and a painter can change black to white)
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To: Kaslin

‘scuse me but aren’t the Dems’s saying that more UE benefits would help create jobs? Then what was all that back in the 1930’s called The Great Depression all about.Ok back then they called it welfare but jobs????


17 posted on 12/06/2010 5:55:47 PM PST by ReverendJames (Only a lawyer and a painter can change black to white)
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To: Kaslin
"The unemployment rate is just not going down," he said in the interview...

Imbecile!

18 posted on 12/06/2010 6:01:16 PM PST by Onelifetogive (I tweet, too...)
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To: Kaslin
In 2008 and early 2009 Bernanke did prevent an economic shock that could have led to world wide currency collapse with a follow on depression by liquefying the worlds capitol markets.

Since that time he has been trying to keep the Democrat irresponsible economic policies from destroying the stop gap repairs he put in place.

I don't like what he has done but he has not been dealt a particularly good hand by our political leadership.

I don't know what else he could have done under the circumstances.

19 posted on 12/06/2010 6:08:13 PM PST by rdcbn
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To: Kaslin
I think the proper answer is ‘not yet’. The situation at hand is beyond the ability of government or the FED. It is not beyond those two entities ability to make the situation worse, unfortunately.

We are in for 10-12 rough years no matter what is done or not done. Bernanke’s moves so far have temporarily softened the initial blow, but he's walking a high-wire. There will be a payment later in the cycle for his early moves. We will have to see if that payment is worth its’ price later.

We won't know for at least decade how to judge Bernanke. This workout is just getting under way, there will be fits and starts and setbacks. Even if all the right guesses and moves are made (highly unlikely) we are going to experience low-growth for about decade compared to historical norms.

I don't agree with a lot that he has done, but I have to admit it's too early in this game make any judgments. We are still in the first quarter.

20 posted on 12/06/2010 6:10:58 PM PST by SaxxonWoods (Gone Galt and loving it)
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To: mountainlion

Gas is already at $3.05 for regular here in Kalifornia.


21 posted on 12/06/2010 6:16:02 PM PST by 23 Everest (A gun in hand is better than a cop on the phone.)
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To: Kaslin

...the economy pick up while I was out getting coffee?


22 posted on 12/06/2010 6:17:46 PM PST by Tzimisce (It's just another day in Obamaland.)
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To: Kaslin

Propeller-head Bernanke has been busy out on the deck of the Titanic making sure that all the deck chairs are lined up just right. History will record that those chairs were looking mighty spiffy when the iceberg hit.


23 posted on 12/06/2010 6:18:45 PM PST by 2 Kool 2 Be 4-Gotten
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To: Kaslin

He will be the father of the great collapse. The sudden stop! We will wish that we had taken our Depression...Because Depression will not be a strong enough word for what is coming. And how the powers that be will use that for the next step in the plan is pretty scary too.


24 posted on 12/06/2010 6:18:55 PM PST by Revel
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To: CommieCutter

Gas is going up? I filled my tank for $2.69 just tonight here in MO.


25 posted on 12/06/2010 6:21:20 PM PST by gura (If Allah is so great, why does he need fat sexually confused fanboys to do his dirty work? -iowahawk)
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To: 23 Everest

Is that all? Try $3.19 in my area. Even more for heating fuel.


26 posted on 12/06/2010 6:21:43 PM PST by Revel
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To: gura

I’m in IN and it’s been fluctuating from around 2.60 to the highest( I saw today in Carmel,In) which was for 2.99.


27 posted on 12/06/2010 6:57:19 PM PST by CommieCutter (A Centrist Democrat is now defined as: between Socialism and Communism.)
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To: Kaslin
Amazing. An author that actually knows less about the reality of economics than the subject of his piece.


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

28 posted on 12/06/2010 7:14:46 PM PST by The Comedian (Government: Saving people from freedom since time immemorial.)
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To: Kaslin
Did Bernanke Save Us From A Depression?

"No. The Bernanke did not."

29 posted on 12/06/2010 7:28:10 PM PST by Charles Martel ("Oh, Bother", said Pooh... as he chambered another round.)
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To: mountainlion
"Crude oil is moving up and they are warning of $3.00 gas for Christmas"

It's already $3.19 a gallon here in central NY State.

30 posted on 12/06/2010 7:46:12 PM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: Kaslin

No he is going one better and moving us toward a complete financial collapse. It will make the Depression look like a cake walk.


31 posted on 12/06/2010 8:46:06 PM PST by Georgia Girl 2
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To: the invisib1e hand

The Bush/Obama administration?


32 posted on 12/06/2010 10:31:03 PM PST by nickcarraway
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To: mass55th

Gas has been in the two fifty range here. I guess it was local and not nationals.


33 posted on 12/07/2010 6:17:15 AM PST by mountainlion (concerned conservative.)
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To: mountainlion

I may be wrong, but I think that NY State has the highest taxes on gas in the nation.


34 posted on 12/07/2010 6:58:07 AM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: mass55th
Colorado had $.44 last time I looked. It was among the highest. We lost over 140,000 jobs due to liberals and environatzies. Most of the loss was in energy production.
35 posted on 12/07/2010 7:18:57 AM PST by mountainlion (concerned conservative.)
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