There is no recovery
it will definitely drive unemployment up at first... public service employment especially, which is the point.
To which the crowd says..
What Recovery? ;-]
And who’s pocket is Ben Boy in?.......
” derail recovery “
It’s okay, then...
No recovery, no problem....
Translation. Stopping borrowing will ruin all my plans to keep the Ponzi going.
Don’t worry Ben!....that train has definitely not left the station.
Overzealous cuts to government spending??? Is he for real??? So, tightening belts will get us further in debt? No wonder we’re in such a mess. Slash government spending to the quick. Don’t pay congress. Don’t pay the Whiny Butt in Chief and don’t let him or Mooch-elle go on any more vacations. No more golf games or ice cream until the budget is in the black.
Most Keynesian theories on government stimulus require that consumers and businesses only become enthused with the piles of government money being passed around but never look at (or even worse panic over) the huge debt being piled on the nation. I think we've hit the point where every dollar of government "stimulus" is actually depressive because one person gets that dollar and three hundred million look at the debt.
There is no recovery
Recovery? What did I miss?
Ben Bernanke, Bambi’s Buttboy, blows at bamboozling.
Think about it. This jackass says, essentially, shrinking the federal government is a danger to our economy.
The GROWTH of the federal government is the danger...but he sat there and said what he said with a straight face.
“We’ve maxed out our Visa and those dirty Republicans are balking at letting us max out our Mastercard!”
Bernanke is now a full collaborator in the destruction of the United States. The sole purpose behind QE is to fully fund government excess. Raising the debt ceiling will simply give Bernanke permission to initiate a further expansion of the money supply directly into government coffers. All of these traitors should be drawn and quartered.
By “recovery,” Bernanke means the stimulus his elitist fascist are getting from the Fed.
Translation: I just want to keep this thing from exploding until after I leave my post, publish my memoirs, and move to Geneva, Switzerland. After that, I couldn’t care less.
I realize (sad face) Congress will cave, like they caved on the bailouts. But I do have this (pleasant) dream of waking up the morning of Aug 2nd no debt ceiling raised. And guess what the world did not stop spinning. : )
These Bernanke doomsayers are starting to remind me of those nuts that tell you every year on so and so date the world is coming to an end. And I wake up on that day, still here. : )
Ben Bernanke:
(February 15, 2006) “Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.”
(January 10, 2008) “The Federal Reserve is not currently forecasting a recession.”
(March 28, 2007) “At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency.”
(July, 2005) “We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.”
(February 15, 2007) “Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low.”
(November 15, 2005) “With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”
(January 18, 2008) “[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”
(May 17, 2007) “All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well. Past gains in house prices have left most homeowners with significant amounts of home equity, and growth in jobs and incomes should help keep the financial obligations of most households manageable.”
“The GSEs are adequately capitalized. They are in no danger of failing.”
(Two months before Fannie Mae and Freddie Mac collapsed and were nationalized) “They will make it through the storm.”
“I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.”
(June 10, 2008) “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”
...
So let me understand this:
Deep spending cuts are bad.
Not borrowing more money than we can afford to pay back is bad.
So the best course of action to maintain our credit rating and grow our economy is to keep borrowing until the rating agencies drop us to junk status.
Where do we find these idiots?