the picture the plates or the press?
Posted on 08/31/2012 8:28:26 PM PDT by Free ThinkerNY
WASHINGTON -- A strong signal Friday from Chairman Ben Bernanke that more economic stimulus is on the way puts the Federal Reserve squarely in the middle of the fight for the White House in November’s presidential election.
Speaking at the Fed’s annual retreat in the Wyoming resort city of Jackson Hole, Bernanke offered a spirited defense of his unconventional efforts over the past three years to stimulate economic activity through the purchase of government and mortgage bonds. And he seemed to signal that more steps would be taken soon.
“As we assess the benefits and costs of alternative policy approaches, though, we must not lose sight of the daunting economic challenges that confront our nation,” Bernanke said. “The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years.”
Financial markets took those words as a sign of new action, probably as early as the Fed’s next meeting of the rate-setting Federal Open Market Committee on Sept. 12-13.
“The odds of the Fed doing something in September are greater today than they were yesterday,” said Mark Vitner, senior economist for Wells Fargo Securities in Charlotte, N.C. “It seems clear to me that they’re not focusing on the unemployment rate but the persistently high unemployment that is likely to do long-term damage to the economy.”
(Excerpt) Read more at miamiherald.com ...
Why does the Fed attending a conference in Jackson Hole tell me that these bastards STILL don’t have their sense of values in order. These conferences need to be held in Cleveland,Detroit, Buffalo etc... not in Jackson Friggin Hole.
Talk about not learning from the past.
FDR won his elections by patronage at election time. I’m in the ag business. With corn and beans at record highs, I do not see farmers voting Republican. Vilsak is making the rounds with his checkbook to support high prices for pork producers. This is gonna get ugly.
There was another article saying these honorable men are under great stress in the service of our country and need a suitable location to unwind and go fly-fishing.
Thanks for the correction. I guess I put 2012 because this is our last chance to stop this man. It proves beyond a doubt he wants this nation brought to third world status.
Just returned from the grocery store. Inflation is here now. Campbell’s Cream of Chicken soup was $1.79 a can. Store brand 4/$5.00. Oh and I had to fill up my car today. Gas was $4.26 a gallon for regular.
Bernanke is just jawboning now. He can’t do anything fiscally until he sees the final compromise which is coming (or not) on the fiscal cliff around Jan 1. He can’t take an action in the meantime which could be submarined by a subsequent congressional action. He also doesn’t want to take an action which lowers congressional options.
Obama is on his own. Bernanke is stealing the European trick of saying he will do whatever has to be done, and the markets move on that. But not for long.
Bernanke is doing nothing but talk until January unless the market crashes hard.
This makes zero sense to me. Why ?
Heh. My brother might have made that.
$1.44 at Walmart in Newport News, VA.
They sure are desperate. Maybe they'll do something that will land them in prison.
Talk about pissing into the wind.. God help us.
This is the familial equivalent of the husband coming home and saying,
“Honey, I know we got credit card bills out the a$$, and we don’t have no savings, and we’re living from government check to government check. But, I think we can do something to help - I’m gonna take this new credit card application and send it in and transfer balances and take a cash-back on it, too.”
Just trying to keep the Market from tanking before the election - the real money knows how to manipulate things to suck the “stimulus” out and put it into their own acounts.
You will be able to buy that $100.00 cup of cofffee with a real silver dime.
the picture the plates or the press?
pretty much...
-——Wells Fargo Securities in Charlotte, N.C;;;;;
Code for the failed banking catastrophe known as Wachovia
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