Watchwoman on the Wall

Watchwoman on the Wall


Fed Chairman Ben Bernanke hasn’t a clue why the US Economy is melting down

posted by Donna Calvin
Fed Chairman Ben Bernanke hasn’t a clue and this is who is the head of the Federal Reserve.  ”Bernanke told reporters Wednesday that the central bank had been caught off guard by recent signs of deterioration in the economy. And he said the troubles could continue into next year.”  Does this tell you anything about the lack of real wisdom the idiots in charge of our money and economy possess?  Scary, aye?  It doesn’t surprise me that the economy isn’t rebounding.  Keynesian economics, A.K.A. stimulus, A.K.A. Communism does not work, it never has, and it never will.  And this is the communist junk economics they teach in the colleges of the USA.  This is what Geitner and the rest of the ill-taught robots learned and they’re sticking with it, to the bitter end of the USA and every dollar and every worth-while  job in the USA!  Welcome to the United states of Communism.  Bernie (comment from the man who emailed in this article.)

Economic trouble puzzles Fed chief, too Jun 22, 5:57 PM (ET)By PAUL WISEMAN and MARTIN CRUTSINGER 

WASHINGTON (AP) – The economy’s continuing struggles aren’t just confounding ordinary Americans. They’ve also stumped the head of the Federal Reserve.

Ben Bernanke, Clueless Head of the Federal Reserve

Fed Chairman Ben Bernanke told reporters Wednesday that the central bank had been caught off guard by recent signs of deterioration in the economy. And he said the troubles could continue into next year.

“We don’t have a precise read on why this slower pace of growth is persisting,” Bernanke said. He said the weak housing market and problems in the banking system might be “more persistent than we thought.”

The Fed cut its forecast for economic growth this year to a range of 2.7 percent to 2.9 percent from an April forecast of 3.1 percent to 3.3 percent. It also cut its forecast for next year to a range of 3.3 percent to 3.7 percent from an earlier 3.5 percent to 4.2 percent. The Fed also said unemployment would stay higher than it had expected earlier.

The economic news has been gloomy. The government reported that the economy grew at an annual rate of only 1.8 percent in the first three months of the year. It isn’t expected to grow much faster in the current quarter. The economy added 54,000 jobs in May, far fewer than in the previous two months. Consumer spending has weakened, too.

The bad economic news is taking a political toll on President Barack Obama. For the first time this year, an Associated Press-GfK poll found that fewer than 50 percent of respondents believe Obama deserves re-election. Obama’s overall approval rating fell to 52 percent in the new poll. It had risen as high as 60 percent after the U.S. raid last month in Pakistan that killed Osama bin Laden.

The new Fed statement acknowledged a slowdown over the past two months. “They see the weakness,” said Bruce McCain, chief investment strategist at Key Private Bank. “You can hear their concern about economic weakness despite their hope it is likely to be temporary.”

The Fed stuck to its plan to bring an end this month to a program to help the economy by buying $600 billion in government bonds. The Fed also intends to keep short-term interest rates near zero “for an extended period,” a phrase it has been using the past two years. Though the central bank noted that inflation has risen, it expects that to be temporary as well.

The Fed has kept rates at ultra-low levels since December 2008. Abandoning the promise to keep them there for an “extended period” would be viewed as a signal that the Fed is preparing to raise interest rates. Many private economists think it will be another full year before the economy has recovered enough for the Fed to do it.

“There’s no obvious hint of tightening here,” said Jim O’Sullivan, chief economist at MF Global. “There’s no hint of new easing.”

The bond-buying program has been controversial. Supporters say the bond purchases have kept interest rates low and encouraged spending. Low long-term rates make it easier to buy homes and cars and for companies to expand.

 

This article has been severely snipped.  Read more: http://apnews.myway.com/article/20110622/D9O16AK02.html

 

 



Advertisement
Comments Post the First Comment »
post a comment

Post a Comment

By submitting these comments, I agree to the beliefnet.com terms of service, rules of conduct and privacy policy (the "agreements"). I understand and agree that any content I post is licensed to beliefnet.com and may be used by beliefnet.com in accordance with the agreements.



Previous Posts

Texas Man’s Pregnant Wife Never Wanted to Have a Gun in the House – But Now She’s Sure Glad He Insisted
Item #1 of 2 [caption id="attachment_28130" align="aligncenter" width="300"] Guns save more lives protecting the innocent and victims of crime than any mainstream news outlet has ever told you about! Thank God that lawful citizens are protected by the 2nd Amendment Right to Bear Arms and defe

posted 10:42:28pm Sep. 13, 2013 | read full post »

Heartwarming! Service dog helps teen with diabetes
Calvin's Commentary: The following story and video is about a young 18-year old teenager, Sadie Jensen, with a debilitating, life-threatening, incurable, life-long illness and a service dog named Bailey. Bailey has been trained to detect and warn Sadie when her blood sugar drops so low she could die

posted 9:57:47pm Sep. 13, 2013 | read full post »

9-11-TRIBUTE-2013 ~ 2 Million Bikers Rally To Washington DC vs Million Muslim Demonstration where 20-25 Showed up for ill-timed "No Fear" Protest
KNOW HOW THE MUSLIMS CAN GET PEOPLE TO STOP FEARING THEM? THEY DON'T NEED TO DEMONSTRATE! JUST QUIT BLOWING UP CHRISTIANS AND OTHER PEOPLE AND BUILDINGS! QUIT BEHEADING NON MUSLIMS! STOP THEIR TERROR TACTICS! STOP MAKING WARS IN THE MIDDLE EAST! STOP SAYING THEY ARE GOING TO WIPE ISRAEL O

posted 10:36:17pm Sep. 12, 2013 | read full post »

Family dog helps alert parents to abusive baby sitter (video)
Good Dog! Snitched on ill-treatment of his beloved family member and sent babysitter to jail! ↓To view video, click large arrow in center below↓ A loyal and protective dog helped alert parents to an abusive baby sitter in South Carolina. According to WCSC, which originally reported t

posted 8:48:41pm Sep. 12, 2013 | read full post »

Sept.11,2013 - 3 Good News Stories #3: Fisherman Reels in Wallet Stolen 3 Years Ago
GOOD NEWS ARTICLE #3 [caption id="attachment_28048" align="aligncenter" width="608"] Stolen Wallet found by Joshua Woods while fishing.  But there's an even stranger twist to this story. Woods wasn't always the person he is today and wonders if he would have returned the wallet if he were the

posted 12:36:17am Sep. 11, 2013 | read full post »




Report as Inappropriate

You are reporting this content because it violates the Terms of Service.

All reported content is logged for investigation.