Bernanke: Recession Could End in 2009
“This outlook for economic activity is subject to considerable uncertainty, and I believe that, overall, the downside risks probably outweigh those on the upside…If actions taken by the Administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability–and only if that is the case, in my view–there is a…
“This outlook for economic activity is subject to considerable uncertainty, and I believe that, overall, the downside risks probably outweigh those on the upside...If actions taken by the Administration, the Congress, and the Federal Reserve are successful in restoring some measure of financial stability–and only if that is the case, in my view–there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery.” — Fed Chairman Ben Bernanke
Bridges,
Obama and his team could have come up with smart new financial regulatory laws instead of using the economic tailspin as an excuse to pay for every Democratic political promise ever dreamed up. That’s what they could have done.
The stock market has been reeling since the day Obama took office.
As far as the economy is concerned, he’s a wrecking ball.
He made an admitted tax cheat Secretary of the Treasury. What kind of confidence does that inspire?
East New York,
Obviously regulation is needed — especially bank regulation.
But enhanced regulation is one thing. Putting our grandchildren into debt in order to burn through hundreds of billions of dollars with the hope of stimulating the economy is beyond stupid — it’s evil. It won’t work. It’s pure political pandering. And it’s the worst possible time to be doing it.
Oh wait, I forgot Obama has a great solution to the ballooning deficit — tax the wealthy more! That’ll sure create jobs Ummmm, too bad they’ll be outside this country’s borders.
As you point out, I’m not famous or well known, but what difference does that make?
I’m a self employed business person with business interests in the US. It’s folks like me who pay big taxes and employ folks like you.
I’d say my opinion is very very important.
“Nobody, including myself, knows how to “fix” our economy because it doesn’t need “fixing”. It just needs to be allowed to function freely. . . aka minimal government intervention in business”
I don’t disagree, but what do you think would have happened had Bush-to-Obama simply let the system work it out? I can imagine the baying for blood of people screaming for the government to “do something,” no? Also easily imagined is severe social unrest had the economy simply been allowed to drop off a cliff. I’m against all bailouts,etc., but have to admit that this process has at least given the public the time to grasp the enormity of “what’s happening.” Just ruminating.
So keep those printing presses running fellas! Since the US is already on, what it’s 3rd currency?, it may not matter anyway.
IronBalls will be gone soon. I think Rush comes on pretty soon.
“It just needs to be allowed to function freely. . . aka minimal government intervention in business.”
Yeah…deregulation has worked so wonderfully up to this point.
“What do economists know anyways?”
Oh much, much less than you do, “Iron Balls.” You’re simply an unappreciated and unrecognized financial savant/Republican apologist/anonymous real estate blog poster.
“your “worship the dirt Obama walks on” mentality, will change your tune when the Dow hits 4000, you can’t pay your rent, and you can’t find a decent job because they’ve all moved overseas where the taxes are half as much.”
You’re beginnig to sound like “The What.” Slow down, breathe deeply, and take a few quiet moments with your Bill O’Reilly photo collection. It’s gonna be OK.
Nobody, including myself, knows how to “fix” our economy because it doesn’t need “fixing”. It just needs to be allowed to function freely. . . aka minimal government intervention in business. What do economists know anyways? If they’re so smart, why didn’t these great economists band together to raise an alarm and stop this situation from happening in the first place?
Obviously the stock market agrees with me, and you folks clinging to your “worship the dirt Obama walks on” mentality, will change your tune when the Dow hits 4000, you can’t pay your rent, and you can’t find a decent job because they’ve all moved overseas where the taxes are half as much.
It sounds like he’s being advised by Bobby Jindal, and his arguments make about as much sense.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aKyeCP.LGe5s&refer=home
Yes but Iron Balls has Larry Summers et al advising him. So he must know what he’s talking about.
“Obama has absolutely ZERO understanding of the the value of money, which in my opinion is much more dangerous than his comprehension of basic economics.”
Of course “Iron Balls” is naturally far more astute than the President, understands the economy and money far better, and has the solution to all of the country’s troubles. I guess we should have just nominated and elected “Iron Balls.” Oh yeah, I forgot – no one of any importance knows “Iron Balls” from a hole in the ground. Zzzzzz…..