Bernanke Gets a Clue

In a Master of the Obvious moment, the Federal Reserve Chairman Ben Bernanke is now telling the President’s debt commission that we need to close our “unsustainable fiscal gap” and that, “The path forward contains many difficult tradeoffs and choices, but postponing those choices and failing to put the nation’s finances on a sustainable long-run trajectory would ultimately do great damage to our economy,”.

 You don’t say? Where was this guy when we were passing Obamacare that we now know will only increase our current deficit?

 Perhaps we could start by repealing that?

 Where was he when we were passing the stimulus bill that we now know did nothing but substantially increase our debt?

 Bernanke is of course right about how the current congress and administration are bankrupting our country, he is just a little late to make a significant difference.

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9 Responses to Bernanke Gets a Clue

  1. NewEnglandBob says:

    Where were the Republicans when Dumbya was pissing away a trillion dollars on the war in Iraq that had nothing to do with 9/11 and ignoring the real war on terror in Afghanistan?

    Where were the Republicans? Cutting taxes and raising debt as they tried to dismantle financial regulations, environmental regulations and consumer protection regulations.

    That’s where the Republicans were – putting the US into the deep hole and ruining the US and world economy that the current administration had to fix.

    Yep, the Republicans were bankrupting the country and giving incentives to business to move jobs offshore.

  2. jackhudson says:

    Actually, I agree the last Republican congress was horrible when it came to cutting spending. It seems to be a disease that infects our government whenever a single party dominates. But that is no excuse for the current level of spending which makes the last administration look like penny pinchers by comparison.

  3. NewEnglandBob says:

    “But that is no excuse for the current level of spending which makes the last administration look like penny pinchers by comparison.”

    It is not an excuse. It is a method to FIX the economy. It is working too. Most economic indicators are rising as they haven’t done in 2 years.

  4. jackhudson says:

    Really? So those economists who said the stimulus did nothing to add jobs were out to lunch?

    Is the 200+ point drop in the stock market today one of those wonderful indicators?

    What about the persistent low employment?

    Or maybe the housing market which has stagnated?

    Which of those indicators are you talking about Bob?

    None of this of course addresses the main issue, which is the incredible debt, which is exacerbated by this administrations insistence on burning piles of money to no perceivable end.

  5. NewEnglandBob says:

    “Really? So those economists who said the stimulus did nothing to add jobs were out to lunch?”

    Yes, read the news. They were wrong.

    “Is the 200+ point drop in the stock market today one of those wonderful indicators?”

    No, the 2000 point rise before that is though. How ignorant to use one day’s market output. Slimy too.

    “What about the persistent low employment?”

    It is improving, but it takes a lot to cure what the Dumbya administration systemically screwed up.

    “Which of those indicators are you talking about Bob?”

    The leading economic indicators. Read the recent news of the last 2 months. I am not your tutor.

    “None of this of course addresses the main issue, which is the incredible debt, which is exacerbated by this administrations insistence on burning piles of money to no perceivable end.”

    A silly useless statement of general grumpiness – no need to address it since it is vague and ill formed but I will anyway. The budget addressed the issues down the road after fixing up Dumbya and the conservative regressives huge screw-ups.

  6. NewEnglandBob says:

    And here is the real reason for today’s 200 point drop:

    Investors are once again worried that debt problems in Greece and Portugal could threaten the global economic recovery.

    Stocks plunged in the U.S. and Europe Tuesday after Standard & Poor’s downgraded the debt of the two European countries. The Dow Jones industrial average fell 213 points, its worst loss in almost three months. All the major market indexes were down about 2 percent.

    The ratings downgrades also sent the dollar up more than 1.1 percent against the euro, hitting its highest level in about a year. At the same time, gold and Treasury prices also rose as investors sought safer investments. The three often do not trade in the same direction.

  7. jackhudson says:

    Sure; because our economy in it’s weakened state doesn’t have the wherewithal to withstand the problems Greek debt will incur in the world economy – our debt is approaching the levels that are seen in Greece.

  8. NewEnglandBob says:

    …and now, out in left field, Jack Hudson!!!

  9. jackhudson says:

    No, left field is your postion, right field is mine.

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