Fed Chairman Says American Economy Is Poised to Grow

[mawilson 2,133]

JACKSON HOLE, Wyo. — Ben S. Bernanke, the chairman of the Federal Reserve, offered his most hopeful assessment in more than a year on Friday, asserting that “the prospects for a return to growth in the near term appear good.”

Oh yeah, here's what Bernanke said on March 28, 2007:

"Economic growth in the United States has slowed in recent quarters, reflecting in part the economy’s transition from the rapid rate of expansion experienced over the preceding years to a more sustainable pace of growth. Real gross domestic product (GDP) rose at an annual rate of roughly 2 percent in the second half of 2006 and appears to be expanding at a similar rate early this year.

...

Despite the recent weak readings, we expect business investment in equipment and software to grow at a moderate pace this year, supported by high rates of profitability, strong business balance sheets, relatively low interest rates and credit spreads, and continued expansion of output and sales. Investment in nonresidential structures (such as office buildings, factories, and retail space) should also continue to expand, although not at the unusually rapid pace of 2006.

...

Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters. As the inventory of unsold new homes is worked off, the drag from residential investment should wane. Consumer spending appears solid, and business investment seems likely to post moderate gains.

...

To date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation. "

Early 2007 - he completely missed the signs of a developing recession!

Don't believe a word he says, the guy is an incompetent idiot.

[Pooky 3,795]

So, when Ben "Blow it all" Bernanke was Bushbaby's stooge at the Fed, he was a useless sack of cow poo.

Now he's B.O.'s stooge at the Fed, his words are to be treated like a Nostradamus prophecy.

How about a third view - he's a jackass

Edited August 23, 2009 by Pooky

[I AM NOT THAT GUY 5,715]

Robert Reich on ABC News Sunday with George S.: "Americans can expect double digit unemployment through 2010."

That sounds like doom and gloom coming from one of the bightest minds of the Clinton administration.

Despite Federal Reserve Chairman Ben Bernanke's upbeat comments Friday that the U.S. economy is on the cusp of recovery, Paul Krugman and Robert Reich remain unconvinced that the outlook has gotten that much better.

http://www.huffingtonpost.com/2009/08/23/p...c_n_266445.html

Edited August 23, 2009 by Mister_Bill

[Ban Hammer 13,369]

So, when Ben "Blow it all" Bernanke was Bushbaby's stooge at the Fed, he was a useless sack of cow poo.

Now he's B.O.'s stooge at the Fed, his words are to be treated like a Nostradamus prophecy.

How about a third view - he's a jackass

[one...two...tree 2,762]

So, when Ben "Blow it all" Bernanke was Bushbaby's stooge at the Fed, he was a useless sack of cow poo.

Now he's B.O.'s stooge at the Fed, his words are to be treated like a Nostradamus prophecy.

How about a third view - he's a jackass

Bernanke was never a Bush stooge. Remember, it was Allen Greenspan who was making contrasting statements long after he left the position.

As for what is being stated now....Bernanke wasn't the first or only one to indicate that the economy is in recovery.

[mRx 16]

Remember, it was Allen Greenspan who was making contrasting statements long after he left the position.

Greenspan once held sound views on money and the devastation of credit expansion. As evident by his inflationary monetary policy, he's been "converted" by the Establishment.

[mRx 16]

JACKSON HOLE, Wyo. — Ben S. Bernanke, the chairman of the Federal Reserve, offered his most hopeful assessment in more than a year on Friday, asserting that “the prospects for a return to growth in the near term appear good.”

Oh yeah, here's what Bernanke said on March 28, 2007:

"Economic growth in the United States has slowed in recent quarters, reflecting in part the economy’s transition from the rapid rate of expansion experienced over the preceding years to a more sustainable pace of growth. Real gross domestic product (GDP) rose at an annual rate of roughly 2 percent in the second half of 2006 and appears to be expanding at a similar rate early this year.

...

Despite the recent weak readings, we expect business investment in equipment and software to grow at a moderate pace this year, supported by high rates of profitability, strong business balance sheets, relatively low interest rates and credit spreads, and continued expansion of output and sales. Investment in nonresidential structures (such as office buildings, factories, and retail space) should also continue to expand, although not at the unusually rapid pace of 2006.

...

Overall, the economy appears likely to continue to expand at a moderate pace over coming quarters. As the inventory of unsold new homes is worked off, the drag from residential investment should wane. Consumer spending appears solid, and business investment seems likely to post moderate gains.

...

To date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation. "

Early 2007 - he completely missed the signs of a developing recession!

Don't believe a word he says, the guy is an incompetent idiot.

Yup. It's funny how the same fools who assured us our economy was sound are the same guys who are tasked to fix our economy.

Economists like Peter Schiff were laughed at by the mainstream economists when they predicted this crisis back in 2006--And instead of the dime-a-dozen economists' reputations being shattered, they remain economic policymakers. Go figure.

[mawilson 2,133]

Economists like Peter Schiff were laughed at by the mainstream economists when they predicted this crisis back in 2006--And instead of the dime-a-dozen economists' reputations being shattered, they remain economic policymakers. Go figure.

This is truly scary - it's like this guy had a crystal ball!

[mawilson 2,133]

A more recent interview with Schiff:

[GabiandVi 34]

"the prospects for a return to growth in the near term appear good."

Translated: "The stimulus spending worked."

I couldn't agree with you more.

Well then, the RWNs were right, weren't they? We didn't need to spend nearly as much as we have committed to spending. If this is a result of the stimulus, we only needed a fraction of it because that's all that has been spent so far. And it didn't need to be pushed through because it only began being implemented several months after it was passed and yet we are still poised to recover.

[thepizzadude 26]

The Spending bill did jack. Most of it wasn't injected into the economy. The only money put into the economy was the 140 billion dollar (remember the 600 dollar checks) one Bush did, and that was a joke as well. 140 billion dollars into a 14 trillion dollar economy does absolutely nothing to stimulate. Also, when the economy does finally recover, because its a cyclicle thing not controlled by politicians except for when they tax, the inflation due to all of the freshly printed trillion dollars will bring it back down again. THAT is what the experts are saying.

well there is that one airport that did quite well with it.

*cough* *cough* Murtha *cough*

[Ban Hammer 13,369]

The Spending bill did jack. Most of it wasn't injected into the economy. The only money put into the economy was the 140 billion dollar (remember the 600 dollar checks) one Bush did, and that was a joke as well. 140 billion dollars into a 14 trillion dollar economy does absolutely nothing to stimulate. Also, when the economy does finally recover, because its a cyclicle thing not controlled by politicians except for when they tax, the inflation due to all of the freshly printed trillion dollars will bring it back down again. THAT is what the experts are saying.

well there is that one airport that did quite well with it.

*cough* *cough* Murtha *cough*

surprising how quiet the obama sheep are about that one.

[I AM NOT THAT GUY 5,715]

The Spending bill did jack. Most of it wasn't injected into the economy. The only money put into the economy was the 140 billion dollar (remember the 600 dollar checks) one Bush did, and that was a joke as well. 140 billion dollars into a 14 trillion dollar economy does absolutely nothing to stimulate. Also, when the economy does finally recover, because its a cyclicle thing not controlled by politicians except for when they tax, the inflation due to all of the freshly printed trillion dollars will bring it back down again. THAT is what the experts are saying.

well there is that one airport that did quite well with it.

*cough* *cough* Murtha *cough*

surprising how quiet the obama sheep are about that one.

It's the weekend. The left-handed wingnuts only post when they are supposed to be working.

[mRx 16]

A more recent interview with Schiff:

I really hope he runs for Senate. He has shown concrete credibility, and may just be able to spread his influence throughout D.C. Perhaps finally then, we can have some of that much heralded "change".

[Dr. Obvious 49]

I'd say you need a new pair of glasses there, Bill. The stimulus is working. As painful of a reality that is for Right Wingers, that's the fact jack. Take a look at France and Germany. The Left was correct on this one.

Well, if you mean the stimulus is working to drive us further and further towards bankruptcy, sure, you are right.

In reality, the stimulus is complete economic shortsightedness. This country needs cruel and hard economic correction, not some dumb Band-Aid to try and keep the greatest Ponzi scheme ever created on life support. The old system was broken and diseased and some people just don't want to let it die.

Despite the stimulus, we are still sinking deeper and deeper into Great Depression II. I've really seen zero evidence the contrary.