When are they going to fire the guy that got us into this mess?

[I AM NOT THAT GUY 5,715]

Fed open to more stimulus if needed: Bernanke

US Federal Reserve chairman Ben Bernanke said Wednesday that the Fed was prepared to renew its stimulus efforts if the economy remains feeble.

Two weeks after the end of its $600 billion bond-purchases program, or quantitative easing dubbed QE2, Bernanke told members of Congress that a new such effort could be launched, and other measures be taken, if economic weakness persists through the second half of the year.

"The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying the need for additional policy support," Bernanke said.

He said the Fed could follow in the footsteps of QE2 and increase its purchases of US securities, pushing more liquidity into the economy.

It could also cut a key interest rate it pays to banks on their reserves -- which could help push down commercial lending rates, he said.

Meanwhile the Fed will take its time unwinding the QE2 program, he confirmed. The central bank will continue to reinvest the original $600 billion into new Treasury securities and not reel the funds in as long as economic growth remains tepid, he said.

Bernanke defended the quantitative easing program, which some economists and finance industry analysts have argued had little impact in helping the economy recover from the 2008-2009 recession.

"The program had the intended effects of reducing the risk of deflation and shoring up economic activity," he said.

"This was a significant achievement, as we know from the Japanese experience that protracted deflation can be quite costly."

He also said it helped boost employment, even though the jobless rate remains a high 9.2 percent.

http://www.breitbart.com/article.php?id=CNG.dfda125de3d979ba9ecd87d665a4ab40.c1&show_article=1

[Usui Takumi 1,562]

Fed open to more stimulus if needed: Bernanke

US Federal Reserve chairman Ben Bernanke said Wednesday that the Fed was prepared to renew its stimulus efforts if the economy remains feeble.

Two weeks after the end of its $600 billion bond-purchases program, or quantitative easing dubbed QE2, Bernanke told members of Congress that a new such effort could be launched, and other measures be taken, if economic weakness persists through the second half of the year.

"The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying the need for additional policy support," Bernanke said.

He said the Fed could follow in the footsteps of QE2 and increase its purchases of US securities, pushing more liquidity into the economy.

It could also cut a key interest rate it pays to banks on their reserves -- which could help push down commercial lending rates, he said.

Meanwhile the Fed will take its time unwinding the QE2 program, he confirmed. The central bank will continue to reinvest the original $600 billion into new Treasury securities and not reel the funds in as long as economic growth remains tepid, he said.

Bernanke defended the quantitative easing program, which some economists and finance industry analysts have argued had little impact in helping the economy recover from the 2008-2009 recession.

"The program had the intended effects of reducing the risk of deflation and shoring up economic activity," he said.

"This was a significant achievement, as we know from the Japanese experience that protracted deflation can be quite costly."

He also said it helped boost employment, even though the jobless rate remains a high 9.2 percent.

http://www.breitbart.com/article.php?id=CNG.dfda125de3d979ba9ecd87d665a4ab40.c1&show_article=1

You mean Greenspan?

[mawilson 2,133]

Bernanke was the 'B' in GWB?

[Obama 2012 1,714]

You mean Greenspan?

someone pays attention around here!

[I AM NOT THAT GUY 5,715]

You mean Greenspan?

I thought Greenspan was retired from the Fed.

someone pays attention around here!

And you like the job that Bernanke, Geithner, and Paulson have done in the last decade?

[Bad_Daddy 2,209]

Greenspan told it like it was. He warned Bush time and time again. If anyone is to blame, blame Bush and blame Congress...whether it be Republican or Democrat.

[mawilson 2,133]

GWB = Greenspan, 'W' and Bernanke?

[I AM NOT THAT GUY 5,715]

GWB = Greenspan, 'W' and Bernanke?

I guess so.

Bernanke was a tenured professor at Princeton University and was chair of the Department of Economics there from 1996 to September 2002, when he went on public service leave. From 2002 until 2005, he served as a member of the Board of Governors of the Federal Reserve System. Here he outlined the Bernanke Doctrine and first spoke of The Great Moderation, where he postulated that we are in a new era, where modern macroeconomic policy has decreased the volatility of the business cycle. He then served as Chairman of President George W. Bush's Council of Economic Advisers before President Bush appointed him to be Chairman of the United States Federal Reserve on February 1, 2006. Bernanke was confirmed for a second term as Chairman on January 28, 2010, after being nominated by President Barack Obama.

Guess he got that wrong, too.

Edited July 14, 2011 by Some Old Guy

[Obama 2012 1,714]

I thought Greenspan was retired from the Fed.

And you like the job that Bernanke, Geithner, and Paulson have done in the last decade?

Bernanke has done nothing but continue what Greenspan started. Actually Bernanke has been a tame duck compared to Greenspan's Fed. a VERY tame duck.

Look up Brooksley Born vs Greenspan.

Trust me. The worst thing that ever happened to our economy/financial system (for you and me that is) is Alan Greenspan.

[Obama 2012 1,714]

Greenspan told it like it was. He warned Bush time and time again. If anyone is to blame, blame Bush and blame Congress...whether it be Republican or Democrat.

Greenspan didn't warn ####### until it was too late.

He 'warned' everyone after he was replaced.

Remember, we are the ones who suffer, NOT the FED.

People need to get it in their thick skulls that the greatest atrocity of the US Government against the American people was the Federal Reserve Act of 1913. We are 98 years in deep shite.

[luckytxn 2,264]

I am curious what others think about this. Is Gold money?

[Obama 2012 1,714]

I am curious what others think about this. Is Gold money?

according to the constitution, all of our money must be coined from gold or silver.

[I AM NOT THAT GUY 5,715]

according to the constitution, all of our money must be coined from gold or silver.

Where?

http://www.constitution.org/uslaw/coinage1792.txt

Edited July 14, 2011 by Some Old Guy

[Obama 2012 1,714]

Where?

http://www.constitution.org/uslaw/coinage1792.txt

excuse me. My mind is fried from the day.

I've been stuck on the 10th amendment here, which provides that state's can only pay their debts in the form of gold and silver.

[luckytxn 2,264]

according to the constitution, all of our money must be coined from gold or silver.

Ok I have read this before and it does say this but by not forbidding it and the Supreme court has affirmed that banks can print money.