Will you shhhhhhhhhhhhhut uuuuuuuuuuuuuuup already! You two spent the morning talking as we watched the markets melt away 680 pts. I mean seriously do you honestly believe that anything you say has any merit? All of you in Washinton have lost any credibility with the American people. Well at least those of us who have remained conscious in the midst of this reality shift into some other dimension where reason and sensibility are non-existent. Yes, these are extremely important. I too am one of great faith, however God made it very clear that we are held responsible for being able to recognize the usurper!Both of you pushed the $700 billion bailout (final bill is $900+ billion) in a panicked desperation and our Congress had the GALL to hand you a blank check. YOU, who ENABLED this fiasco@! ALL OF YOU in Washington keep parroting the urgency which is in fact true. However, many of you probably don't know is that Paulson has now set aside $350 billion, half of the bailout plan approved by congress to allow President-elect Barack Obama spend however he wants. Doesn't URGENT mean NOW! Not wait a quarter or two to save our economy. I am so tired of everybody in Washington LYING to the American people and the American people lapping it up. Liars have to keep on lying in order to keep up the pretense.
Think about this for a moment it took a PRIVATE, non-profit research organization to reveal the TRUTH that the economy contracted in the final quarter of LAST YEAR! And NOT the people in positions of authority we are paying to SERVE us, the American people.
Please understand: All of this is leading us to become a WELFARE NATION! Please click here to read more on the subject of welfare economics. Click here to preview a textbook titled, "Welfare Economics and Social Choice Theory" written by By Allan M. Feldman, Roberto Serrano.
In a welfare nation there is absolutely NO incentive to GROW or be responsible for oneself with all things being equal! Everything becomes absolutely dependent on government handouts. Your basic freedoms are lost as the government takes complete control of your soul.
*****************************************************
Reuters.com
Reporting by Glenn Somerville
Mon Dec 1, 2008 3:58pm EST
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Monday Americans were aware that the economy was in recession, adding that the best way to deal with the downturn was to stabilize the distressed financial system.
"The thing we have known, I have known, is we are in an economy that has slowed down significantly. The American people know that and I think the American people have known that for some time, so I don't think this is going to be big news," he said in response to a question at the Fortune 500 Forum.
"They have known the economy is slowing down and we have focused on it and everything I am doing to address the slowdown the best way I know how, is to stabilize the financial system."
Earlier, the independent National Bureau of Economic Research's business cycle dating committee declared the U.S. economy slipped into recession in December 2007.
************************************************************
YahooFinance.com
By Jeannine Aversa, AP Economics Writer
Monday December 1, 5:45 pm ET
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year.
In his speech, Bernanke noted that the bracing impact of the Fed's aggressive rate reductions has been somewhat stymied by the worst credit and financial crises to hit the world economy since the 1930s. Despite lower borrowing costs ordered by the Fed, skittish banks have been reluctant to lend money to people and businesses, a vicious cycle that has seriously hobbled the U.S. economy.
The Fed chief's remarks failed to comfort Wall Street. The Dow Jones industrials plunged nearly 680 points.
The Fed last week said it would purchase $200 billion in securities backed by different types of consumer debt. That market essentially froze in October, making such loans harder to obtain while carrying higher interest rates.
The Fed also said it would spend $500 billion to purchase mortgage-backed securities guaranteed by mortgage giants Fannie Mae and Freddie Mac, and another $100 billion to directly purchase mortgages held by Fannie, Freddie and the Federal Home Loan Banks.
The NBER -- a private, nonprofit research organization -- said its group of academic economists who determine business cycles met on Friday and decided that the country tipped into recession in December 2007. The economy contracted in the final quarter of last year.
In October, the unemployment rate zoomed to 6.5 percent, a 14-year high. So far this year, 1.2 million positions have disappeared. The jobless rate is likely to climb to 8 percent or higher next year.
A student of the Great Depression, Bernanke said the current period of economic woe bears "no comparison in terms of severity" to the 1930s. [No shit, with you and Paulson manipulating the markets and pumping trillions into the banking system ALL you are doing is delaying the inevitable and making the situation far far worse for us all down the road once the two of you have bailed like the rest responsible for this fiasco!]
Asked how he would like to be remembered as Fed chairman, Bernanke said: "I hope it would be that we got the financial crisis under control, that we set a groundwork for ... strong growth in our economy and that we began a process of healing."
On his point about mending, Bernanke acknowledged: "It's going to take a while."
No comments:
Post a Comment