Dear Leader's Lackey Delivers Gloomy Report On Economy...

Discussion in 'Politics' started by paulitician, Jul 17, 2012.

  1. paulitician
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    paulitician Platinum Member Supporting Member

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    Federal Reserve Chairman Ben Bernanke admitted Tuesday that US economic data had been "disappointing" and that a future reduction in unemployment would likely prove "frustratingly slow."

    Dealing a blow to Barack Obama and others hopeful for an improvement in economic news ahead of November's presidential elections, Bernanke offered a gloomy assessment of the outlook for the world's top economy.

    In prepared testimony to Congress, the Fed chair forecast slower growth for this year and next, and a future replete with pitfalls both domestic and from Europe.

    "Given that growth is projected to be not much above the rate needed to absorb new entrants into the labor force, the reduction in the unemployment rate seems likely to be frustratingly slow," he said in his semi-annual testimony.

    After growth rose a modest two percent in the first quarter of this year, Bernanke said "available indicators point to a still-smaller gain in the second quarter."

    He noted that members of the Fed's top policy-setting panel had predicted that growth will reach 1.9 to 2.4 percent this year.

    "These forecasts are lower than those we made in January, reflecting the generally disappointing tone of recent incoming data."

    With unemployment still stuck above eight percent, nearly four years after the worst of the financial crisis, investors will parse Bernanke's words for signs of more stimulus to come.

    Those looking for concrete steps will be disappointed, but Bernanke did signal his unease with the state of current affairs, leaving the prospect of more action firmly in play...

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    Bernanke delivers gloomy report on economy
     
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  2. Moonglow
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    Moonglow Diamond Member

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    The recession that reagan inherited had already been raging since the later 70's. Reagan tried to fix the economy but was not able to bring it to it's prior UE figures until he started his massive military biuld up.
    In construction we did not see a good year until '91
     
  3. CrusaderFrank
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    CrusaderFrank Diamond Member

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    So maybe we need a President who is economically to the right of Vietnam Communists?
     
  4. paulitician
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    paulitician Platinum Member Supporting Member

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    I think you're onto something. ;)
     
  5. Listening
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    Listening Gold Member

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    Why would we think about this when we can discuss tax returns instead ?

    It's only the economy after all.
     
  6. tjvh
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    tjvh Senior Member

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    What a disaster Oblamo is... November can't arrive quickly enough.
     
  7. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Is Liesman The Ultimate Cognitive 'Dissonant'?" | ZeroHedge
     
  8. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    While I agree with your assessment of Obama, I don't think Romney is the solution to our problems either.

    Don't let Romney and his followers infect you with the Right Wing version of "Hopium".
     
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  9. Full-Auto
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    Full-Auto Gold Member

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    More action means another QE for overseas banks.




    We get the effects of added inflation.


    Ten bucks for a pound of bacon. I bet the democrats are salivating.
     
    Last edited: Jul 17, 2012
  10. Sinjorri
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    Sinjorri Senior Member

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    show me the stimulus package and proclaimed, if we pass this stimulus the unemployment wont go pass 8 percent"


    ill wait.
     

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