Highlights From Bernanke's Speech

Discussion in 'Economy' started by Twalbert, Aug 26, 2011.

  1. Twalbert
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    Twalbert Member

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    Here are some highlights of the much anticipated Jackson Hole speech from Federal Reserve Chairman Ben Bernanke.

    -Bernanke called for education reform, and proactive housing policies.

    -Bernanke said the Federal Reserve extended its September FOMC meeting to 2 Days to allow for more discussion.

    -Bernanke says economic growth in second half likely to improve.

    -Bernanke says the Fed has a range of tools for stimulating growth, but did not give what they were. -He said the recovery will probably strengthen over time. -Pace of U.S. recovery has proved disappointing.

    -Bernanke did not signal any new steps for promoting growth.

    -Bernanke calls for good proactive housing policies from Congress. $$

    -He said that the European sovereign debt crisis, debt ceiling and S&P downgrade all altered growth. $$

    -Bernanke said the FOMC discussed the cost and benefits of additional measures at August meeting. Fed prepared to use tools as appropriate.

    -Bernanke expects inflation to settle at or below 2%.


    Source: Benzinga
     
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  2. AquaAthena
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    AquaAthena INTJ/ INFJ

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    Yes, more of the same...:lol: And right after his speech:

    Stocks erased their losses to turn positive in a choppy session Friday after Bernanke said the Fed remains ready to use additional tools to help the economic recovery, but stopped short of explicit talk of another round of monetary easing.

    The blue-chip index plunged almost 220 points in a kneejerk reaction immediately after Bernanke started his speech, but quickly pared their losses.

    News Headlines

    Joe Biden is really on the side of a prosperous America...:lol:


    U.S. Vice President Joe Biden said on Friday the U.S. economy needed more stimulus ( $$$$$$$$ ) to get it moving, putting in a plug for government measures shortly before the White House unveils new proposals to boost job growth.

    Biden: more US stimulus needed, business mad at S&P | Reuters
     
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  3. uscitizen
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    uscitizen Senior Member

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    Bernanke is the federal reserve chairman. Why is hw mouthing off on education, etc which are not in his domain?
     
  4. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    Wall Street and Main Street America are two very different economies.
     
  5. Avorysuds
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    Avorysuds Gold Member

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    Because the people that gave him his job are calling in the favor?
     
  6. expat_panama
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    expat_panama Silver Member

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    Sounds stupid. It has to, because you're getting it from Twalbert who got it from Benzinga who said he got it from Bernanke. That's crazy. Here's a link to what Bernanke actually said: FRB: Speech--Bernanke, The Near- and Longer-Term Prospects for the U.S. Economy--August 26, 2011. The word "education" isn't there, although when he hit the near term prospects (mostly upbeat) he warned--
    Of course, the United States faces many growth challenges. Our population is aging, like those of many other advanced economies, and our society will have to adapt over time to an older workforce. Our K-12 educational system, despite considerable strengths, poorly serves a substantial portion of our population. The costs of health care in the United States are the highest in the world, without fully commensurate results in terms of health outcomes. But all of these long-term issues were well known before the crisis; efforts to address these problems have been ongoing, and these efforts will continue and, I hope, intensify. ​
    Boring but correct.
     
  7. iamwhatiseem
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    iamwhatiseem Gold Member

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    Bullshit.
    He presented a 14 page speech that contained one line of relevance..that basically said..."yeah QE3...we might do that".

    And the great fleecing of America continues.
     
  8. expat_panama
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    expat_panama Silver Member

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    What, you're broke and it's all Bernanke's fault? Sounds like Obama blaming all his problems on GW.
     
  9. dilloduck
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    dilloduck Diamond Member

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    He's like a financial pope. He's hoping to use his pull to help cure all the worlds problems. They mess up his economy.
     
  10. mascale
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    mascale VIP Member

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    Chairman Bernanke, Hero of Our Hope and Change Revolution, of course had to acknowledge that eduction is more than just Old, Fat, White People--Cavorting About Naked On Other People's Yachts, Dumping Substance And Other Treasure Into the Sea.

    Johnny Weismuller knew how to swim, and say, and point: "Me Tarzan, You Jane! (This Movie Bad! Need Boy To Play. . . .With Chimpanzee!)"

    Chairman Bernanke acknowleged that the Stimulus, and QE2, worked.

    --"Credit availability from banks has improved." QE2 helped to get rid of a lot of bad consequences, of people unable to keep up the value of their property. These same people have no clear concept of the Old and New Testament prohibitions on usury from the poor to this date. The math doesn't work. The rich have money. Charge and Tax that!

    --"Manufacturing production in the United States has risen nearly 15% since its trough." The USA even makes socialist cars.

    --"Households also have made some progress in repairing their balance sheets." When it comes to flakes, the breakfast foods are us.

    --"Commodity prices have come off their highs." RNC refused to set in motion policy to capture Osama bin laden, and so instead created two pricey, commodity consuming, phony wars, now winding down.

    --"The negotiations that took place over the summer disrupted financial markets." Back to the policy contention: Ignorance actually is not bliss. The Republicans were about to bounce the paychecks of even the troops in harm's way in the field.

    --More Stimulus is now clearly needed.

    "Although the issue of fiscal sustainability must urgently be addressed, fiscal policymakers should not, as a consequence, disregard the fragility of the current economic recovery. Fortunately, the two goals of achieving fiscal sustainability--which is the result of responsible policies set in place for the longer term--and avoiding the creation of fiscal headwinds for the current recovery are not incompatible. Acting now to put in place a credible plan for reducing future deficits over the longer term, while being attentive to the implications of fiscal choices for the recovery in the near term, can help serve both objectives."

    "Fiscal policymakers can also promote stronger economic performance through the design of tax policies and spending programs. To the fullest extent possible, our nation's tax and spending policies should increase incentives to work and to save, encourage investments in the skills of our workforce, stimulate private capital formation, promote research and development, and provide necessary public infrastructure. We cannot expect our economy to grow its way out of our fiscal imbalances, but a more productive economy will ease the tradeoffs that we face."

    "Finally, and perhaps most challenging, the country would be well served by a better process for making fiscal decisions. The negotiations that took place over the summer disrupted financial markets and probably the economy as well, and similar events in the future could, over time, seriously jeopardize the willingness of investors around the world to hold U.S. financial assets or to make direct investments in job-creating U.S. businesses. Although details would have to be negotiated, fiscal policymakers could consider developing a more effective process that sets clear and transparent budget goals, together with budget mechanisms to establish the credibility of those goals. Of course, formal budget goals and mechanisms do not replace the need for fiscal policymakers to make the difficult choices that are needed to put the country's fiscal house in order, which means that public understanding of and support for the goals of fiscal policy are crucial."

    Karl Marx advocated for a central credit market, and maybe even met Abe Lincoln in New York in 1849. Certainly Lincoln would go on to impose maritial law, suspend habeus corpus, shutter the opposition press, jail the political opposition, compel prayers to the leader of the struggle, and couldn't find enough Jews to kill off instead: So a general genocide of ordinary White People was created instead.

    Hitlet and Stalin would follow that up.

    "Crow, James Crow: Shaken, Not Stirred!"
    (Great Socialist leaderships arrive to late: To Save All Lands of Many Nations!)
     
    Last edited: Aug 26, 2011

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