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The Fed's Monetary Report to Congress: "(The FOMC) made clear at its June meeting that it is...

The Fed's Monetary Report to Congress: "(The FOMC) made clear at its June meeting that it is prepared to take further action as appropriate." Bernanke warns Congress about the "fiscal cliff," saying the best thing lawmakers could do right now is to get religion about fiscal sustainability, but not just yet. (Watch live here)
Comments (16)
  • montanamark
    , contributor
    Comments (1434) | Send Message
     
    laughable - this from the man who has talking "recovery" for the past 2 yrs. what happened? where did it go? trillions of ben money and unemployment is worse
    the emperor has NO clothes
    17 Jul 2012, 10:13 AM Reply Like
  • aarc
    , contributor
    Comments (2393) | Send Message
     
    Wrong.

     

    Bernanke is now talking about GROWTH rather than RECOVERY. Recovery was the talk of 2009 to 2011.

     

    Problem is that Risk to GROWTH is increasing thus he keeps giving warnings of this fact. Thus, if those impediments to growth such as the European Dept Crisis and/or the Fiscal Cliff are at least deferred - but preferably solved = then the US economy should be on it's way for GROWTH. Once Growth is achieved; then the Fed will again, expectantly, start reigning in by 'draining the pond' reducing liquidity by raising the Fed's Fund Rate from ZIRP to higher levels. Savvy investors are just waiting for the Fed to start raising the rates for them to start buying equities - based on confidence.

     

    Standard Operating Procedure.
    17 Jul 2012, 12:36 PM Reply Like
  • schatzl
    , contributor
    Comments (391) | Send Message
     
    "once growth is achieved" pray tell, when do you expect that to happen?

     

    How large do you want your debt burden to be before the economy can run on its own without the monetary and fiscal juice? The 100% debt/GDP mark was passed without a pause. This is all looking very much Japan '80s. What happened to their growth? All I see is a gigantic debt and deflation after 20 years of central bank mucking around.

     

    The US economy is sputtering along at an anaemic growth rate because of fiscal and monetary stimuli. Become fiscally prudent such as balancing the budget or raise rates to reflect the actual market demand and supply and move towards something that resembles sustainability and the US economy will do a spectacular nose dive. The only reason this charade is kept alive, is because politicians think short term to the next election and are conditioned to postpone the unsavoury so as to be dumped on the successor or simply pray that the problems disappear on their own accord.

     

    Quick on the back of the napkin calculation: 8% deficit and 2% growth = - 6% growth of the "real" or private economy.

     

    Here in Europe we have the same breed of politicians running the show. This simply cannot end well for any of us.
    17 Jul 2012, 01:12 PM Reply Like
  • Lint
    , contributor
    Comments (391) | Send Message
     
    Funny. Can Bernanke try to tell us WHEN we should spend money on what we can actually afford? Not this year..not last year..not 5 years ago..or 10 years ago...

     

    we get the leadership we demand, folks.
    17 Jul 2012, 10:18 AM Reply Like
  • patmann03
    , contributor
    Comments (26) | Send Message
     
    He's basically saying what the fed has done has not really spurred much growth and QE3 won't do anything. Get the deficit under control now is what he's saying without truly saying it.

     

    Vote in November!
    17 Jul 2012, 10:32 AM Reply Like
  • tunaman4u2
    , contributor
    Comments (2743) | Send Message
     
    Like voting for politicians has worked thus far
    17 Jul 2012, 11:10 AM Reply Like
  • Ron Akia
    , contributor
    Comment (1) | Send Message
     
    I'm a senior citizen who is damned sick and tired of getting screwed by our government all of the time.
    17 Jul 2012, 12:16 PM Reply Like
  • spald_fr
    , contributor
    Comments (2705) | Send Message
     
    Wait until we are means tested for social security and medicaid/0bamaCare.

     

    0bama's currently belittling hard work and success in business, has excoriated the wealthy and successful. Now it's classism with the have not's wanting to tax the haves. Next stop? Ageism. These old people are just too expensive to maintain (for their votes).
    17 Jul 2012, 03:03 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    What are you doing about it? Complaining to AARP? Rinsing your teeth in bourbon? Spending your children's inheritance? Rise up old man and rebel. Don't flush the toilet in the senior center. Block traffic by pretending you're sleeping. Fart in the elevator. Grope your nurse. You could start a revolution all by yourself.
    17 Jul 2012, 07:31 PM Reply Like
  • spald_fr
    , contributor
    Comments (2705) | Send Message
     
    The elevator sounds promising. What a dirty trick. heh, heh.
    17 Jul 2012, 10:01 PM Reply Like
  • BruceInKY
    , contributor
    Comments (404) | Send Message
     
    I'm actually in favor of means testing for Medicare. My father would have lived longer if he hadn't thought his joint replacement was a "free" procedure.

     

    Reader's Digest version: new GP refers to orthopedic surgeon with Medicare-driven assembly line, surgeon does insufficient vetting of medical record or risk factors (heart attack, blocked carotid, pacemaker), has profit motive to slot in as many patients as he can cut on every week that he's not at his vacation property.

     

    If Dad had been told you can afford this so it will cost you $20K out-of-pocket he would have more carefully considered the procedure and his fitness for it. He would have talked with his cardiologist. He might even have spoken with his broker and lawyer, re-balanced his portfolio, tweaked his will. Never know now.

     

    There is no such thing as a free lunch.
    17 Jul 2012, 10:11 PM Reply Like
  • phdinsuntanning
    , contributor
    Comments (1200) | Send Message
     
    increase the rates,
    give savings a fair reward,
    send gold to hell,
    stop the clown and create
    a solid base for a strong economy,
    this game just delay the crash
    17 Jul 2012, 02:23 PM Reply Like
  • s2rosenberg@chx.com
    , contributor
    Comments (31) | Send Message
     
    deflation is the risk and the Fed will do all it can to avoid. Simple.
    17 Jul 2012, 03:44 PM Reply Like
  • Lint
    , contributor
    Comments (391) | Send Message
     
    Deflation to what??? market equilibrium? Intervention only compounds bubbles..it neither keeps them from occurring nor does it lesson their pains. They are natural aspects of the business market.
    17 Jul 2012, 05:33 PM Reply Like
  • s2rosenberg@chx.com
    , contributor
    Comments (31) | Send Message
     
    No official managerial economist/politician wants to be on duty when we return to your market equilibrium point. Will they throw Adam Smith under the bus to avoid that? This is exactly what this guy has studied how to do in response to the 1930's.
    18 Jul 2012, 08:34 AM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    Dog and pony show, especially between Schumer and the Bernank.
    17 Jul 2012, 07:55 PM Reply Like
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