Tuesday, July 21, 2009

Fed Chair Ben Bernanke Addresses Congress

Federal Reserve Chair Ben Bernanke made his Semiannual Policy Report to the Congress. He opined as how economic conditions are likely to warrant maintaining the federal funds rate at exceptionally low levels for an extended period.

The statement discusses monetary and fiscal policies, regulatory reform, transparency and accountability...you know, all the things that should be undergoing serious scrutiny and reinvention, but are not.

“Prompt attention to questions of fiscal sustainability is particularly critical,”
Bernanke said. “Addressing the country’s fiscal problems will require difficult choices, but postponing those choices will only make them more difficult.”

Wait a sec. Isn't "postponing choices" what America's all about? TARP bailing out toobigtofail Wall Street Banks, the flailing mortgage mod program Making Home Affordable, overseeing auto makers, rescuing insurer AIG, managing bank mergers--etc etc etc. Postpone everything and call dead brown weeds "green shoots."

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