Bernanke To Address Congress This Week

Housing's in the tank, banks are scared to lend, but oil is at $100 a barrel and inflation is threatening to pick up -- what's a central banker to do?

Federal Reserve Chairman Ben Bernanke will deploy his most reassuring bedside manner in congressional testimony on Wednesday and Thursday to explain how the U.S. central bank, which has already cut interest rates 2-1/4 percentage points since mid-September, can trim them further to prevent recession without letting inflation get out of hand.

"Near-term, the economy remains extremely vulnerable to further contraction because business sentiment has deteriorated further and the aggressive Fed easing to date has been partially offset by tighter financial conditions," Deutsche Bank economists wrote in a note to clients. "This means the Fed is going to have to cut rates further, which is the message Mr. Bernanke will deliver."

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Comments

[javaman]

it's reported that wholesale inflation jumped 1 percent. This is a direct result of bendover benenkes interest rate cuts.

Let the market self correct and stop bailing out the asshole rich who lost it all by gambling on the poors over inflated hopes of home ownership.

Let the rich suffer. The rest of us have suffered enough.

[Perdurabo]

My only fear will be running out of rope when the inevitable lynchings start.

[WIpatriot]

Be "green" and re-use them....

[mrcontinental]

Hemp rope will work fine.

[Dandy12]

This guy is political and is trying to stem the tide by articial means. We're in deep trouble, but we have an administration who tell less than half-truths, or one quarter truths...

[Rule Of Law]

I'm sorry, I thought the title of this Blog was,

"Bernanke To UNdress Congress This Week."

I thought, now this will be revealing! Because, People, it's not just the Emperor any more who ain't got no clothes on!

Throw them all out!

[GreedyOldPsychopaths]

Lawman,


Both funny and disturbing at the same time. Well done!


Good thing Ben waited until Newt, Henry Hyde, "Duke" Cunnigham, Tom DeLay, and Dennis "the Menance" Hastert were all out of office. Ugly group dynamics, if you get my drift.

[WIpatriot]

"Never mind."

I'm tempted to run for Congress just so I could get a front row seat to Ben's speeches. People would be asking "Who's that guy rolled up in a ball on the floor laughing his ass off?"

[Rule Of Law]

Maybe Greedy and I could be your interns. You wouldn't need to worry about any of the Groping Old Perverts hitting on Us!

[mrcontinental]

Bennie is right on track with his plan. The banks must be saved at all cost and the US economy stalling is actually a good thing for now.

Ya see Bennie is not worried about a bank run by american citizens because WE have no savings to speak off so what can be withdrawn? No Bennie is worried about the foriegn investors pulling out THEIR money which would collapse all of our banks. The middle east and china will play along because they are getting equity in our banks and tasty returns even though their treasuries are basically losing value daily. And Bennie can put the economy in a holding pattern just long enough to get the banks back on their feet; then pull the plug and let the chips fall where they may with the banks NOW in a position to snatch up penny stocks, real estate, and companies.

And the american citizen? You don't want to know.

[joebaggadonuts]

So you are buying bank stocks then, eh MrC?

[mrcontinental]

No joe. First of all they are still overpriced. Second of all not ALL of them will survive. Some will go bankrupt and be gobbled up by the remainders. I'll stick with my metals for the time being.

[VivaZapata]

u lupu ci cambiu ci pelu ma no ci vicu. I'm not sure I have enough knowledge Sicilian grammar and spelling to have gotten this completely right but the gist is that a wolf may change its coat but not its vices. Bernanke, as chairman of the federal reserve, a privately owned banking system acting in the interests of Wall Street, must serve his masters, not the American people.

Viva la revolution!

[VivaZapata]

that's knowledge "of" Sicilian. looks like English too!

[djthedj]

The thing to do is have massive interest rate cuts! Who cares about inflation? The stock market must alwways go up no matter what is actually happening in the economy! Quick, print billions of unbacked dollars! Cut all taxes on investments while running huge deficits! The market must always go up!!!!!!!!!

[joebaggadonuts]

I think he can only do harm by talking. Why do it?

[WIpatriot]

A leopard can't change its spots, joe.

[mmckinl]

Bernanke will cut rates to look like the Fed can actually do something.

The ball is out of the Fed's court. The cascading financial debacle is moving from housing to credit default swaps to monoline insurers to the bond market and will soon hit governments, consumers and businesses alike knocking them off their feet.

Most money center banks are for all intents and purposes are insolvent creating mistrust throughout the entire banking system worldwide.

Meanwhile as the financial system crumbles Bernanke and Paulson are loading up on bad paper by loaning at the discount window and having Fannie Mae and Freddie Mac take huge amounts of questionable paper. Paulson is even off loading crap into the pension guarantee trust.

Ladies and gentlemen it is time to end this charade and let the chips fall where they may. Audits of all banks and insurers should take place immediately. All financial institutions that don't pass muster should be shut down before more damage is allowed to happen.

The privately owned and operated Federal Reserve should be dumped and a public central bank take it's place using credit based money.

As you read this Bernanke and Paulson are putting the taxpayer on the hook for hundreds of billions if not trillions of debt obligations in order to save their clients, the banks.

[mmckinl]

Bernanke will cut rates to look like the Fed can actually do something.

The ball is out of the Fed's court. The cascading financial debacle is moving from housing to credit default swaps to monoline insurers to the bond market and will soon hit governments, consumers and businesses alike knocking them off their feet.

Most money center banks are for all intents and purposes are insolvent creating mistrust throughout the entire banking system worldwide.

Meanwhile as the financial system crumbles Bernanke and Paulson are loading up on bad paper by loaning at the discount window and having Fannie Mae and Freddie Mac take huge amounts of questionable paper. Paulson is even off loading crap into the pension guarantee trust.

Ladies and gentlemen it is time to end this charade and let the chips fall where they may. Audits of all banks and insurers should take place immediately. All financial institutions that don't pass muster should be shut down before more damage is allowed to happen.

The privately owned and operated Federal Reserve should be dumped and a public central bank take it's place using credit based money.

As you read this Bernanke and Paulson are putting the taxpayer on the hook for hundreds of billions if not trillions of debt obligations in order to save their clients, the banks.

[Perdurabo]

Hmmm... Bernanke will will explain how the FED can trim interest rates further to prevent recession without letting inflation get out of hand.

THIS I gotta see!

Maybe he'll also pull a rabbit out of a hat, for a finale.

LOL!