A Tale Of Two Economies: Bush, Bernanke Differ On Where US Is Heading

On the same day, President Bush and Federal Reserve Chief Ben Bernanke gave two very different assessments of where the US economy is going. Bush was Mr. Positive while Chairman Bernanke's testimony forewarned of the pain to come. Read excerpts from the two takes below.

Bush:

President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.

Amid soaring gas prices, the toughest real estate market in decades, falling home prices and financing that's harder to come by, Bush said: "It's been a difficult time for many American families." But he also said that the nation's economy continues to grow, if slowly.

Bush said that despite the woes of Fannie Mae and Freddie Mac and the recent government takeover of California bank IndyMac, U.S. depositors should not worry because their deposits are insured by the government up to $100,000

Bernanke:

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. This problem looms even as officials try to cope with persistent strains in financial markets, rising joblessness and housing problems.

Comments

[LaFeminazi]

Ima gonna git them bank sum mure monay.

Ima gonna burrow it from the fewture.

~Grog Bash 2008

[LaFeminazi]

Why do Repugs say the economy is great with us, we love small government, and Americans believe them time after time.

Yet whenever they have power the economy is f***ed up and the government explodes in size.

Someone please explain to me how they get away with this s***t.

[metogamekun]

If you repeat the same lie long enough . . .

[KennyFox]

Through propaganda, and telling liberals they have to run the center, a place they have never run to, so they can set the narrative -- like bailouts bad, govt bad, etc etc.

[LaFeminazi]

Interesting

Oil futures falling yet

Dollar still falling

Stock markets still falling.

I wonder what this could mean.

I know!

The economy is in great shape

~sigh~

[whizkid]

That this numbskull was ever sworn into office is a joke on our once proud nation.

[AxelDC]

Once was a mistake; twice is a character flaw.

[Vinca]

You got that right, Harry Reid said it exactly right, WHATEVER BUSH SAYS< BELIEVE THE OPPOSITE< OUR ECONOMY IS TANKING

[neoconsareliars]

Bush/McCain is the best the GOP has. No wonder the country is going under.

[OlskoolDem]

Bush and the GOP never cared about the economy, they just padded their pockets by tax breaks, no bid contracts, and by the Fed lowering the interest rates. They all took their profits first off the top and will leave the mess for some one else to clean up.
All the while spinning that it's the new leadership's fault.

[NotWaldo]

The president is in a bubble obviously. And there's not enough oxygen in that bubble.

[loudspeaker]

Here's a list of things that have to be done to rescue the U.S. and world economies:

1. Implement the Homeowners and Bank Protection Act;

2. Install a two-tier credit system; and

3. Have the U.S.A., Russia, China, and India form an initiating bloc to create a new international fixed-exchange-rate credit system to replace the presently bankrupt international monetary system.

That's what the economist .L.a.R.o.u­.c.h.e. has said for a long time now. He has, for decades, warned that, due to the prevailing economic policies, a crash of the economy is inevitable.

[LaFeminazi]

U.S.A., Russia, China, and India?????

Whatever for?

The US is damn near bankrupt.

[alaintex]

The US is nowhere near bankrupt - if that even was a possibility for a country.

The US economy is 4 time stronger than any other country on earth in terms of GDP.

Chicken Littles tend to hyperventilate.

[Lib2daBone]

Look at the expression on Bernake's face. He knows what is coming. He knows Bush is a liar .

[Vinca]

I often listen to Michael Savage, HE has interesting guests, HE said Bear Stearns, Fannie Mae, Freddie Mac use Poncie Scheme

[Vurt]

Perhaps mr savage has other interest than giving advice.

[mergina]

Was there ever any doubt that bush would lead us into another great depression?

[CheneysACoward]

Less than a year ago bush said, "Americas eceonomy is the envy of the World"
Just shut up george,shut up!

[Nochnoi]

I agree with your sentiment exactly...­....

[alaintex]

Less than a year ago it was true. And it's true today too.

[vippy]

And you are one of those people who believe we have a 5.5% unemployment rate!

[loudspeaker]

That's delusional. Not only is the U.S. economy on its way through the sewer pipes, but in fact the entire nation. On top of that, crises like this one always increases the danger of a war breaking out.

But Obama will save us. Right?

[3arthling]

What they really sais (when taken together): "we haven't the smallest clue what we're doing".

[AbolishTheFed]

Y'all have GOT to watch these:
Zeitgeist: Part 3 - How The Multinational Bankers Control the World (45 min.)
http://www.kickthemallout.com/article.php/Video-Zeitgeist_Part3
Part three details the global elites, those that own and control the central banks and as a result, just about everything else of consequence. It goes into who they are and what they've done and are doing to this planet to achieve their maniacal goals to control all of mankind. These are not kind beneficent people. They are the ones that cause all wars and are behind all the raping and pillaging going on throughout the world.

MUST SEE The Money Masters (3.5 hours)
This is the definitive course on money, banking, and how those that control it, control the world. This 3.5 hour documentary explains the entire history of money, and how those that control it has caused every war, every depression, all inflation and more. You owe it to yourself to learn the truth. Once you do, you will se the world in an entirely new way. http://www.kickthemallout.com/article.php/Video-The_Money_Masters

Video: Zeitgeist - Part 2: The Orchestration of The Never Ending War On Terror http://www.kickthemallout.com/article.php/Video-Zeitgeist_Part2

http://www.kickthemallout.com/article.php/Banking_And_Curency

[ChristianEcon.com]

It's mind-blowing how fast Republican ideology has been able to create third-world America.

[ibivi]

Yes and absolute, total, disconnect. Bush Jr is as bad (probably worse) as Bush Sr when it comes to dealing with the real world. Hey he doesn't need to pay for a house, gas, deal with flooding, job loss, use "the google" or any of the things that ordinary people do. Talk about a bubble!

[chendri887]

This bad boy is a good two hundred plus years in the making. It started in the mythology on which this nation was founded. As no one feels up to the challenge of dealing with the American messianic myth and dubious truth of its exceptional nature, we continue to flounder around in the belief that no matter what we do, it can be "righted" in time. "Freedom" is the term thrown around to justify everything we do in the economic, social and political realm. However, the term is essentially meaningless. Ah, yes, "freedom." How lovely it is to be "free" multi-gazzillion dollar corporations can enslave the population in a manner not much different from that of the ancient world. But wait: You still get the "freedom" to choose the name for the new Mountain Dew drink, so that proves we should be grateful for our "freedom," right?

[arkgrfx61]

Expanding on your freedom point - the other day I saw a bumper sticker (on a Ford Explorer no less) among the other obvious Marine stickers, that said "Thank a vet for your freedom." Now I thank and honor our soldiers for protecting me/my family/and my country. For doing a job that I would probably never consider in a million years. BUT, why should I thank a vet for my freedom...­.my freedom is my god-given right. I understand the idea behind the sticker...­but I guess on a more intellectual and philosophical level, I don't get it.

With this administration I feel about as free as a caterpillar in a jelly jar.

[1differentdrummer]

GW's hero: Herbert Hoover.

[AbolishTheFed]

Attorney Tom Cryer Wins Against the IRS - LINK - Shreveport attorney Tom Cryer won a unanimous NOT GUILTY verdict in federal district court defeating the IRS's claim that he "willfully" failed to file federal income tax returns. Tom refused to file tax returns because the IRS could not show him any law making him liable for 'filing' a tax return.

IRS loses challenge to prove tax liability - LINK - The Internal Revenue Service has lost a lawyer's challenge in front of a jury to prove a constitutional foundation for the nation's income tax, and the victorious attorney now is setting his sights higher.

Here is his website: http://www.truthattack.org/

America - Freedom to Fascism

Video

Freedom to Fascism presents startling facts about our laws, raising critical issues that Americans must consider if they are to be a free people. Click to view
http://www.informationclearinghouse.info/article15399.htm

http://www.google.com/search?hl=en&q=Reagan%27s+Grace+Commission&btnG=Search
GRACE COMMISSION REPORT Well, below is a report requested by President Ronald Reagan to see just where the ... The Grace Commission confirms the allegation that the income tax ...
www.freecanadian.net/articles/grace.html

[WLA]

Perhaps Wesley Snipes should have hired that guy.

[AbolishTheFed]

My thought too.
I couldn't find any contact info for Snipes so....