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Ear to the Ground

Fed Chief Wants More Stimulation

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Posted on Oct 20, 2008
Federal Reserve

Ben Bernanke doesn’t really care if you call it a recession or, in his words, “a very serious slowdown in the economy.” Whatever it is, the chairman of the Federal Reserve thinks a new stimulus package is needed to get those terrified Americans dipping into their mattresses and buying things again.


BBC:

“We are in a very serious slowdown in the economy which has very serious consequences for the public,” he said.

“Whether it’s called a recession or not is of no consequence.”

[...] Any government spending would need to kick in quickly to encourage people and businesses to boost spending and help the economy during the period in which economic activity would be otherwise weak, he said.

The Federal Reserve chairman also said the package should include provisions that would aid the jammed credit markets, which has been a major factor in the economy’s slowdown.

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Leefeller's avatar

By Leefeller, October 21, 2008 at 8:03 am Link to this comment

I have taken all my money out of my mattress, the springs are like new so I sleep better without the lumps.  Since our money is not worth the paper it is printed on, I bought a truck load of Twinkes, they last for fifteen years and I can barter them for subsistence items.  Things I cannot make or produce or grow myself, like hair spray or eco friendly shoes of course coffee beans.  I tried growing french roast coffee beans, the darn things just will not grow.

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By Workpost, October 21, 2008 at 7:29 am Link to this comment
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Spend less, produce more! America needs new businesses, startups and incentives for entrepreneurs who will create jobs. Working people spend money.

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By jmndodge, October 21, 2008 at 5:51 am Link to this comment

It appears that this administration knows that the nation is bankrupt, and it matters not what happens now.  “This sucker is goin’ down”  They now will transfer money they don’t have to their friends, allow the coming disaster, and do it quickly before a new administration, GOP or DEM can get congressional hearings, and attempt to address the real problems.  What is happening now is criminal, not even in our worse dreams did we believe anyone would attempt this blatant a destruction of the American nation.  For our grandchildren’s sake,  put further action on hold, until the new administration takes over.

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By BlueEagle, October 20, 2008 at 9:30 pm Link to this comment

If Bernanke wants stimulation, could someone please send him a gift certificate to his local adult store.

There’s one caveat his toy must be Made in America.

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By mud, October 20, 2008 at 8:30 pm Link to this comment

Looks like he needs some too.

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By samosamo, October 20, 2008 at 6:34 pm Link to this comment

So, bernanke, what is your cut of the action? Huh? Since every bit of these bailouts, economic stimulants and other corporate giveaways that ALWAYS ends up being paid back by the american tax payer, JUST what does your foreign owned and run federal reserve, that has no real function here in america except increasing the debt and credit fiasco you and paulson and greenspan on behalf of your corporate elitist handlers, going to reimberse you and your other cabal to increase our debt???WHAT??? You jerk off monkey shine bastard, I hope you will be wearing the orange jump suite soon and it will not happen soon enough for you and your’s devestation of this country and world.

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