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Ear to the Ground

Bernanke Gets Our Hopes Up

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Posted on May 5, 2009
Bernanke
AP photo / Susan Walsh

Federal Reserve Chairman Ben Bernanke testifies on Tuesday before the Joint Economic Committee on Capitol Hill.

The good news: Federal Reserve Chairman Ben Bernanke believes the U.S. economy may show signs of bouncing back before 2010—yay! The bad news: Bernanke also believes that aftershocks from the recession may continue to wreak havoc for a good while to come—sigh.

The Washington Post:

Testifying before the Joint Economic Committee, Bernanke’s assessment of the economy was decidedly more optimistic than the one he offered a couple of months ago, even as he stressed that many risks and challenges stand in the way of recovery.

In particular, Bernanke forecast that even once a recovery begins, it will be relatively slow, meaning that the nation will not return to full employment and full productive capacity anytime soon.

“We expect that the recovery will only gradually gain momentum and that economic slack will diminish slowly,” Bernanke said. “In particular, businesses are likely to be cautious about hiring, implying that the unemployment rate could remain high for a time, even after economic growth resumes.”

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By Skwid, May 6, 2009 at 2:05 pm Link to this comment
(Unregistered commenter)

Long version short: Wall St. will rebound and will be fine. Main St. will continue to provide Wall St. with security and will continue to take it in the shorts for the help.

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By artie, May 6, 2009 at 7:58 am Link to this comment
(Unregistered commenter)

There has never been a greater swindle of the masses by the power elite than now. Moreover, the masses are not even aware of the huge debt they must pay over the next couple decades, while the power elite have already pocketed the money. Mills’ book “The Power Elite”, written 60 years ago, was prophetic.

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By Big B, May 6, 2009 at 4:37 am Link to this comment

How many more times is Bernanke going to get away with sitting down before congress and reaching into his pocket and placing 3 shells on the table?

Is this how all great nations have fallen?

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By expat in germany, May 6, 2009 at 2:26 am Link to this comment
(Unregistered commenter)

Of course, some business sectors will do very well in the following months, such as the developers who build gated communities to safeguard the increasingly small minority of people who have money against rising violence and civil unrest; and the private prison industry, to house the ever-growing number of angry, poor, and likely uneducated outliers.

We could learn a lot from ants and bees.

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By dr wu, May 5, 2009 at 2:57 pm Link to this comment

Bernanke represents the Banks. Since they run America, they’re always bullish on the economy—that part of the economy that works for the rich, at any rate.

So, every week we have 600,000+ jobs lost but the stock market moves ahead. Translation: rich getting richer, the poor getting you know what.

Get rid of the Federal Reserve and the Treasury secretary. We need a department of consumer affairs—dedicated to the needs of the everyday person and not the bankers!

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By samosamo, May 5, 2009 at 2:23 pm Link to this comment

““In particular, Bernanke forecast that even once a recovery begins, it will be relatively slow, meaning that the nation will not return to full employment and full productive capacity anytime soon.”“
*******************************************

He has basically said nothing. And what measures does he base this ‘slow down’ of ‘getting worse’? The stock market? I am sick and tired of every financial ‘best and brightest’ pointing to the stock markets as evidence of how well or strong our economy is doing. For every person that does invest in stocks, how many don’t or even better, CAN’T? The stock market has a basic number that even w could read and blurt out about about how strong our economy is.

The same as w touting that 200,000 or 300,000 jobs were created under his administration. What jobs? Macdonalds, burgerking? Starting with reagan and even earlier, the consevative financial wizards have hollowed out the manufacturing base of this country to the point that most any blue collar and even a good many white collar jobs no longer exist in this country. I guess we could all get jobs at some of these private ‘security’ companies that are popping up all over the country. Then we could carry a gun and push our neighbors around and get in on the take for protecting them.

And bernanke is just doing the same here. He has NO plan, not that the head of the federal reserve ever does. They are told what to do and if it is true that the federal reserve has shovelled out about $13,000,000,000,000.00 to the bankers and corporations just who gets to pay this back AND the interest on that money?

I find very little credibility with bernanke or geithner or summers or any of those financial ‘best and brightest’ that keep playing the ultimate ponzi scheme on the people by giving their favorite thieves more and more money for the taxpayer to pay back WITH interest. In fact, I would only believe them when I see them all jump off the roof of their prescious places of doing business and splatter on the sidewalk when they hit.

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G.Anderson's avatar

By G.Anderson, May 5, 2009 at 1:47 pm Link to this comment

Very nice Tropic Girl.

The bubble has just been re inflated that’s all. Even then housing prices will take another 10 years to climb back up, if ever.

The Democratic party, is opposing many of the so called reforms, from closing tax loop holes, to taking away tax incentives to outsource.

Those that run call centers in India, are worried,
so is Citibank, they say they won’t be able to compete in the world market.

They could care less what happens to American workers who can no longer buy what they produce.

As usual, Mr. Bernake is looking out for his own.

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tropicgirl's avatar

By tropicgirl, May 5, 2009 at 12:24 pm Link to this comment

When Bernanke talks about recovery, he is talking about his financial buddies and their world. It has nothing at all to do with the recovery of the American family.

Every opportunity to help the American family, whether bankruptcy for homeowners to restructure mortgages, or even reeling in the credit card profiteers, has been opposed by this piece of garbage.

And IF ANYONE HAS A LINE OF CREDIT, TAKE IT OUT NOW. TODAY. PEOPLE ARE RECEIVING NOTICES THAT THEIR CREDIT LINES HAVE DISAPPEARED AND BEEN TAKEN BACK BY THE BANKS. TAKE IT OUT TODAY AS MANY FINANCIAL CONSULTANTS ARE WARNING.

And as for you, Bernanke, why don’t you just shut your lying pie hole until you can do something for the people that pay your inflated salary. In a Muslim country you would already be in jail or worse, along with the financial blackmailers you support.

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