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Ear to the Ground

Bernanke Talks of Better Economic Times Ahead

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Posted on Aug 21, 2009
Federal Reserve

After seemingly endless months of relentlessly distressing financial reports, Federal Reserve Chairman Ben S. Bernanke said Friday that the economic news is looking up on both the national and global economic fronts, and that “prospects for a return to growth in the near term appear good.”  —KA

The Washington Post:

The idea that the economy is starting to improve was bolstered Friday by a report that sales of existing homes soared 7.2 percent in July to the highest level in two years. Bernanke’s comments and the housing news sent Standard & Poor’s 500-stock index up 1.9 percent to a new high this year.

But the meat of Bernanke’s speech was not about the stabilizing economy, but rather an extensive defense of the Fed’s handling of the financial crisis and recession. It is part of a broader effort to shore up confidence in the central bank, which has come under fire in Congress and in public opinion polls for its role in various bailouts.

And it comes as speculation heats up over whether President Obama will reappoint the chairman when his term expires Jan. 31.

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By BlueCrow, August 23, 2009 at 3:25 pm Link to this comment

And what reasonably informed person would believe a word Bernanke said or follow the trail the slug leaves behind him?

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By dihey, August 23, 2009 at 6:34 am Link to this comment

The Obama administration has recently stated that the projected deficit will be two trillion dollars larger than previously anticipated. Guess how much of that is due to the wars in Iraq and Afghanistan/Pakistan and the cost of our numerous “bases” around the globe?

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By Rachelle, August 22, 2009 at 6:51 pm Link to this comment
(Unregistered commenter)

Bernanke’s an idiot, just like his predecessor Greenspan. Matter of fact he totally
followed along with Greenspan’s message until it was his turn…

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By artie, August 22, 2009 at 8:39 am Link to this comment
(Unregistered commenter)

Bernanke, late of Goldman Sachs, is one of the most accomplished liars in Washington. A list of his lies and fabrications, over the years,  appears on the web. He should be in jail, along with many other politicians, including Bush, Greenspan, Rubin, Paulson, etc.

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By Johnny Appleseed, August 22, 2009 at 8:11 am Link to this comment
(Unregistered commenter)

The FDIC is running out of money. I’d be very surprised if there isn’t a slew of
good economic news intended to stave off bank runs.

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By bane-richter, August 22, 2009 at 6:54 am Link to this comment

Those housing sales largely represent fire-sales of suckered homeowners who abandonded ship through foreclosures, short-sales or just taking the keys and walking away. They weren’t protectected like Wall Street, in fact, they are largely being blamed and ignored. (By NPR even, who claims, “they should have known when they signed on the bottom line” - an extrodinarly naive and indifferent hostility, the likes of which someone in the 1980s would ever believe would come out of NPR)
Vast swaths of the American Public - that the Goverment and media outright ignore - know that the “economy” isn’t tied to the market breaking 10K or bargains on home prices if you happen to be one of the lucky ones who actually has any cash, or cars. Obama has simply bolstered what collapsed before. It’s socialism for the fortunate few, capitalism for everyone else.

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By greed-and-idiocy, August 22, 2009 at 6:14 am Link to this comment
(Unregistered commenter)

Ben Ber-bank-e is a corporate toadie who didn’t foresee the recession coming - but is now hailed by the MSM as a “world savior” and “wise man” now that he claims the recession is ending. What a sham.

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godistwaddle's avatar

By godistwaddle, August 22, 2009 at 4:55 am Link to this comment

I’m SOOO happy that Obama, the right-wing tool, has bailed out capitalism so that it may return to raping us without consequences.

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By redspades, August 22, 2009 at 1:22 am Link to this comment

LOL

you wish em good prospects uh
that’s right
it just ain’t gonna happen

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