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Ear to the Ground

Bad News Bernanke Strikes Again

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Posted on Feb 9, 2011
Bernanke
AP / Susan Walsh

As if the last couple of years haven’t been brutal enough, here comes Federal Reserve Chairman Ben Bernanke with the exasperating news that the job market isn’t going to markedly improve for “several years.”  —KA

BBC:

Until the economy sees sustained and strong job creation, “we cannot consider the recovery to be truly established”, he added.

Mr Bernanke also said the US government budget deficit, which rose sharply during the crisis, was “unsustainable”.

The long-term challenges of reducing the deficit were “daunting”, he added.

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zonth_zonth's avatar

By zonth_zonth, February 16, 2011 at 1:28 pm Link to this comment

M is right regarding social security.  Now that may be considered a real entitlement to those who have paid into it.
Bernake was interviewed on 60 minutes and the question posed to him was, ‘How do we get out of this recession and time of unemplyment?’  His response was ‘education and university degrees’.  Has he not been informed that universities have hiked tuition 60% in the last 10 years, graduating individuals likely have diplomas where there are a glut of applications already, students are graduating with huge debts for jobs paying salaries that in no way merrit acquiring such huge debts.

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By M, February 13, 2011 at 11:15 am Link to this comment
(Unregistered commenter)

“the baby boomers all retired and sucking up social security”

prisnersdilema, nice rant.

Correct me if I’m wrong. The baby boomers paid into social security their entire
working life…What’s your problem?

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prisnersdilema's avatar

By prisnersdilema, February 11, 2011 at 12:41 pm Link to this comment

Mr. B. is trying to sugar coat things as much as possible, by pointing his finger at the light at the end of the tunnel.

Unfortunately, that light doesn’t mean the economy will recover, to return from a near death experience, but instead it’s passing.

The can be no recovery, because there will be no jobs in seven years, things will be much worse than now with 7 years of declinning property values, the baby boomers all retired and sucking up social security, Communist China demanding all our grain, and a demoralized, drug addicted population, eating each other while the rich spend vast sums extending their lives and their hedonism.

Life for most, in the former USA will be nasty, brutish and short. A Hobesian dystopia; abandon all hope ye who enter here.

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Queenie's avatar

By Queenie, February 10, 2011 at 10:36 pm Link to this comment

If I were a real queen I would yell,

“OFF WITH HIS HEAD!!”

But I’m not so I won’t.

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By rollzone, February 10, 2011 at 8:50 am Link to this comment

hello. this goofy looking character needs his Lincoln
beard shaved. hiding behind the demise of the dollar as
global currency to restructure American financial
architecture within a continental globalist corporate
framework to benefit only elitist scum is unpatriotic
and treasonous on many levels. shave his beard.

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By berniem, February 9, 2011 at 9:38 pm Link to this comment

Its not too few jobs; its too many people!

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By samosamo, February 9, 2011 at 7:54 pm Link to this comment

****************


Not to ignore the reality of this, but is old news and old bennie
has said this before. I don’t know and most of us don’t know
what these totally malicious turds are doing always hiding
behind the curtains making their deals. But that is how the get
away with their crimes.

Truth is, until we can get rid of the crooks in the the government
and the ostensible federal reserve and wall steet and hammer
corporate america or ex-corporate america(if they want to do
business in the u.s., fine, just tax and tariff the hell out of them
or keep the out) who have jumped ship to keep from paying
taxes then NO, we will NOT ever have a job market here in
america. Why? Well, does anyone see any of these factors
cranking back up and hiring folks and I mean americans to go
back to work?

None of this will happen because it is what should happen.

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By realveive, February 9, 2011 at 7:03 pm Link to this comment

One major problem is the smoke and mirrors approach to handling the US budgetary info.  I doubt that anyone knows what’s really going on fiscally.  Another major problem is that we continue to play the Daddy Warbucks, Emperor of the Universe part when we simply don’t have the cash to cover our commitments.  One example; why are we spending 2/3 of a trillion bucks a year on military falderol.  Our only real enemy is a couple of thousand, at most, al Queda folks who could get cleaned up with some decent world-wide police work.

What the USA needs now is a president with balls and some intelligent, honest people in key governmental slots.  If this doesn’t happen, and quickly, we can kiss our collective American asses goodbye.

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By Aaron Ortiz, February 9, 2011 at 6:48 pm Link to this comment

If this is true…why all the negative subtext? Would the author rather have
Bernanke tell pleasant lies?

Optimism is useful as motivation, but can’t it be blinding? Curiously, realism and
even pessimism could be strong motivations for those who refuse to give up even
when hope is gone.

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