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Bernanke: Fix fiscal woes
or risk ´sudden and severe´
contraction of economy

The Hill [Washington DC], by Peter Schroeder

Original Article

Posted By:garnet, 11/20/2012 2:17:41 PM

Federal Reserve Chairman Ben Bernanke implored Washington policymakers Tuesday to get the nation´s fiscal house in order for the good of the economy.The head of the nation´s central bank used a high-profile speech to outline a "must-do" list for Congress and the White House in the comings months: avoid the "fiscal cliff," raise the debt ceiling and come up with a long-term plan to bring down the deficit. Finally, Bernanke said it´s important do so with as little drama as possible. "Coming together to find fiscal solutions will not be easy, but the stakes are high,"

      


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Reply 1 - Posted by: justavoter, 11/20/2012 2:20:12 PM     (No. 9025975)

Translation: You recalcitrate Republicans had better cave.

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Reply 2 - Posted by: KTWO, 11/20/2012 2:46:15 PM     (No. 9026029)

Ben has done as much, maybe more, than anyone else in history to encourage and enable the US government´s fiscal insanity.

Now he tells others what they must do?



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Reply 3 - Posted by: gesundheit, 11/20/2012 3:07:43 PM     (No. 9026067)

If the Democrats had won the House on November 6th and the entire government were therefore scheduled to be in the hands of Democrats on January 1st, then the American economy would also be scheduled to go over the fiscal cliff on January 1st.

And the same thing will happen if the Republican House ACTS like it hasn´t won a majority but instead agrees to support the Democratic taxing and spending policies the President and the Democratically controlled Senate are trying to enact.

The only way the fiscal cliff can be avoided, as it´s been avoided for the past two years, is for the Republicans in Congress to stand firmly against raising taxes.

Because it will be tax increases, not a lack of compromise in Washington, that will set off the ´´sudden and severe contraction of the economy´´ that Ben Bernanke so fears. So why doesn´t he say so?

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Reply 4 - Posted by: Mass Minority, 11/20/2012 3:17:19 PM     (No. 9026082)

Funny how all of a sudden this January first thing is really important. It certainly wasn´t important enough to talk about in October. What could possibly have changed?

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Reply 5 - Posted by: pearlyjo, 11/20/2012 3:41:55 PM     (No. 9026130)

Funny how no one, Repubs and Democrats, wants to address the large elephant in the room: Obamacare. We just keep keepin´ on with this monstrosity even though we know killing it now would be an immense savings.
Oh, well.

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Reply 6 - Posted by: stablemoney, 11/20/2012 4:26:58 PM     (No. 9026197)

Ben has had a lot of advice for many years now. Why are we in such bad shape after having Ben in charge for so long?

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Reply 7 - Posted by: craige, 11/20/2012 4:28:15 PM     (No. 9026201)

"For one, the housing market is finally showing "clear signs of improvement..."

REO´s being held off market, and distressed properties Not being foreclosed on. The housing market is being propped up by the Fed. SHTF is looming, in housing.

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Reply 8 - Posted by: NorthernDog, 11/20/2012 5:38:47 PM     (No. 9026321)

How are our government leaders any different from Al Capone, John Dillinger, et al?

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Reply 9 - Posted by: Coy860, 11/20/2012 5:53:02 PM     (No. 9026355)

It isn´t a fiscal cliff, it is the
OBAMA cliff, call it what it is..now YOU go fix it.

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Reply 10 - Posted by: kanphil, 11/20/2012 6:48:11 PM     (No. 9026437)

I don´t trust one word that comes out of Bernanke´s mouth. He is a creature of the left and on top of that does not know a damned thing about the economy.

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Reply 11 - Posted by: Hammock, 11/21/2012 1:11:58 AM     (No. 9026894)

He knows the recession will become a depression with a currency crisis, and he knows he shares a big part of the responsibility for it. This is his attempt to blame everyone but him in advance, in the hope he will escape the grapes of wrath.

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