Ben Bernanke, Please Let the Markets Set Interest Rates
Posted on | July 21, 2009 | 3 Comments
Today at his semiannual testimony before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke made this statement:
“In light of the substantial economic slack and limited inflation pressures, monetary policy remains focused on fostering economic recovery. Accordingly the Federal Open Market Committee believes that a highly accommodative stance of monetary policy will be appropriate for an extended period. However, we also believe that it is important to assure the public and the markets that the extraordinary policy measures we have taken in response to the financial crisis and the recession can be withdrawn in a smooth and timely manner as needed, thereby avoiding the risk that policy stimulus could lead to a future rise in inflation.”
So what you mean is that YOU are going to print more money to buy up US debt and hope that there is no inflationary period in the future? Oh, I get it, I guess that was the extended version to try to make common Americans feel stupid; understood. We are going to pay off debt by devaluing our currency, smart move! You then made this statement:
“Maintaining the confidence of the public and financial markets requires that policymakers begin planning now for the restoration of fiscal balance. Prompt attention to questions of fiscal sustainability is particularly critical because of the coming budgetary and economic challenges associated with the retirement of the baby-boom generation and continued increases in the costs of Medicare and Medicaid. Addressing the country’s fiscal problems will require difficult choices, but postponing those choices will only make them more difficult.”
Oh, so you are planning now for the “restoration of fiscal balance?” I call bullshit! The more statements that you make, the more I realize that you are full of shit Mr. Bernanke. Printing money in an attempt to spend our way out of this recession has not worked in the past so why do you think it will in the future?
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3 Responses to “Ben Bernanke, Please Let the Markets Set Interest Rates”
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July 21st, 2009 @ 7:21 pm
[...] Read the entire article here: Ben Bernanke, Please let the Markets Set Interest Rates [...]
July 22nd, 2009 @ 9:11 am
[...] Please return to Subprime Blogger each weekday to read my daily rants. Yesterday’s rant telling Ben Bernanke how I felt is available here: Ben Bernanke, Please Let the Markets Set Interest Rates [...]
July 22nd, 2009 @ 8:29 pm
[...] Read the entire article here: Ben Bernanke, Please let the Markets Set Interest Rates [...]