Bernanke To Congress: Spend More Money

[kpete]

Bernanke To Congress: Spend More Money
The Huffington Post | By Mark Gongloff
Posted: 06/07/2012 12:07 pm Updated: 06/07/2012 5:26 pm

Here's something you don't see every day: A Republican-appointed Federal Reserve Chairman telling Congress to spend more money.

Well, not exactly -- but Ben Bernanke on Thursday urged Congress to give him a hand boosting the sluggish economy, which would involve avoiding massive spending cuts and tax increases scheduled to take place at the start of 2013.

The damage this double dose of austerity could do to the economy would likely swamp any stimulus the Fed might be able to throw at it with monetary policy, he warned in response to questioning during testimony before the Joint Economic Committee Thursday morning. In fact, Congress should get on the stick and start doing its part to help the economy now with fiscal stimulus, he suggested.

"Monetary policy is not a panacea. It would be much better to have a broad-based policy effort addressing a whole variety of issues," he said. "I would be much more comfortable if in fact Congress would take some of this burden from us and address those issues."

The rest:
http://www.huffingtonpost.com/2012/06/07/bernanke-testimony-congress_n_1577631.html?ref=politics&ir=Politics

[shcrane71]

1. No fucking shit. Remember when Walker and other Tea Bagger govs gave back

$$$ to build passenger rail? So stupid.

[freshwest]

2. Geithner has also warned the GOP Tea Party that what they are doing comes close to treason, that

They have no legal right to play these games. Now we'll see what the media soaked brains of the public produce at the polls in November. Although the GOP did not fight what Geithner went after them with in May, Obama has mentioed that certain financial events coming due in September are critical.

I didn't understand what they were saying and media hasn't reported this, it has been reported on the net. They seem to know what is happening to our status. I didn't keep links, because it was all gibberish to me, but it might have made sense to our financial wonks here.

I'm hoping some of the GOP will listen to the voices of reason or the law; but their voters and Romney will turn this nation upside down if he wins. All bets are off and everything that Obama and others are trying to make work could fail. But the world in general does not want us to go bankrupt, either.