Ben Bernanke goes on record to warn US deficit 'not sustainable'

[alp227]

Source: The Guardian

Federal Reserve chairman Ben Bernanke used his historic first conference to warn that the US deficit is "not sustainable" and tell political leaders they must address it "as quickly and effectively as they can".

Speaking at what was the first ever press conference on interest rate policy to be given by a Fed chairman, Bernanke confirmed that the US will keep interest rates low and continue its huge programme of buying back government bonds in order to keep the fragile economic recovery on track.

The conference followed a statement from the federal open market committee, which stated that the US recovery was "proceeding at a moderate pace, and overall conditions in the labour market are improving gradually". Household spending and business investment were picking up, but construction and the housing sector remained depressed, said the committee.

The committee's report was backed by government figures showing that orders for durable goods rose in March for a third consecutive month, demonstating that businesses are spending to update equipment.

Read more: http://www.guardian.co.uk/business/2011/apr/28/ben-bernanke-deficit-not-sustainable

[Duer 157099]

1. Raise taxes on the wealthy and the corporations, IMMEDIATELY

that is all

[cstanleytech]

11. Or barring that at the very least they need to

do away with the loopholes that are allowing corporations like GE and the very wealthy to dodge their taxes.

[valerief]

2. But, but, but MUST HAVE WARS. NT

[DJ13]

3. Ben is just repeating the PR of the elites he works for

The majority of the deficit came from the tax cuts and the bailouts, all of which solely benefited the wealthy.

[No Elephants]

16. Spending billions upon billions on wars and instruments of wars sure helped.

[TatonkaJames]

4. I don't condone violence at all....

but where are all the sane people who go off the edge and do something to these types of gangsters ?
It's always the peacemakers or good hearted ones who get hurt.
Like I said, I never wish anyone harm, I just wonder.

[defendandprotect]

5. End the Bush/Obama Wars -- TAX the wealthy -- Cut MIC by 50%, at least -- !!!

Pass MEDICARE FOR ALL which will save the nation a tremendous amount of money

plus created 2.3 million new jobs --

STOP making new trade agreements by Obama with Korea and Colombia which will suck

even more jobs out of US!!

[Owl]

7. +1!

[defendandprotect]

6. Take economy out of hands of FED bank -- this is Congress's responsibility -- !!!

[Amonester]

13. Yep. Look "who's speaking" (bernanke).

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x577843

(Political Videos Forum)

And florida08's reply #4 in that thread.

Who is bernanke trying to fool (again)?

[Freddie Stubbs]

19. You want Boehner to have more power?

[defendandprotect]

23. I want people we ELECT to make all decisions about the economy --- not a private bank....

Are you saying that the Founders shouldn't have given Congress the power

of the purse? Perhaps you think they were wrong in allowing Congress to

decide anything? More private bank control would please you?


In fact, one of the biggest threats to democracy is the moving of decision

making into back rooms -- into lobbyists hands -- and finally into corporate

hands.


You fear Boehner -- then work to get rid of him -- but a little less

fear-based thinking might help you.

[4dsc]

8. DUH.

[OhioChick]

9. Tax the rich and get the hell out of the wars n/t

[Zorra]

10. You wanna know what's really not sustainable?

Fucking banks and banksters.

That's what is not sustainable.

[Keith Bee]

12. Ben BerBANKe isn't sustainable!

:grr:

[Rex]

14. And Rex goes on the record as saying 'no shit sherlock'.

How much does this guy make again?

[No Elephants]

15. So, what did Ben say when Boss Cheney said, "Deficits don't matter?"

NOW, Ben has his "historic first conference to warn" about the cataclysmic dangers of deficits?

Maybe people who want to cut "entitlements" need a "historic first conference to warn" about the cataclysmic dangers to the U.S. of deficits now, to make the cuts seem more acceptable to patriotic Americans? Apart from that, what is the point this " "historic first conference to warn" NOW?

I know how to save some money: fire this hack, or at least replace him with someone who can figure out the barn door needs closing before all the horses have already made it out of the country--and has the wherewithal to say so.

[aquart]

17. Then tax the greedy, unpatriotic rich.

[closeupready]

18. Raise taxes on the rich. Problem solved.

nt

[Freddie Stubbs]

20. The Federal Reserve does not have the authority to raise taxes

[closeupready]

21. But Bernanke can support the general notion of raising taxes on the rich.

Which he doesn't.

[Javaman]

22. In other news: water is wet. nt

[closeupready]

24. It's surprising that someone like Bernanke making $Millions favors a remedy that would cost him $0.

I'm sure it's just a coinky-dink, eh? :sarcasm:

[fascisthunter]

25. The Right WIng Knows this, That's Why They are Bankrupting America and Americans

so they can rebuild a system of government and economy in their own aristocratic and fascist way.

Grover Norquist and his big mouth let that "cat-out-of-the-bag" long ago; yes, a real conspiracy.