Bernanke speaks - we're doomed.

[Target_For_Exterm]

Bernanke says: "The deceleration in economic activity currently under way appears to be taking place roughly along the lines envisioned,"

Translation: Bush's plan to destroy the economy is proceeding as planned.

Bernanke says: "Yet, "substantial uncertainties" surround the Fed's outlook"

Translation: Bush could be impeached before the completion of his economic plan.

Bernanke says: "The slowdown in the once sizzling housing market could turn out to be deeper than expected, putting an even greater drag on overall economic activity."

Translation: If things go really bust in the housing market, then more than the little folks will be affected. The rich might take a hit!

Bernanke says: "A failure of inflation to moderate as expected would be especially troublesome,"

Translation: If we have bad inflation, then interest rates will go up. That will explode the deficit, which puts tax cuts to rich folks in danger. Can't have that. And CEOs might not be able to rip off multi-million dollar salaries and massive golden parachutes. That's like un-American or something.

Bernanke says: But he made clear the Fed will be keep a close eye on the matter, especially on labor costs, which can spark inflation if they grow rapidly.

Translation: We can't have all those little people stealing money from the rich through decent wages. Slave labor is the American way!

Bernanke says: To thwart inflation, the Fed had hoisted interest rates 17 times since June 2004, its longest string of increases in its history.

Translation: These little people are getting too uppity. Let's smack them down by raising interest rates so they can't buy these cheap houses that rich folks could buy and resell at a profit. Who cares if housing crashes as long as the rich make money off it.

Bernanke: Bernanke's remarks followed a batch of mostly downbeat economic reports issued Tuesday.

Translation: The plan is working.

http://www.kirotv.com/money/10414555/detail.html

[warrens]

1. You speak fluent Repuke

The plan was always to set fire to the economy. They seriously think 1870 was the greatest period in American history. Why today, you can hardly send any 8 year olds into the coal mines without some nanny-state Democrat moaning and bitching!

[Jim Warren]

2. minor correction

Bernanke says: But he made clear the Fed will be keep a close eye on the matter, especially on labor costs, which can spark inflation if they grow rapidly.

Translation: Nix the minimum wage increase.

[sinkingfeeling]

3. He didn't tell the 'common people' to go out and Christmas shop by putting

a few grand on plastic?

[Target_For_Exterm]

8. Well, Bernanke did say...

""U.S. households overall have been managing their personal finances well," Bernanke said. "On average, debt burdens appear to be at manageable levels and delinquency rates on consumer loans and home mortgages have been low," he noted."

Translation: Massive credit card debt by the little people keeps them in chains. It's like slavery, that American labor thingie we like. So, go ahead and rack up $2000 plus on your credit cards for Christmas. That don't hurt the rich, and it keeps the little folks from getting all uppity.

http://www.usatoday.com/money/economy/fed/2006-06-13-bernanke_x.htm

[Greyhound]

4. Why do you think the BFEE is making preparations to escape the country?

They know full-well exactly what they've been doing, and they also know what the consequences will be.

BTW the plan has been implemented already, now it's just a matter of waiting for the laws and regulation to take effect, which will happen incrementally over the next four years, with most of it coming to maturity in the next two. Coincidentally (I'm sure) it will happen just in time for the re:puke:s to blame the Democratic legislature.

ETA: :kick: & R

[spillthebeans]

5. Helicopter Ben

Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press". In a footnote to his speech, Bernanke noted that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation."


http://en.wikipedia.org/wiki/Ben_Bernanke

[KoKo]

6. Nice job with that! And Larry (Ain't Capitalism Grand) Kudlow will be on

CNBC tonight railing about how "Minimum Wage" increase will bring down the economy.

[uppityperson]

7. but the whitehouse says: America's Wage Growth Is Steady And Strong

http://www.whitehouse.gov.edgesuite.net/news/releases/2006/11/20061122.html

Setting the Record Straight: America's Wage Growth Is Steady And Strong

Fact sheet Setting the Record Straight

The New York Times Asserts That "The Wage Picture – And What It Says About The Economy – Is Still Cloudy." (Editorial, "Weighing In On Wages," The New York Times, 11/22/06)

America's Wage Growth Is Steady And Strong

* Real Wages Have Risen 2.8 Percent Over The Past Year, Which Means An Extra $1,687 For The Typical Family Of Four With Two Wage Earners. This data is specifically for production and non-supervisory workers, about 80 percent of the workforce – the supervisory workers who tend to earn more are not included.

o The National Unemployment Rate Has Dropped To 4.4 Percent – The Lowest Rate In More Than Five Years.
o Over The Past Three Months, America Has Added 470,000 New Jobs, For A Total Of More Than 6.8 Million New Jobs Since August Of 2003.

* Consumer Prices Fell For The Second Straight Month In October. "Consumer prices, helped by another huge decline in gasoline pump prices, fell for a second straight month in October, providing more relief to Americans battered earlier in the year by soaring energy costs. The Labor Department reported Thursday that consumer prices dropped by 0.5 percent last month, matching the September decline." (Martin Crutsinger, "Gas Prices Help Consumer Prices Fall," The Associated Press, 11/16/06)

* Energy Prices Fell 7 Percent In October. "Energy prices were down 7 percent last month. For the year to date they were down a seasonally adjusted annual rate of 1.5 percent after surging 17.1 percent for all of 2005, the Department said." ("Consumer Prices Down 0.5 Percent In October," Reuters, 11/16/06)

* Core Inflation Marked The Smallest Gain In 13 Months In October. "And core inflation, which excludes volatile energy and food prices, was also well-behaved, rising by just 0.1 percent, the smallest gain in 13 months." Martin Crutsinger, "Gas Prices Help Consumer Prices Fall," The Associated Press, 11/16/06)

[Target_For_Exterm]

10. More lies for the Bush lie-berry. Does the WH EVER say

anything that isn't a lie? If I ever read anything that comes out of that place, I automatically think the opposite. It's a gut reaction based on past experience, and usually the right take on the thing.

[uppityperson]

12. I know. Sometimes I wonder why I make myself look there.

[OzarkDem]

9. Hey Bernanke, how about health care costs?

Cost of health insurance coverage to consumers is up more than 80% over the past six years, while median incomes have grown only 13% in the same period. The uninsured just have to go bankrupt, period.

Tell me THAT isn't contributing to inflation and an economy that's on the skids.

I guess that means we should freeze health care and insurance costs if we're going to nix an increase in minimum wages, right?

[Target_For_Exterm]

11. Well, the rich still get THEIR health care, don't they?

What's wrong with you? :sarcasm:

What are you doing worrying so much about the little people? After all, we can just stick them all in the Astrodome and they'll be so much better off.

(Barbara Bush's contribution to the Bush economic plan.)