Bernanke delivers blunt warning on U.S. debt

[jjj1000]

How about withdrawing all or most of our (USA's) troops from Iraq? How much would that save? That stupid Iraq war that was completely unnecessary, and that the government sold to us based on LIES? How much would that save? A whole bunch, I am sure.

 

[700express]

Quote from ET99:

USA has already passed the point of no return.
another financial crisis is inevitable; it is only a matter of time.
when it happens, the rate of decline will shock even the most negative pessimist.

I like how most of your posts outside of the technical section just like to bash the US.

Really? We've passed the point of no return? Interesting, we've still been in worse situations.

 

[ET99]

Quote from 700express:

I like how most of your posts outside of the technical section just like to bash the US.

Really? We've passed the point of no return? Interesting, we've still been in worse situations.

Really? I like the way you see it as bashing. You seem ticked off.


p.s. thanks for reading ALL my posts.

 

[700express]

Quote from ET99:

Really? I like the way you see it as bashing. You seem ticked off.


p.s. thanks for reading ALL my posts.

There is a fine difference between constructive criticism and bashing. Hopefully I don't need to explain it to you or point out how your posts are not constructive. (Hint: back it up with something).

Sorry, I didn't know we were being so incredibly technical. When I clicked your post count, and scrolled down, it was just generally negative things with little evidence.

 

[endsongs]

Quote from FattBurger:

Don't pat yourself on the back, let someone else do it.

Yeah, you are right. I was caught up in the moment when the Fed finally made the long overdue, and expected, admission.

 

[der_kommissar]

Quote from 700express:

There is a fine difference between constructive criticism and bashing. Hopefully I don't need to explain it to you or point out how your posts are not constructive. (Hint: back it up with something).

Sorry, I didn't know we were being so incredibly technical. When I clicked your post count, and scrolled down, it was just generally negative things with little evidence.

And what more evidence do you need to prove exactly what ET99 has stated in this thread. You want graphs, charts, written statements from many leading authorities on the topic?? Scour the web, it's all there.

Really, your sense of indignation might have been more appropriate in say 2003 the first time we hijacked the future for the present, but now you are simply a fool for questioning his statement.

 

[zdreg]

Quote from clacy:

Those are pretty pointed words from Bernake.

words with no action. if he feels that strongly he should resign before he is remembered as the central bankerwho caused the collapse of the dollar.

 

[TGregg]

Quote from WallStWhizKid:


A plan that eases market worries by laying out how Congress will address the long-term insolvency of Social Security, Medicare and other entitlement programs also would give Congress more room to take the actions needed today to address the jobs crisis, Mr. Bernanke added.

"There could be a bonus there," he said. "To the extent that we can achieve credible plans to reduce medium- to long-term deficits, we'll actually have more flexibility in the short term if we want to take other kinds of actions."

I love that part. "Just promise to behave down the road and you can spend like a madman in the short term." I wonder if he says that to his wife? "If you will go on a diet next year, you can choke down 4 pounds of chocolate fudge every day until then."

 

[Misthos]

Quote from rcaldwell:

Good for Bernanke. He speaks truthfully for a change. They will probably try to oust him now.

Where was the "truth" when he monetized over a trillion of Wall Street's bad loans?

Where was the "truth" when he orchestrated the backstopped bailouts of Bear and Merril, and Wachovia... etc...?

I get it. Wall Street is taken care of - Capitalism, when it is dangerous to Wall Street, must be ignored.

But those old people expecting their Social Security checks need to abide by "fiscal responsibility."

I can't believe quite a few posters here fell for that testimony. Bernanke is a creature of Wall Street first. He took care of Wall Street, and will do so again when the time comes... just as the Fed helped with LTCM, AIG, Bear, Merrill, the GSEs, and all the former Investment Banks that now get special access to the Fed.

What did the Fed do for you?

I'll answer that: Bernanke just said that the Fed will do SHIT for you. Don't get me wrong, the Fed should not be in that role to help every insolvent person or entity anyway. But it smacks of a doublestandard that the Fed bails out Wall Street with no strings attached, and then gets cheers for saying no one else should expect anything - that the peasants should not be getting uppity and expect anything.

In my view, Bernanke did not all of a sudden get "religion." He is Wall Street's mouthpiece. He basically said that even though Wall Street just got an historical bailout, the peasants now need to expect cuts.

And the peasants cheer him on.

 

[endsongs]

Quote from TGregg:

I love that part. "Just promise to behave down the road and you can spend like a madman in the short term." I wonder if he says that to his wife? "If you will go on a diet next year, you can choke down 4 pounds of chocolate fudge every day until then."

Well, the key word is "credible". If the gov't produces another B.S., kick the can down the road debt plan, I'm sure the debt markets will not respond positively. Look at how Greece has to give exact implementation details for this year and the next in order for their plan to be accepted by the EU.