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Economy: Bernanke understands

April 3, 2013

Federal Reserve Chairman Ben Bernanke issued a not-so-gentle reminder recently in explaining the Federal Open Market Committee’s decision to stand pat, again, on artificially very low interest rate....

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Apr-03-13 4:28 PM

Please print a copy of this "ARTICLE" and than place it at the bottom of a bird cage - POOP !

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Apr-03-13 2:33 PM

Given the circumstances we are expecting too much. The free trade agreements of the late 80's and 90's resulted in many of our manufacturing jobs being exported overseas and to Mexico. Add to that the explosion in technology in computers and robotics whereby machines are now doing the work that used to be done by millions of Americans. America has become a high cost place to manufacture goods. I don't see a return to 5% unemployment for a long time. The Federal Reserve is doing the right thing with low interest rates and the $787 billion stimulous was absolutely the right thing to do. The only other option was a deep depression.

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Apr-03-13 11:15 AM

..but I do read, and read carefully and critically. The best thing I was ever taught in school (thank you Margaret Ruckman) was to read carefully, and don't take everything at face value, explore, read more, and again, READ CAREFULLY!!! It's all there and it's not rocket science.

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Apr-03-13 11:13 AM

I have to admit, I was surprised to see this in the Observer as well. I might add that most of those on the right wing side of things HATE the Fed. I'm not sure why, but they do. Our economic recovery is VERY limited and very spotty as to who's doing better (or well) and where. The stock market can be very much like a Ponzi scheme for the wealthier individuals who play it. If the right people make moves, others watch and jump on the band wagon. Then the people who started the buying get out before it collapses. Printing too much money is always a bad thing in the long run. (Lyndon Johnson financed the Vietnam War that way, leading to years of hyper-inflation) I might add that more than half the so-called rise I debt under President Obama is because he listed the costs of the wars in Iraq and Afghanistan as part of the debt while Bush made that a separate issue. It's all in how things are presented. The bottom line, we're a LONG ways from any sort of major recovery. I'm no expert..

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Apr-03-13 9:51 AM

I think we've still got a very long way before we are out of the woods. Regardless of the stock market, housing still lags badly, jobs are a joke and consumer prices continue to climb. Many people these days find themselves severely underemployed - forced to take jobs at a fraction of what they were making and for less hours and no benefits. Yep - a long way to go.

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Apr-03-13 9:45 AM

Admittedly, I am not an econ person like DCron, but I am reading recently things about the world's economy that make me very nervous. One of those things is the daily printing of money that the U.S. does. The experts say that it devalues the dollar and makes inflation a big issue which will eventually hurt us. What is most disconcerting to me is the rumblings I hear of the world-wide trade currency being changed. Currently it is the U.S. dollar. Many feel that will be changed, and if and when it is, it can be our demise. Any thoughts DCron, Paul, or anyone else with econ prowess?

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Apr-03-13 9:07 AM

Dc is clueless. obama has done nothing but bash business, just like FDR did in the 30's. Stocks rising , of course ! with business uncertainty hovering over businessmen, unknown regulations that hinder business on the rise etc. What to do ? Play legal gambling in the stock market via computer trading. The small guy is kaput in stocks now. There is plenty of money and it went somewhere. It is like Vegas, but legal . Even banks do not know how much they lose, like that swiss bank until the losses hit billions. Anyone familiar with FDrs ways will see the same thing in the libs 75 years later. Then they wonder why unemployment stays high. How could it go down ?

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Apr-03-13 8:07 AM

Unbelievable. Somehow, an intern, either at the clueless OBSERVER or at the WVa Sugar Daddy mansion, was able to slip this one by...

Its amazing to me how, despite all this chest-beating parroting noise by the GOP-RWers -- about taxes, or cut spending -- how little they know how our economy works.

They FAIL to even mention/discuss the Fed, its monetary policies and its effects even on the global economy.

The sequester spending cuts are about $85 billion in 2013. The Fed is injecting about $85 billion per month into the economy & has done so since late 2008. That's roughly 6% of GDP into the system each year. That's huge.

Bernacke continues to hammer Congress for not dealing with unemployment & for its myopic spending slashing without any strategic thought, as in the GOP-RW ideologues are idiots.

And they are.

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