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186 Comments
- crocev, on 03/16/2009, -2/+81Sure.
And there is no problem with Bear Sterns.
And the 700 billion bailout is all that is needed.
And the Citibank is ok.
An the recession will only last 09 and Americans can soon go back spending like crazy, extracting money out of their ever more expensive houses....
Gimmie a break!! - sjbdallas, on 03/16/2009, -5/+49Because if people hear the truth, they'll pull their money out of banks tomorrow, and stop paying their taxes.
- ninjaturtles1, on 03/16/2009, -2/+43He also said there was no housing bubble! Only a complete retard would continue to believe the crap that comes out of this guy's mouth!
- domfosnz, on 03/16/2009, -3/+37I can't see it ending this year. I think it will go a fair bit deeper yet.
- Pssdoff, on 03/16/2009, -5/+34END THE FED
- andyb747, on 03/16/2009, -1/+30Recession will end in late 2009 because that will be the start of the depression.
- ShirenHou, on 03/16/2009, -0/+26He's the chairman of the federal reserve - there's absolutely no way that he could say anything dour or pessimistic about the economy. The prevailing belief within modern echelons of power is that economic performance is to a large degree a matter of public mood and sentiment, so a negative remark by a public figure can in turn exert a negative effect upon the economy. This is why incumbent politicans are loath to use terms like "recession" or "downturn".
Thus, this remark by Bernanke may be disingenuous, or even wilfully deceitful. But he's actually fulfilling his proper duties as a public official.
Can you imagine the effect on stockmarkets or the broader economy of Bernanke were to say "I think this recession will last far longer than we previously expected?" - BuzzFriendly, on 03/16/2009, -2/+22Fast forward to September 2009, headline news Bernanke says the recession could end in '10. Economist like meteorologist are the professions that you can consistently be wrong and still keep your job.
- Peko, on 03/16/2009, -8/+27Don't sugar coat it too much there, Sparky McOptimist. Give me the real truth.
- Peko, on 03/16/2009, -3/+21We should always trust our leaders. They know what's best for us!
- HOWLAN, on 03/16/2009, -0/+18The most important word here?
'probably' - bimtott, on 03/16/2009, -3/+21gotta blow the dust off this one:
<citation needed> - azureskies88, on 03/16/2009, -3/+19It's nice to see all the economic experts on Digg giving their predictions of when the recession will end. Maybe Bernanke *is* full of *****, but I'll wager that very few of those commenting here actually have any idea, one way or the other.
- FunkUncut, on 03/16/2009, -4/+18I want some of drugs this guy is on
- PrismoFillusion, on 03/16/2009, -3/+17Did the fairies in your dreams tell you this Bernanke?
- search4beauty, on 03/16/2009, -1/+14Bernanke...Now there's somebody we should trust. Hahahahahahahahahahahahaha.
- Charlotte_Web, on 03/16/2009, -6/+18The economy is becoming worse with every "stimulus" bill that gets passed.
- mediaspree, on 03/16/2009, -1/+12The funny thing is there are about 1000 people with more experience applying for your job. Good luck.
- Networktwenty3, on 03/16/2009, -2/+12He is just trying to save his ass and ignore the fact he is not willing to disclose who received the bailouts. I wish he would go on Jon Stewarts show.
- simplyintricate, on 03/16/2009, -2/+12This is coming from the same guy who said everything's going to be alright a year ago.
He has lost all credibility in my book. - ScienceDoc, on 03/16/2009, -3/+12Bernanke simply cheer leading to try to ward off total crisis of confidence. I do not think he is up to the job.
- inactive, on 03/16/2009, -2/+10"End the Fed" protest will be 4/25/09 at your nearest Federal Reserve Bank.
More information: http://www.endthefed.us - inactive, on 03/16/2009, -1/+92009 or 3009?
- inactive, on 03/16/2009, -1/+8He had to say something that could be construed as positive in light of Obama's disastrous policies.
- ScienceDoc, on 03/16/2009, -1/+8Don't think so. Watch http://www.pbs.org/now/shows/511/index.html
Kenneth Rogoff believes, just as everyone else that is using fact, that there are 4 to 5 years to go because the banking system is a disaster. The problem is, no one will admit it and put the zombie banks out of their misery. - tvnews, on 03/16/2009, -2/+9I agree. Remember when leaders were saying the economy is really strong, there is no risk of recession etc.
The conclusion is these people are either inept or liars. - cosmiccarl, on 03/16/2009, -38/+45The economy is far worse than you are being told. We are facing nothing less than financial armageddon.
- Vaiper, on 03/16/2009, -2/+9You couldn't handle it.
- arunforce, on 03/16/2009, -1/+7That was my first instinct.
People who don't know much about economics are more inclined to believe him and consciously or subconsciously start spending money. - whorunbartertwn, on 03/16/2009, -2/+8Five bucks says it ain't the fall of Western Civilization.
- bene0019, on 03/16/2009, -0/+6no. for the first 18 months of it we were told there wasn't a recession.
- Barackalypse, on 03/16/2009, -3/+9We'll spend our way out of this problem caused by foolish spending!
- whipnet, on 03/16/2009, -0/+5"Consumer confidence" is what got us in this mess. NO we do not need to go back to old consumer spending habits. This needed to happen to right all the wrong and stop buying every little cheap-ass piece of crap from China.
It's time to say no to parasite economies.
* - VictoryandValor, on 03/16/2009, -0/+5Balderdash
- Spudster, on 03/16/2009, -0/+5Detroit's average house price is $13,000. But then again, who the hell wants to live in Detroit.
- borez, on 03/16/2009, -1/+6Rubbish
- cybrguy, on 03/16/2009, -0/+5Don't take the bubble term too literally. The government is propping up housing prices by bailing out home owners and investors. This perpetuates the "bubble" It might have collapsed some, but now we are perpetuating the problem by artificially keeping prices artificially high. They still have to come down, sooner or later, unless the government wants to perpetuate the bubble indefinitely.
- Moonkeeper, on 03/16/2009, -2/+7"America's recession “probably” will end this year if the government succeeds...."
We're f***ed. - Annihilia, on 03/16/2009, -0/+5"Millions are losing jobs because millions are saving money and not spending"
This is actually the exact opposite of what is going on. Millions are losing jobs because the government is diverting factors of production from sound businesses and investments to those that utilize them in a wasteful and unproductive manner. We live in a world of limited resources and when you divert these resources from efficient businesses to inefficient ones through increasing the money supply, it keeps these sound businesses from maintaining profitability because of the artificially high operating costs.
Spending money should come after savings and investment. - dmm219, on 03/16/2009, -1/+6um...diggers? he was being sarcastic. These are all statements Bernanke has made in the past, that have been wrong...hence...don't believe a word he says...
- RandyGandy, on 03/16/2009, -0/+5Yeah and pigs "could" fly by the end of the year... but the likleyhood of this happening is slim.
- chuckDontSurf, on 03/16/2009, -0/+4Which translates to "we have no ***** idea."
- PrismoFillusion, on 03/16/2009, -0/+4As a meteorologist, I'm offended.
- chuckDontSurf, on 03/16/2009, -0/+4correct link: http://www.washingtonpost.com/wp-dyn/content/artic ...
- diggan8, on 03/16/2009, -0/+4Would/Could/Should......
I will not read any articles, regarding the financial crisis, that contain these key words in the headline.
**** This just in... The recession could end tomorrow... or in the year 2027. **** - jksturm, on 03/16/2009, -1/+5Support HR 1207 - Audit the fed.
Then, END THE FED! - inactive, on 03/16/2009, -1/+5Corporate *****.
- numb401, on 03/16/2009, -1/+5Sadly, Pelly did not challenge Bernanke on a single question. Instead Pelly just listened to Bernanke, accepting the fact as gospel that Bernanke knows what he is doing. Well if Bernanke knows what he is doing why are we in this mess?
Why didn't Bernanke see this coming? How about some clips of statements Bernanke made about housing bottoming and no recession coming. Why no questions on the Fed's role in this mess? How about Bernanke's opinion on the role of Congress?
Watching the interview I get the feeling Bernanke wrote the questions and submitted them to 60 Minutes and said, I am prepared to answer these.
Certainly Bernanke got his self-serving answer in to the question "What are the dangers now? What keeps you up at night?"
Bernanke's reply was "I think the biggest risk is that, you know, we don't have the political will. We don't have the commitment to solve this problem, and that we let it just continue. In which case, you know, we can't count on recovery."
The biggest risk in my opinion is we keep listening to Ben Bernanke, self-proclaimed expert on the great depression. Yes policy mistakes were made in the great depression, the biggest of which is arguably the Smoot Hawley Tariff which caused a collapse in trade. Blatantly illegal actions were undertaken as well, such as the confiscation of gold and the burning of produce attempting to force prices up.
However, the root cause of the great depression was without a doubt the reckless expansion of credit that preceded it.
Ron Paul or Jon Stewart would have done a far better job on this interview. Then again, so would have my dead grandmother. Scott Pelley simply blew it.
--- http://globaleconomicanalysis.blogspot.com/2009/03 ... - cybrguy, on 03/16/2009, -0/+4If housing crashed that much, there is a reason. A crash can create a low below true market equilibrium for a while. If you are seeing housing prices like that, in a seemingly economically stable market, then there is likely a piece to the puzzle you are missing.
"4-year old 3 bedroom, 2 bath house that's never been lived in."
That is not economic stability, that is an overload of homes, driving the prices down. - joelm2400, on 03/16/2009, -0/+3Support HR 833 and abolish the FED entirely! http://www.govtrack.us/congress/billtext.xpd?bill= ...
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