Link to the video of Chairman Bernanke's appearance at the House Budget Committee is here at C-SPAN..
His prepared statement appears here at the Fed's site. There are some interesting Q&As that start at the 20:00 mark.
If it were not so tragic an issue, this hearing of the Committee of 'Keystone Kops' would be almost as funny as the recent remarks by the Congressman who thought the island of Guam could capsize, these budgeteers have an equivalent knowledge about the real macroeconomics of the US as this poor fellow does about earth science.
All participants here exhibit not a clue as to how we as a nation can move forward with job creation and a return to full employment and utilization. It seems that many of the Congressional representatives are searching for some sort of enlightenment or magic solution from the Fed Chairman, while he, who is only in charge of Monetary Policy, cannot provide what they are looking for. We are left with leadership that seems content to let it all up to chance.
Congress itself has all of the authority that is needed to turn the economy in the right direction through the Fiscal Policy they themselves control. Until they realize this, and the true fiscal options available to them, we cannot prosper as a nation. I wish Bernanke had the sense to tell that to them straight up.
3 comments:
The federal reserve should send a macro-economics 101 professor to meet the freshman lawmakers when they arrive in washington for a primer. Tell them its a tea party.
hi matt and mike :
GERMANY REJECTS SAVING GENERAL MOTORS OPEL UNIT :
http://www.nytimes.com/2010/06/10/business/global/10opel.html?hpw
AS WE DISCUSSED SINCE 2008, GERMAN COMPANIES COME TO THE USA SOUTH AND LEVERAGE THE CHEAP LABOR AND KEEP IT CHEAP BY EXPOUSING AUSTERITY AND DEFICIT TERRORISM INSTEAD OF SPENDING TO CREATE ASSETS FOR THE POOR AND MIDDLE CLASSES, YET THEY WANT THEIR USA COMPETITORS IN MICHIGAN RUN INTO THE CAN WHILE THEY GET FREEDOM TO BUILD PLANTS HERE AND THE BENEFITS.
HOWEVER, THEY DON'T RETURN THE FAVOR FOR THE USA.
I BET THE RUSSIANS ARE CONTROLLING BP AND RUNNING IT INTO THE GROUND AND NOBODY WANTS TO EXPLAIN THAT THE OIL SPILL IS AN ACT OF ECOLOGICAL TERRORISM. UK IS DOING TOO MUCH BUSINESS IN RUSSIA.
EVEN IF A 5% PROBABILITY, WHAT THE HECK.
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