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Thread: Fed chief bluntly warns of recession risks without Wall Street bailout

  1. #1

    Exclamation Fed chief bluntly warns of recession risks without Wall Street bailout

    WASHINGTON - Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures if they fail to pass the Bush administration’s $700 billion plan to bail out the financial industry.
    source: http://www.msnbc.msn.com/id/26850571

    what a moron....we risk a recession if we don't bail them out? First off, we're already in a recession, and second off, we need a recession/depression, as it will be a much need (albeit massive) correction.

    If any of you watched CSPAN this morning, I wondered if you guys caught one of Bernanke's comments; I'm not sure, exactly, what he was referring to, but he said that "general price increases are good for the economy" then he mentioned something about it helping it grow better (or something like that).

    Last I checked, Ben, increased prices mean a contracting economy, because people can't afford to buy as much with a paycheck that is stagnating.

    Sad...so sad...



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  3. #2
    Quote Originally Posted by Fox McCloud View Post
    source: http://www.msnbc.msn.com/id/26850571

    what a moron....we risk a recession if we don't bail them out? First off, we're already in a recession, and second off, we need a recession/depression, as it will be a much need (albeit massive) correction.

    If any of you watched CSPAN this morning, I wondered if you guys caught one of Bernanke's comments; I'm not sure, exactly, what he was referring to, but he said that "general price increases are good for the economy" then he mentioned something about it helping it grow better (or something like that).

    Last I checked, Ben, increased prices mean a contracting economy, because people can't afford to buy as much with a paycheck that is stagnating.

    Sad...so sad...
    That's what I'm saying! It just boggles the mind how insidious and evil they are...

  4. #3

  5. #4
    I thought we were already in a recession?????
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  6. #5
    everyone knows we are in a recession except Paulson and bernanke
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  7. #6
    Quote Originally Posted by bluemarkets View Post
    everyone knows we are in a recession except Paulson and bernanke
    I think they know it too, but don't want to admit it.
    What they really mean is we will fall into a depression without the Wall Street bailout. They just can't say that.

  8. #7
    Quote Originally Posted by bluemarkets View Post
    everyone knows we are in a recession except Paulson and bernanke
    Well, EXACTLY! The only thing this is going to do is stave off total financial devastation--for how long, if at all, no one knows. They are using this to try to push out the SHTF far enough that they can either install martial law or be safely out of the country before it happens.

    My personal preference is martial law that MUTINIES and hunts them all down. UH-oh, maybe they've figured out that's more probable than possible and hence, the push it out scenario.
    When all else fails,
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  9. #8
    Quote Originally Posted by Dr.3D View Post
    I think they know it too, but don't want to admit it.
    What they really mean is we will fall into a depression without the Wall Street bailout. They just can't say that.
    +1

    The question is how effective it will be. Here is some good dialog between Beck and Romney on what is going to happen, at the end they conclude the question is it better to destroy are dollar and slowly enter the depression or keep a slightly stronger dollar and have the economy crash immediately. They agree with the first, but the discuss both points. I thought it was an intelligent conversation agree or disagree.

    http://www.glennbeck.com/content/art...cle/196/15555/



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  11. #9
    What is truly ironic is that some members of Congress are pushing for addendums to the bailout bill that make it easier for people with poor credit to get home loans. This is supposed to 'help mitigate' the crisis and pull the economy out of this mess.

    Seriously, what do they think caused this disaster in the first place? Talk about going around in circles chasing their tails... It's as if the government is doing everything in its power to prevent this artificially created credit bubble from deflating. They caused this by instituting measures that caused credit to explode to enormous, artificial, unsustainable levels, and then overnight decided that those levels were the "norm" and must be preserved at all costs.
    Last edited by Knighted; 09-23-2008 at 02:14 PM.

  12. #10
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    Quote Originally Posted by Dr.3D View Post
    I think they know it too, but don't want to admit it.
    What they really mean is we will fall into a depression without the Wall Street bailout. They just can't say that.
    True, I'm pretty sure they know that we are in a recession. They are trying to avoid a Great Depression part two, which would affect the world.

    Former FED Chairman Dr. Greenspan knew that we were headed towards this crisis a long time ago, thus the reason why he chose Dr. Bernanke to become his successor. Dr. Bernanke is probably the top, or at least one of the top, economists in world with regards to the Great Depression.

    Dr. Bernanke has studied the Great Depression heavily and has published many articles giving new foundational insight as to the causes of it.

  13. #11
    Otter Mii-kun
    Member

    "avoid a recession" bulls**t

    How the hell can there be talk about "avoiding a recession" when people are losing their jobs and homes left and right-and paying record high gas and food prices?

    This bailout will NOT help the struggling middle class-I don't know how many times I must keep saying this!
    Even if economic activity picks up again, it'll come crashing down quickly-just like with the phony "stimulus" checks program passed months ago.

    It's bad enough we have to be dependent on the high financial sector for just about everything-we're possibly more dependent on Wall Street than we were in 1929!
    Worse is that the mainstream media and political establishment thinks printing money-inflation-and destroying the dollar in the process-is the only way out of this mess! If inflating the money supply out of thin air was good for the economy then Zimbabwe would be prosperous right now!

    What's good for Wall Street is NOT always good for America! (In fact, what's good for them is not even good for us at all right now.)

    Time is running out fast. It's either allow a long-possibly permanent hyperinflationary depression-on par with that in Zimbabwe, or allow a instant crash and deflationary depression, like the 1930s.

  14. #12
    Quote Originally Posted by bluemarkets View Post
    everyone knows we are in a recession except Paulson and bernanke
    WE ARE NOT IN A RECESSION! -yet

    A recession is NEGATIVE growth of the GDP for more than 2 quarters - that's at least 6 months.
    So a recession won't be known until at least 6 months from now and if it continues for another 6 months, we've hit a DEPRESSION.

  15. #13
    I just heard someone on CNBC say that the bailout wasn't going to prevent economic fallout.
    When all else fails,
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  16. #14
    Quote Originally Posted by azminuteman View Post
    WE ARE NOT IN A RECESSION! -yet

    A recession is NEGATIVE growth of the GDP for more than 2 quarters - that's at least 6 months.
    So a recession won't be known until at least 6 months from now and if it continues for another 6 months, we've hit a DEPRESSION.
    You BELIEVE the official figures?
    When all else fails,
    there's always
    www.escapeartist.com

  17. #15
    Quote Originally Posted by Fox McCloud View Post
    source: http://www.msnbc.msn.com/id/26850571

    what a moron....we risk a recession if we don't bail them out? First off, we're already in a recession, and second off, we need a recession/depression, as it will be a much need (albeit massive) correction.

    If any of you watched CSPAN this morning, I wondered if you guys caught one of Bernanke's comments; I'm not sure, exactly, what he was referring to, but he said that "general price increases are good for the economy" then he mentioned something about it helping it grow better (or something like that).

    Last I checked, Ben, increased prices mean a contracting economy, because people can't afford to buy as much with a paycheck that is stagnating.

    Sad...so sad...
    Ron Paul called him on it at the hearings, when CNBC was covering it, and those ZIONIST THIEVES controlling CNBC, Immediately broke away when RP was getting Bernake to admit that INFLATION is a TAX on the PEOPLE.



    Remember CNBC's Trish Regan, when they abruptly cut to her... she was startled and didn't know what to do since it caught her off guard.

    The whole damn system is RIGGED by the FEDS/GOVERNMENT/CORPORATIONS and 4th branch of gov... MSM.

    BERNAKE is another ZIONIST POS!

    RECESSION? HAH!
    I guess if they all team up and say it enough times, But they're the only ones believing it now!

    Government Propaganda can only be stretched so far before even the DUMBEST of DUMB Americans realize... "DUH, I can't afford that 12 pack of BEER anymore"

    I presume it's time to act now, because the economy is cutting into the Wealth and Elitist "GRAVY TRAIN"!
    Last edited by HOLLYWOOD; 09-23-2008 at 02:33 PM.
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  18. #16
    Quote Originally Posted by freelance View Post
    You BELIEVE the official figures?
    What evidence do you have of a recession?
    People are still being hired.
    Buildings are still being built despite a setback during the summer.

    If you said we were in a recession in the summer, I'd start to believe it but we're not.

    By the time April rolls around, we'll know if we're in a recession.

    Realistically, Obama will be the president elect and traditionally, markets do better with a Democratic president.

    I'm torn between voting Barr for party, voting for Nader for numbers, and Baldwin because he cares. Baldwin is a write-in in my state which means a wasted vote.



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  20. #17
    Quote Originally Posted by HOLLYWOOD View Post
    Ron Paul called him on it at the hearings, when CNBC was covering it, and those ZIONIST THEIVES controlling CNBC, Immediately broke away when RP was getting Bernake to admit that INFLATION is a TAX on the PEOPLE.

    Remember CNBC's Trish Regan, when they abruptly cut to her... she was startled and didn't know what to do since it caught her off guard.

    The whole damn system is RIGGED by the FEDS/GOVERNMENT/CORPORATIONS and 4th branch of gov... MSM.

    BERNAKE is another ZIONIST POS!
    Yes, I do remember. Then, another time, he was offering commentary on something that they didn't like, so they went to a commercial and when they came back, they said that they were out of time and had to get back to a hearing.
    When all else fails,
    there's always
    www.escapeartist.com

  21. #18
    Quote Originally Posted by azminuteman View Post
    WE ARE NOT IN A RECESSION! -yet

    A recession is NEGATIVE growth of the GDP for more than 2 quarters - that's at least 6 months.
    So a recession won't be known until at least 6 months from now and if it continues for another 6 months, we've hit a DEPRESSION.
    You're assuming that Bush and Co are accurately reporting the GDP figures.

  22. #19
    Quote Originally Posted by azminuteman View Post

    Realistically, Obama will be the president elect and traditionally, markets do better with a Democratic president.

    .
    Probably because the Democrats are in power for too short of a time to actually provide a statistically significant sample.

  23. #20
    Quote Originally Posted by azminuteman View Post
    What evidence do you have of a recession?
    People are still being hired.
    Buildings are still being built despite a setback during the summer.

    If you said we were in a recession in the summer, I'd start to believe it but we're not.

    By the time April rolls around, we'll know if we're in a recession.

    I'm torn between voting Barr for party, voting for Nader for numbers, and Baldwin because he cares. Baldwin is a write-in in my state which means a wasted vote.
    You might enjoy this site. Even some experts point to it.

    http://www.shadowstats.com/

    Realistically, Obama will be the president elect and traditionally, markets do better with a Democratic president.
    Please don't take offense, but I think you are dreaming. The recent past may be no indication of the future in this case. We had a tech bubble. We had a fake crisis at the same time--Y2K that employed untold numbers of COBOL programmers and support staff, and then we had a crash. Enter Bush, 911, GO SHOPPING, and spend, spend, spend. We are so off the charts now that I haven't the slightest bit of faith that we are going to "recover" anytime in the foreseeable future, unless you define a decade away as soon.

    Anyway, from your lips to God's ear, because I sure don't call this a setback!
    When all else fails,
    there's always
    www.escapeartist.com

  24. #21
    Otter Mii-kun
    Member

    cooking the books again

    You're assuming that Bush and Co are accurately reporting the GDP figures.
    Why should I (or anyone else) trust cooked-up "official" figures from the same government who oversaw the accounting scandals at Enron, MCI WorldCom, Global Crossing, and numerous other companies? Also the same people who claim that "inflation is under control"?

  25. #22
    Quote Originally Posted by Otter Mii-kun View Post

    Why should I (or anyone else) trust cooked-up "official" figures from the same government who oversaw the accounting scandals at Enron, MCI WorldCom, Global Crossing, and numerous other companies? Also the same people who claim that "inflation is under control"?
    CNBC Poll VOTE!

    ht tp://www.cnbc.com/id/26851121

    Who stands to gain the most from the proposed bailout plan?
    *Wall Street
    *Main Street
    *Both
    *Neither
    *Don't know

    Vote to see results


    Bernanke Warns US Risks Recession Without Bailout




    Companies:Morgan Stanley | JPMorgan Chase and Co | Lehman Brothers Holdings Inc
    By Reuters | 23 Sep 2008 | 04:37 PM ET
    Font size:

    Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration's $700 billion plan to bail out the financial industry.

    Despite the warning, influential lawmakers in both parties demanded changes in the White House-backed proposal, and conservative Republicans recoiled at the prospect of federal intervention into private capital markets.

    Bernanke was joined by Treasury Secretary Henry Paulson, who also tried to head off opposition to the bailout, warning of dire consequences for failing to approve the measure quickly.
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  26. #23
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    Quote Originally Posted by azminuteman View Post
    What evidence do you have of a recession?
    People are still being hired.
    Buildings are still being built despite a setback during the summer.

    If you said we were in a recession in the summer, I'd start to believe it but we're not.

    By the time April rolls around, we'll know if we're in a recession.

    Realistically, Obama will be the president elect and traditionally, markets do better with a Democratic president.

    I'm torn between voting Barr for party, voting for Nader for numbers, and Baldwin because he cares. Baldwin is a write-in in my state which means a wasted vote.
    Obama is a just tool and preacher who has the best speech writers in the country working for him. It would be an insult to our country if he wins the election.

    The socialist Democrats who controlled congress conducted a large part in this whole sub-prime mortgage crisis, which brought about this world financial crisis. They were facilitating more loans at low interest rates be given out to the average person even though they were not qualified.

    People tend to forget how government work and just focus solely on the executive branch. I think Ron Paul said it best when he said that congress should all just go home since they are the ones causing the problems and not solving them.

    "Congressional ratings first hit nine percent (9%) back at the beginning of July, marking the lowest ratings recorded by Rasmussen Reports. Ratings hit the same low two weeks later. Congress has not received higher than a 15% approval rating since the beginning of this year." - rasmussenreports

  27. #24
    Quote Originally Posted by Fox McCloud View Post
    source: http://www.msnbc.msn.com/id/26850571

    what a moron....we risk a recession if we don't bail them out? First off, we're already in a recession, and second off, we need a recession/depression, as it will be a much need (albeit massive) correction.

    If any of you watched CSPAN this morning, I wondered if you guys caught one of Bernanke's comments; I'm not sure, exactly, what he was referring to, but he said that "general price increases are good for the economy" then he mentioned something about it helping it grow better (or something like that).

    Last I checked, Ben, increased prices mean a contracting economy, because people can't afford to buy as much with a paycheck that is stagnating.

    Sad...so sad...
    Yep, and all the bail out is going to do is prolong the inevitable crash, but instead of having our sovereignty and liberty in tact, that will be gone as well . This bail-out is the first major step in the socialization of our major corporations. If we don't stop this, we are on "the road to serfdom."
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    If anything, this situation has proved the government is nothing but a dictatorship backed by deadly force... no different than the dictatorships in the banana republics, just more polished and cleverly propagandized.
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