Bernanke Doesn’t Take Immediate Stimulus Action, But Doesn’t Rule it Out
- Posted on August 26, 2011 at 10:31am by
Jonathon M. Seidl
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JACKSON HOLE, Wyo. (The Blaze/AP) — Chairman Ben Bernanke is proposing no new steps by the Federal Reserve to boost the economy while hinting that Congress may need to act to stimulate hiring and growth.
Bernanke said Friday that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run. He is speaking at an annual economic conference in Jackson Hole, Wyo. CNBC reports:
Citing “a range of tools that could be used to provide additional monetary stimulus,“ he said the Fed ”will continue to consider those and other pertinent issues, including of course economic and financial developments, at our meeting in September, which has been scheduled for two days instead of one to allow a fuller discussion,” Bernanke said in the speech.
His speech follows news that the economy grew at an annual rate of just 1 percent this spring and 0.7 percent for the first six months of the year. Only slightly healthier expansion is foreseen for the second half.
Bernanke said he’s optimistic that the job market and the economy will return to full health in the long run.
Stocks fell lower after the speech was released. The Dow had been down about 78 points, about 0.7 percent, shortly before 10 a.m. The loss quickly extended to 180 points.
Bernanke’s speech comes at a critical moment for the economy. Some economists worry that another recession might be near.
A big reason is that consumer spending has slowed. Home prices are depressed. Workers’ pay is barely rising. Household debt loads remain high.
All that, compounded by Europe’s debt crisis, has spooked the stock markets and unnerved consumers. Congress is focused on shrinking deficits and seems unlikely to back any new spending to try to energize the economy.
That’s why many have looked with anticipation to the Fed to do more. The central bank has already kept short-term interest rates near zero for 2 1/2 years. And earlier this month, it said it would keep them there through mid-2013.
—
Crutsinger reported from Washington.
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Comments (55)
antisocialist59
Posted on August 26, 2011 at 2:55pmOK I apologize it just took a minute.
Report Post »OFFTHEMENU.US
Posted on August 26, 2011 at 2:53pmCalm down people, calm down. NOW, – ARREST ALL EMPLOYEES OF THE FEDERAL RESERVE SYSTEM IMMEDIATELY, CLOSE OFF AIRPORT AND BORDER CROSSINGS. PUT OUT APB WITH PHOTOS OF ALL FRS EMPLOYEES, AND WE‘LL TRY THEM IN COURT ONCE WE’VE OPENED THE BOOKS ON OUR OWN MONEY. NOW, THE UNITED STATES IS ABOUT TO BECOME VERY VERY WEALTHY AND ALL TOO FAST. IT CAN BE DANGEROUS because we are now going to become a lending cartel of our own. We set the mark now and we enforce it, – ‘IT’S OUR RACKET NOW, AND ALWAYS WAS OUR MONEY. NOW WE KEEP IT ALL, NO MIDDLEMAN THIEF TO STEAL IT WHILST ESPOUSING INTELLIGENCE THESE JACKALS CLEARLY DON’T HAVE. THEY’RE A BLUFF, A LIE, A RUSE. IT‘S JUST A GANGSTER RACKET BASED ON PLAYING THE BLUFF OF EXPERTISE WITH A POKER FACE WHEN IN FACT THEY’RE JUST THIEVES LAUGHING AT THE FACT WE FELL FOR IT!!! WHEN WE BREAK FROM THIS ‘ZIONIST CARTEL’, ALL OTHERS WILL FOLLOW, SO THESE GYPSIES WILL FIGHT LIKE SCHOOLGIRLS TO KEEP THAT FROM HAPPENING. Well that should be good for a laugh or two anyway, eh? NEXT!
Report Post »stopspendingourmoney
Posted on August 26, 2011 at 3:04pmTime to make Ron Paul our pres and get rid of this crock we call the feds/centralized banking system that is raping our nation of sound money and collapsing the dollar, we need Ron Paul, I believe he is the only one that has the will to get to the heart of the matter..we need him more now than ever if he does not get elected we all lose.
Report Post »IQofLegend
Posted on August 26, 2011 at 2:41pmAren’t we all so clever, sitting here sharing the spittle of our minds like a preacher to the choir?
Report Post »Get up and find the “clueless” who voted for Obama. Then let us ALL get busy explaining why THEIR lives are going down the toilet with the rest of us into a twisted, fundamentally transformed, scatological wasteland, once called America… While the “elite” dine on our last dime… THERE IS A REVOLUTION CALLING, BUT WHO WILL ANSWER…?
frontlinethebos
Posted on August 27, 2011 at 6:19amyou ask the Question, But you Dare not answer! why? Because you have been brainwashed by the Progressive movement, the Communist factions that Joe McCarthy fought against, you see it Looked terrible back then to call out the Communist traitors of the United States, But He was right, it was necessary…it is Hollywood, the teachers union, the mainstream Media who have caused Global unrest…George Soros is at the Helm, President Obama, who was offered a Grand Position in this scheme, but He will Be betrayed, Just as he betrayed His People, Obamanomics is not misguided, it is intentional, you must cause angst before you can get the folks to turn, Read your History Books…those you have been trained not to discuss directly, the Minority factions will be the Pawns Here, with promise of control and Domination, they too will be betrayed and tyranny will cover the Planet…
Report Post »mpthegreek
Posted on August 26, 2011 at 2:37pmTo those who called ben bernakie stupid: there is a reason perry called him treasonous this is by design. Intentional bankrupting and collapsing of the dollar to for a savior world currency which of course will require a world body to regulate it and of course a world military force to enforce those regulations aka slippery slope. And before you know it you have the nwo. This is a deliberate attack agsinst our country we cant be defeated by brute strength but only by subterfuge and by all means yes this is treason. The traitors are all among us the ones that refuse to stop this and make excuses for it.
The greek
Report Post »BillComstock45
Posted on August 26, 2011 at 2:32pmBernanke always “strikes the pose” of a deep thinker — a thoughtful frown, one hand on either his forehead or lower face, seemingly weighing every possibility in his mind..just too “cute”….
Report Post »bradedwards
Posted on August 26, 2011 at 2:14pmA new recession? A NEW one… seriously? Is the last recession over? I forgot to celebrate.
Report Post »TeaPartyPatriot
Posted on August 26, 2011 at 1:44pm“Fed’s Bernanke: No More Stimulus For You! ”
All it took was one fleeting comment from Rick Perry in slapping down bailout bernanke for his irresponsible, reckless, treasonous devaluation of the dollar in QE1 and QE2 (which Perry delivered WITHOUT having to read it from an idiot-box teleprompter), and Perry succeeded in doing more for Americans struggling under the failed policies of NO-PLAN OBOZO (by stopping QE3) than obozo has done his entire life – including his 2.5 years as the WORST PRESDIENT OF MODERN AMERICA.
Bravo, Perry !!!!
Report Post »LibertariansUnite
Posted on August 26, 2011 at 5:35pmI doubt Ben Bernanke is intimidated by Rick Perry. He has been called out and humiliated much more by Ron Paul.
Nice propaganda though!
Report Post »Micmac
Posted on August 26, 2011 at 12:52pmBernanke said he’s optimistic that the job market and the economy will return to full health in the long run.
————————————————-
Could he have said anything more stupid. He is clueless about what’s going on. Where are the REAL economists? Everytime I see this guy I also see the strings above his body. Not once have I seen this character say anything even close to intelligent.
NoBama 2012
Report Post »NC1
Posted on August 26, 2011 at 12:37pmI‘m not a big Ron Paul fan but when I read stuff like this and then hear Ron Paul say he’d abolish the fed or audit it I think I’d would vote for him if nominated. If not elected he needs to be a key player in cleaning up this train wreck.
Report Post »blowback
Posted on August 26, 2011 at 1:00pmThe U.S. needs to get out of the Jewish cartel’s central banking scheme. It is a Ponzi scheme that requires perpetual debt to keep it going, which is why they always want the U.S. to spend more than it takes in. They use ink and paper to print our money, then charge us interest on that paper when they call it money. They do nothing, and we perpetually pay them for doing nothing. It’s nuts.
Report Post »We should be writing our own money and doing our own negotiations and agreements. Not these private banks and bankers.
Americans should be investing in America, not these world banks who take our wealth and spread it around the globe in order to create more debtors.
And, if you doubt that it is Jewish, tell me why during my entire lifetime a Jew has been head of the Fed. Jews make up 1.7% of the population and 100% of the Fed Chairs for the last 40 years.
Cire75
Posted on August 26, 2011 at 2:41pmWhat about Paul Volcker? Liberal who helped destroy the convertability of gold and a liberal democrat but not a Jew.
Report Post »fastfacts
Posted on August 26, 2011 at 12:31pmGET RID OF BERNANKE… HE ISN’T DOING ANYTHING TO HELP THE U.S…
I don’t like Rick Perry for many of his liberal stances but he was right on getting rid of this guy. TREASON: http://www.americanparchment.com/video/2011/aug/perry_bernanke_texas.html
Report Post »Smokey_Bojangles
Posted on August 26, 2011 at 12:25pmPraise to Our Keynesian president!How’s that working for ya?
Report Post »frontlinethebos
Posted on August 27, 2011 at 6:45amthat statement has overused in the recent years, the Keynsian President whose numbers are currently in the tank, is not overly concerned about Losing the election as you may think…He has no intention of Giving up his status as Leader of the free world, there will be civil unrest caused by those who the President Pals around with, Richard Trumpka AFLCIO, Andy Stern SEIU, teachers union 1 million members, Van Jones the Green Czar stirring up the mobs as we speak, Hollywood (Robert Redford is making a film on the weather underground and Bill Ayers depicting them as the “True Patriots”) of course we can’t leave out Ayers who is Part of the Flotilla to Israel to start up further violence to Destroy Israel, Al Sharpton who already tried to incite a riot during the Beck rally But failed miserably…Does anyone Hear the words these nefarious Peope speak, but they Go unchecked, because you are trained not to address these people for fear of Being Labeled “Racist”…are you kidding, the Pieces are in place and America will fall as simple as France did to Germany, wake up and Look around…How long Before the Jews found out they were not in the showers, when it was too Late!
Report Post »Steve
Posted on August 26, 2011 at 12:24pmYeah we need more turtle crossings or airports that cost billions and serve 10 people. (sarcasm)
The stimulus has failed and yet progressives still do their song and dance on jobs saved and jobs created while the economy goes further in the tank and small business are finding it ever more difficult to maintain their current staff and profitability to remain open.
“How do you tell a communist? Well, it’s someone who reads Marx and Lenin. And how do you tell an anti-Communist? It’s someone who understands Marx and Lenin.”
Ronald Reagan
“I don’t believe in a government that protects us from ourselves.”
Ronald Reagan
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
Ronald Reagan
And my favorite.
“The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.”
Report Post »Ronald Reagan
iamanurse
Posted on August 26, 2011 at 7:59pmso far out of the guys I like Perry the best…If Cristy runs I will certainly vote for him…can we survive the next years of Obama?
Report Post »ares338
Posted on August 26, 2011 at 12:16pmHow about not taking any action? Anything government does is wrong.
Report Post »WithOutGodWePerishAsARepublic
Posted on August 26, 2011 at 11:47am” Let me be clear.. the economy is moving in the right direction… and this is Bush’s fault …did you not see the survey results blaming Bush for the economy (of course I had a little say in what the results should be.. just to make sure I am clear ..) That is why you need to give me four more years …I mean how am I supposed to completely change the U.S. fundamentally and play golf every week …!!”
Report Post »MiCurmudgeon
Posted on August 26, 2011 at 11:46amAt the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit
Report Post »gman4691
Posted on August 26, 2011 at 2:28pmWell said, sir.
Report Post »gman4691
Posted on August 26, 2011 at 2:29pmThat’s it in a nutshell
Report Post »progressiveslayer
Posted on August 26, 2011 at 3:17pmThat’s the definition of insanity and ole helicopter Ben will be printing more funny money real soon.
Report Post »I guess we can burn it for heat because that‘s the only value it’ll have.
notmeatglennbeckdotcom
Posted on August 26, 2011 at 11:44amHe didn’t do anything because all he knows how to do is lick his finger and stick it in the air. Absolute scholarly nincompoop!
Report Post »ofallon
Posted on August 26, 2011 at 11:40amThe Fed needs to back off and let nature take its course. Propping up and postponing the inevitable is ridiculous. Keynesian economics has been a disaster!
Report Post »InversionTheory
Posted on August 26, 2011 at 11:37amThe economy is a self-regulating system. Government planners trying to fine tune things always reminds me of giving a group of gorillas sledgehammers and asking them to fix your car.
Report Post »Cabo King
Posted on August 26, 2011 at 11:11amObamalet gonna give out more money OH BOY!!!!!!
Report Post »Snowleopard {gallery of cat folks}
Posted on August 26, 2011 at 11:30amIndeed QE 3, or whatever else they will call the matter such as:
“Oh NO were all doomed” stimulus.
Report Post »“The nation is okay…blub, blub…” stimulus.
“Oh, that was not suppose to happen” stimulus.
“Oh….guess I messed that one up…” stimulus.
Miguelito
Posted on August 26, 2011 at 11:40amStimulus is just to fund Obama campain! Give it to the unions and they give it to Obama!
Report Post »powhatan
Posted on August 26, 2011 at 11:09amHas anybody else noticed that everything the Fed touches, it makes worse?
Report Post »CatB
Posted on August 26, 2011 at 11:28amYes … yes I have!
TEA!
Report Post »biohazard23
Posted on August 26, 2011 at 11:01amSomebody should do something, just not us. Yawn…. A lot more talk about nothing.
Report Post »I.Gaspar
Posted on August 26, 2011 at 10:55amBernanke inspires as much confidence as obama when they speak.
Report Post »I suggest they both take a vow of silence.
Marylou7
Posted on August 26, 2011 at 10:59amIt isn‘t funny but it’s true.
Report Post »Snowleopard {gallery of cat folks}
Posted on August 26, 2011 at 11:28amHow long do you think that would honestly last with either of them?
Report Post »JRook
Posted on August 26, 2011 at 10:51amAnd you think the Fed Chairman would say anything at this point that would signal fiscal tightening or decrease confidence. No news here move on.
Report Post »NJTMATO
Posted on August 26, 2011 at 10:39amUGH! I didn’t watch the speech, but I read through the transcript. This is more drivvle for us to slop up! I am TIRED of saying “I can’t believe…….” because nothing surprises me anymore with these ba$t@rds. Personal responsible….corporate responsibility….governmental responsibility….get it straight before our country slips completely away.
Report Post »MODEL82A1
Posted on August 26, 2011 at 10:35amThis isn’t news. Everyone who follows financial markets has known that this would be Ben’s “big announcement” for weeks now.
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