DISQUS

AMERICAblog: Bernake uses the R-word: "A recession is possible"

  • Nigel Elliott · 1 year ago
    The Fed won't label the contracting economy a "recession" until a Democrat is president.

    In other news, private citizens are filing federal complaints that McCain is not eligible to be president because he is a "naturalised" not natural-born citizen.
    http://www.boston.com/news/local/new_hampshire/...
  • firebrand · 1 year ago
    To your point Nigel

    News of the New Depression is slowly being beginning to spread
    http://www.smirkingchimp.com/thread/13821
  • EdSikov · 1 year ago
    As my MBA partner points out, they won't call it a recession untii it's half over. For what it's worth.
  • tofubo · 1 year ago
    Bernake uses the R-word: "A recession is possible"

    no, it should read

    Amerlicans use the I-word: "An impeachment is necessary"
  • OlderAndWiser · 1 year ago
    Watched it earlier...the questions were good, and I thought Bernanke looked trapped...doesn't want to appear inhumane to those who were cheated by the financials, but really wants to prop up capital and ensure liquidity for the financials instead of making them pay the piper.

    Maurice Hinchey said what I've said for a while, that we're already in one, and have been for some time.
  • tlsintx · 1 year ago
    well duh, bernanke.
    if he weren't such a bushco flunkie, i'd feel sorry for the guy.
  • jr · 1 year ago
    "you let us on your bus so it's okay if we live in tent cities when you're president"-cable news reporters to Mccombover
  • ShirleyGoodnessanMercy · 1 year ago
    Do the name of RUMPELSTILKIN ring a bell? How long has Bernanke been asleep?
  • Dave of the Jungle · 1 year ago
    Welcome to the George W Bush Memorial Recession of 2008
  • OlderAndWiser · 1 year ago
    Driving through the west side of Charlotte, NC, I saw new neighborhoods spring up in a month's time. Cheap construction, vinyl siding, concrete slabs--little 1000 sq. ft. homes for first time buyers whose income and credit reports weren't even looked at. Showed one such neighborhood which looked like a ghost town, 50% foreclosed on and it's only 5 years old. $108,000 houses sellling at auction for half that, and purchased by rental companies who will let them deteriorate further. Of course, these owners are the people whose jobs prospects are the worst they've ever been in the Charlotte area.
  • Brad · 1 year ago
    Gee Mr. Bernanke thinks we "could" go into recession. Whatever. We are IN a recession. Heckuva job Bernie!
  • FunMe · 1 year ago
    Sounds like the bush crime administration needs to take a 10-step kinda of program.

    Step 1 ... admitting they are powerless over the fact that there is a recession - that their jobs had become unmanageable.
  • bullitt · 1 year ago
    Don't worry about recession............whatreallyhappened.com is saying that IRAN will be hit on April 6th at 4AM. Who worries about recession if a war is on...................stock up on toliet paper folks!
  • theWalrus · 1 year ago
    In light of what's come out about today (thank you ACLU) about our govmint sanctioning torture, I no longer feel the need for impeachment proceedings. As some have said, there's just not a lot of time left for that.

    We must begin full-scale war crimes tribunals against Bush, Cheney, Perle, Wolfowitz, Yoo, Feith, Addington, Rumsfeld, John Rizzo, Jim Haynes, Alberto Gonzales, and any number of lawyers, assistants, lackeys, Generals and other assorted underlings. These should be open to the public and televised. It will be the only way we can hope to restore some confidence that this country has not gone "postal".
  • bullitt · 1 year ago
    We won't see impeachment or war crime trials when we are at war and people are trying to find food and gasoline. War is Bush's answer to halt any domestic threats.
  • Chris From Maine · 1 year ago
    recession? hell.. depression more like it.
  • ShirleyGoodnessanMercy · 1 year ago
    Anyone who, like me, is a bit clueless about the situation in Tibet now, may find the info at the www.killinghope.org web site to be useful in understanding the bigger picture: http://members.aol.com/bblum6/aer56.htm
    It's be William Blum, whose writings are always amazingly full of unknown details.
  • bullitt · 1 year ago
    These people are so detached from reality that they haven't a clue! At a local Macy's Department store my wife and I purchased a couch last Friday. The department manager told me that it was the first sale he had had all week. He called me on Saturday thanking me for my purchase and saving his job.
    Thanks George Bush, Dick Cheney, and the rest of your fucking criminal friends!
  • Mrs. Peel · 1 year ago
    "A recession is possible,"

    Brilliant logic. I suppose when you've been underwater for half an hour, they'd make a statement that "drowning was possible."

    Such a keen grasp of the obvious. They're obviously worth every penny of their bloated salaries.
  • ShirleyGoodnessanMercy · 1 year ago
    Bullitt,
    I just bought a chair at the Macy's near me a couple of weeks ago, too, and the whole time I was there there were no other customers in the department at all. The poor salesman seemed so overjoyed to see a customer I felt sorry for him!
  • Sarah B. · 1 year ago
    Shirley

    For what it’s worth, I had a similar experience on Monday when in mid-afternoon I popped into Nordstrom’s flagship store to pay a bill and hit the Kiehl’s counter – and there is only one word for what I encountered on every floor:

    *Crickets*

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • Sarah B. · 1 year ago
    Bernake uses the R-word: "A recession is possible"

    “Possible” – really? On which planet does that motherfucker reside? Oh, that's right, the Fed Planet!

    WOW -- Ben Bernanke tippy-toes around the “R” word -- what a profile in courage in the wake of the Fed-orchestrated Bear Stearns bailout on the backs American taxpayers! And given the fact that the rich don’t pay taxes, guess who is being asked to bend over? The” little people” -- who else? So, what, exactly, do the taxpayers get in return for their unprecedented generosity?

    They get to engage in a Sing-Along!

    Piggies
    http://www.youtube.com/watch?v=LC7Q0dv_SOg&feat...

    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their styes with all their backing
    They don't care what goes on around
    In their eyes there's something lacking
    What they need's a damn good whacking.

    Everywhere there's lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.

    ~~George Harrison
    The Beatles, “The White Album” (1968).
    :)
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • KatherineHepburnEyes · 1 year ago
    They're just putting band-aids on the economy/market to keep it together until a Democrat becomes president.
  • Joshau Norton · 1 year ago
    "And John McCain doesn't know anything about the economy"

    McCain is running essentially on the slogan, "Vote for McCain--At Least He's White--Oh, and he remembers Pearl Harbor".

    There are a lot of wingers in this country who would be much more comfortable living under a strong-arm military dictatorship than an actual democracy with constitutional rights. McCain is going full-bore for their vote.

    All this and World War II. Says "winner" to me.

    /snark.
  • Andrew · 1 year ago
    Seriously can not believe what I just heard…....came from Ben Bernanke's mouth. He is supposed to be the chief banking industry regulator, watchdog and controller of capital. One of the Senators started grilling him about the details of the Bear/JPM deal, which we now find out is ultimately back-stopped with tax-payer money. Bernanke had to admit that he knew very little of the details about how the deal was structured, priced, how the collateral was evaluated and what kind of compensation was being given to Blackrock as advisor on the collateral evaluation. By his own admission, this deal was negotiated and structured compeletly out of his purview and supervision in New York between NY Fed head Tim Geithner and Paulson and the related parties in which they are taking billions of taxpayer money to their private bank accounts. It is absolutely inexcusable that Bernanke was not involved in this historic, precedent-setting deal which essentially takes over 30 billion in worth less assets and shifts them from the balance sheet of some corrupt Wall Street firms who have made billions on the backs of middle class taxpayers of this country. This has got to be one of the most pathetic weeks in the history of this country and I'm sad to say I no longer feel any connection to this country as a law-abiding citzen. Here's the question I would have posed to Bernanke: "So, it sounds like you were completely uninvolved in this landmark transaction, you have no idea what the assets involved are worth, and you were no where near the negotiations. What where you doing? Smoking pot and playing bridge with Jim Cayne CEO of Bear Sterns while the rats in New York just robbed the citizens of the this country blind? What is it exactly..... do you believe to be your job as Chairman of the Fed? Because right now you are worthless, and other than seeing tax payer dollars going down a rat hole in Iraq, you've just allowed another 30 billion of our money to be used to bail out a brokerage firm. Not a bank, but a brokerage firm!
  • angryspittle · 1 year ago
    Oh come on. Admit it. The great depression has already started and these fucking fools just won't acknowledge it.
  • Sarah B. · 1 year ago
    And one more thing:

    Kudos to Paul Krugman for having the genuine courage to raise the spectre of the “D” word-- Depression! -- in his latest column:

    The Dilbert Strategy

    http://www.nytimes.com/2008/03/31/opinion/31kru...

    If we don’t reform the system this time, the next crisis could well be even bigger. And I, for one, really don’t want to live through a replay of the 1930s.

    Exactly. Now, that is a truly courageous statement.
    :)
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • KatherineHepburnEyes · 1 year ago
    Nice rant, Andrew! You are so right. We've got an Administration who is working outside the realm of our nation and principles. They're working for themselves. It's even more scarier to think the Fed will be completely controlling the economy without Congressional oversight or intervention.
  • Sarah B. · 1 year ago
    Up…up…and away….

    The really big blades on Helicopter Ben’s giant flying machine – he drops Monopoly money on the banks from the skies! – really do manage to stir up a lot of hot air. Wheeeeeeeeeeee!!!! Catch the downdraft!

    And the bankers and the brokers get to write-off their losses, too! Don't you wish that you could do that?

    But, not to worry -- the “little people” will soon get their “stimulus package”…uh, “rebates” soon – so all will be well.

    Let the shopping begin!

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • aquarius2 · 1 year ago
    Ha! I am cashing my "stimulus package" and putting it in the cookie jar for a rainy day OR maybe to fill my gas tank in June or July, I suspect it will be about two tanks worth of petrol.
  • LeslieB · 1 year ago
    Well Faux News says that talk of a recession is a Democratic myth. If they say so, it must be true...no matter how many experts say otherwise.
  • tlsintx · 1 year ago
    totally LeslieB-

    you'd think Faux viewers would begin to realize they're operating in a bizarre parallel universe. but it never seems to happen.
    pitiful.
  • Sarah B. · 1 year ago
    Hey, there, a-2

    You will be very lucky to squeeze out one or two tanks of petrol by June or July, when the likelihood is that you may be looking at somewhere between one-half and a full tank of petrol – and even less, if you use diesel.

    Alas, I do use diesel or a biodiesel/diesel mixture in my VW Jetta TDI, and it's $4.14 per gallon while still continuing to rise with no end in sight!

    I'm not sure that the "stimulus package" will do much for you if and when that rainy day presents itself, but you just might be able to afford a cheap umbrella.
    :)
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • LeslieB · 1 year ago
    Aquarius2,
    I don't have a car in NYC. But I may use my "stimulus package" to pay forward for winter heating, before oil prices rise to $200 a barrel.

    --------------------

    tslintx,
    The Faux universe is getting squeezed by reality, though. Because, as the propaganda arm of the GOP, what'll happen to them when [fingers crossed] the Democrats take over both houses of Congress and the White House? Whoops.
  • aquarius2 · 1 year ago
    Sarah B.

    LMAO you are probably right about being able to afford a cheap umbrella!!!
  • constantcomment · 1 year ago
    let's see if i have this right. deficit spending by the conservative congress=tax on the future. weak dollars=tax on present. but no new taxes says bushdick,. he says his tax cuts are working. hmmmmmmm must be someone is getting a nice handout. Oh that's right, silly me, i forgot, conservative means narrow-minded.
  • Hangtown Danile · 1 year ago
    Alas, I do use diesel or a biodiesel/diesel mixture in my VW Jetta TDI, and it's $4.14 per gallon while still continuing to rise with no end in sight!

    This is a part of why I am a bikeahollick!
  • Sarah B. · 1 year ago
    Danile

    Actually, I ride my bike, walk, and take the bus a lot -- I only use my Jetta when I have to go to the farmers' market or the garden center or some place where I'm going to need to load up the trunk with stuff. Otherwise, that car stays in the garage.

    I will say this -- when I do have to drive, I get more miles per gallon in my Jetta TDI using diesel or biodiesel or a mixture than most people get with gasoline. Plus, I have a stick shift and that can be more economical, too.
    :)
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • Hangtown Danile · 1 year ago
    If the gas price keeps going up I will save the money needed to buy a neat new carbon fiber badassed ride.
    There is a silver lining if you know were to look!
  • Hangtown Danile · 1 year ago
    Actually, I ride my bike, walk

    Take good care of your body. You can't trade it in when it starts to go out on you.
    :>)
  • MarxMarvelous · 1 year ago
    I'm sure my profile will take a hit for this... but it should be noted that a certain presidential candidate smacked down Bernake. http://www.youtube.com/watch?v=Jbi-0Tg1b_g
    and who the heck is the guy on crack behind Dr. Paul?
  • Hangtown Danile · 1 year ago
    "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."
  • rhufnek · 1 year ago
    hey MarxMarv, dont you know you cant mention Dr Paul without calling him a "nut"?? even though he is 100% against the war from day 1, speaking against the Feds who created this mess for years, 100% for the complete protection of the Constitution, against the Patriot Act, against spying on US Citizens, against the stripping of civil liberties? in the world of AB, he's still a"nut".
  • MFA · 1 year ago
    "A recession is possible." Oh yeah, and the cat is on the roof.