Bernanke says U.S. economy on cusp of recovery

Federal Reserve Chairman Ben Bernanke declared today that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.

[WiseGuy]

Where are all the tightie-rightie Topix pundettes? Hard to bring yourselves to contradict a Republican appointee? roflmao

[Brodie from Shakopee]

When are people going to start questioning Fed Reserve morons. I am so sick of their "we know better" attitude....uhg :( In college, I remember econ professors talking poetically about fiat money and how it doesn't matter if money is backed by gold. Also, I remember how they talked about all the tools available to the Fed to adjust the money supply and guide th economy. Oh lord!

If anyone believes these people know what they are doing, then you have to believe they planned this recession!

I now believe we need the gold standard back. At least I know we haven't been able to "print" more gold.

[Dr Frank Lippenheimer]

"the economy is on the verge of growing again"

On the verge.

Or not.

We'll see.

WHAT would we do without economic soothsayers?

So will Ben take a cut in pay if he's wrong?

[Dr Frank Lippenheimer]

WiseGuy wrote:

Where are all the tightie-rightie Topix pundettes? Hard to bring yourselves to contradict a Republican appointee? roflmao

What? The guy's an idiot. But Barry's fine with him. Feel better?

[steve9001]

He has a 50 50 chance. How is Bernanke going to come out and say, "I forsee the demise of the entire worldwide financial market." It's his job to say it's getting better.

[Al McInally]

When the stock market turns down we'll see how well Bernanke understands economics. That's not too far off.

I hope for the news to somehow get motivation to provide some deeper insight into economics for Americans, possibly some reviews of Von Mises economics concepts or presentations by Robert Prechter and some detailed study of Keynes. How about some charts showing growth history or loan history and M2 history over the last year or two on a monthly basis with some presentation of what this implies. The fact is that although the Fed is attempting to pump money into the economy it isn't happening. Loans are continuing to decline and banks aren't lending and people and companies aren't borrowing. Actually its rather interesting how society realizes that they should be saving and are accomplishing this. This is regardless of political efforts to spur greater debt by economic "gurus" like Bernanke. Defaults on loans are continuing to increase despite the supposed "recovery". Is there any chance that some news agency will provide some actual insight into this credit collapse/debt collapse. It amazing how long or how far we must go before some news entity will actually study enough to understand and display what is going on.

We had and are still in a debt collapse and certainly it doesn't make sense to correct a debt collapse (default/bankruptcies) with more debt. The government's rescue plan has each american family in debt to near 200,000 each at this point according to the government's own figures. The government's own bank study shows 419 smaller banks on the verge of bankruptcy at this point. Defaults on loans are continuing to increase.

Certainly there must be some point at which politicians must admit they have taken us too far into debt. How about a simple calculation as to whether or not we can pay back the debt they are promoting (or have produced)? Must we really rescue all the pathetic bank leadership and put this lack of insight onto the back of taxpayers? Then pay them bonuses to retain their idiocy and attempts to rip off the rest of society through CDOs and such.

These things aren't that difficult to understand. Why is this facade continuing? I guess it will take till Wall Street wipes out 75% of American wealth before the news will actually do some decent work on the true economic picture.

[Bob the Bilderberg]

I bought a new truck last saturday. As we drove onto the lot of the large Chevy dealership and got out of our car, three salesmen approached from all sides.

It was Saturday afternoon. I was there for over an hour to buy the truck. No other customer came while I was there.