After ignoring and downplaying the inflating credit bubble for much of his first two years in office, this week Fed Chairman Ben Bernanke emphasized, in testimony before the Senate Banking Committee, that no economic recovery would occur unless the financial system was restored. He was quite correct in his belated diagnosis. His prescriptions, on the other hand, are much more dubious. FULL ARTICLE
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9 comments ↓
But, but, but……..the government is going to help us! Aren’t they??
All that the government is going to do is make things worse. far, far worse.
I find it interesting…. let’s look at the economy like the human body: Sometimes we have to put a live virus (flu vaccine) into it to get it to build an immunity. The economy is now infected. Let the fever run, it’s too late for the vaccine, it’ll just make things worse.
Lydia – great analogy! And going even further, the vaccine they’re offering us is more like a virus, an out of control one too.
Hope to see your comments around this blog more in the near future!
Yes Lydia. A very good analogy. And Dave is right on too. All recessions are supposedly the “ill” economy running its course, but I don’t think this one is akin to the common cold.
This one needs very strong medicine, an aspirin or two wont do it.
The medicine, in my opinion, is just dealing with what’s coming, because we allowed it to happen. Doing more of the same is only going to put off the pain for later, and make it a lot, lot worse.
I just don’t see how the government can make me pay for someone else’s house that was foreclosed on when they shouldn’t have bought a house in the first place. Does this mean President Obama is going to get rid of my debt since I am having difficulty paying my bills? I don’t like that I had to cut shoes and my Friday night beers out of my budget. Oh, wait! Maybe I need to stop making my payments and let it go into collections. Then they’ll take care of it! Why are we rewarding irresponsibility? I apologize, but I don’t remember voting, or even asking my representative to vote on that…..
Your are right Lydia. I don’t owe any money on my home. But I am being told I have to help save the Mortgage Industry and yes those who made bad loans.
However, I do have to say that the “loans that they shouldn’t have signed for” is a very small percent of the people unable to pay for their loans.
Over 90% of the people in trouble with their mortgage got that way by losing their job. Or by being overcome by Medical costs.
Shady dealings by lenders and credit institutions are the main culprit. Unfortunately that is who we gave the Bailout funds to.
The rewarding irresponsibility is an excuse dreamed up by Rush Limbaugh to divert attention away from the deregulation moves made by the Republicans, and there were also Democrats involved.
These two scumbag Political Parties want you and me to fuss at another segment of the victims while the real crooks sneak off into the night.
Buying a home has responsibility. It requires some foresight, it requires frugality, and it requires good financial management. Over the last couple of decades, most of America did none of that. they ran up more debt than any society in history – they bought overpriced homes, overpriced cars, overpriced tvs, and a bunch of junk they didn’t really need.
Now a lot of people can’t afford to pay for all that. You know what that’s called? Learning.
I didn’t do any of that nonsense, and it appears that other commenters here didn’t either. So why should we shoulder the burden of the people who did? That’s theft.
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