Wish people had a better understanding of what has occurred but due to media manipulation....TRUTH is hard to come by nowadays. Bottom line is....our economic system was a huge ponzi scheme which was 'reset' in Sept. '08 (under Bush) to it's more correct values which plummeted the stock values (creating high unemployment), and lowered property values to more accurate figures....all resulting from the IMF/WBO's desire/plan to audit U.S. books (government, treasury and banks) during the Bush administration....which Bush held off until the end of his term (his last fiscal year ended Sept. 30, 2008). Two weeks prior...THE ECONOMY HAS COLLAPSED....WE NEED BAILOUTS....or banks won't lend (remember that lie ? Still NO LOANS !). Truth was they needed cash infusions to cover the fake numbers (assets) stated through the ponzi scheme created through "leveraging" (acting like they had 30 to 40 times more than they actually had). All of these tactics/strategies were in attempt to maintain U.S.'s AAA credit rating. And despite all the tricks, China just reduced our credit rating 1 week ago...MORE news NEVER reported in the media.
p.s. Demand can not increase until jobs increase...jobs can not increase until demand increases...so the only solution is a new " New Deal " to include a combination of strategic spending and a National Works Program. But since the corporate media/GOP have beat the no spending drum so loudly (exact opposite of what's needed)...these MUCH needed spending programs which could help solve our problems will NEVER be initiated...instead...we'll just see further and further collapse, particularly at state/local levels. Sure wish Dems had VOTED !
Bernanke: Congress Must Provide
More Stimulus Money
Federal Reserve Chairman Ben Bernanke has sought to defuse criticism of the Fed's $600 billion bond-purchase plan by arguing that it's needed to boost the economy and reduce unemployment. But he warned that the Fed's program can't succeed on its own.
In his first speech since the Fed announced the program Nov. 3, Bernanke on Friday made his most forceful case to date that Congress also must provide more stimulus aid.
Without more stimulus, high unemployment could persist for years, he said. But in making that argument, Bernanke risks heightening complaints that he's plunging the Fed into partisan politics.
He also said the global economy could falter if struggling countries abroad don't receive sufficient support.
Bernanke made the remarks in a speech to a banking conference in Frankfurt, Germany.
The Fed's Treasury bond-buying program is intended to invigorate the economy in part by lowering interest rates, lifting stock prices and encouraging more spending. Lower interest rates on loans would prompt companies to borrow and expand.
And higher stock prices would boost the wealth and confidence of individuals and businesses, Bernanke has suggested. The additional spending would lift incomes, profits and growth.
But the Fed's program has triggered a barrage of criticism both within the United States and abroad.
Critics at home, including Republican leaders in Congress and some Fed officials, say they doubt the program will help the economy. They also worry it could do harm — unleashing inflation and leading to speculative buying on Wall Street.
(read rest of article)
The GOP Plan of 'just cuts' will
DESTROY AMERICA !
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