From Worse To Worser

Bernanke Says Economic Outlook Is Worse
Fed Chairman Bernanke Says Nation’s Business Prospects Have Deteriorated

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke told Congress Thursday that the country’s economic outlook has deteriorated and signaled that the central bank is ready to keep on lowering a key interest rate — as needed — to shore things up.

In remarks to the Senate Banking Committee, Bernanke said the one-two punch of the housing and credit crises has greatly strained the economy. Hiring has slowed and people are likely to tighten their belts further, as they are pinched by high energy prices and watch the value of their single biggest asset — their homes — weaken, he warned.

Emphasis added by me. See post one and post two for why.

I have no confidence in this guy. Every time he opens his mouth, all I see is more room for him to stick another foot in. Greenspan was maddeningly elusive, but he understood the language that was needed to keep everything on a even keel. When Bernanke speaks, everything translates to, “I don’t know what to do!!!”

I can’t believe I’m the Fed! You fools!

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