Comments on: Fed Chief Warns Of Prolonged Economic Pain

Bernanke's Gloomy Forecast May Open Door Wider To Interest Rate Cut

[ubrew12]

claydowner said: "DEREGULATION OF MARKETS IS A FAILED IDEA. FEDERAL REGULATION IS THE PRICE WE HAVE TO PAY IN ORDER TO KEEP OUR FINANCIAL MARKETS FUNCTIONING."

The issue is also enforcement of regulations. Elliot Spitzer (to take one example) was ''famous'' for prosecuting Wall Street bankers for their shenanigans. He fell from power when the IRS got a tip that he was possibly making politically-motivated bribes (it turns out, they were payments to a prostitute: accomplished the same thing- getting Spitzer off the banks backs by destroying his reputation).

Who made the tip that the Bush justice department prosecuted by invading Spitzers privacy (to the point of tapping his phone calls)?

Why, his bank, of course...

[tibu987]

Yeah, right!

It is only a prolonged economic pain for the middle-class and the lower class.

The rich remain rich and their wealth will sustain them.

[claydowner]

These problems with the subprime mortgage meltdown and subsequent $700 billion run deep. Both parties share the blame but it must be remembered that ever since the Reagan administration the Republicans have been screaming "deregulate" all of these decades. These experiments at deregulating markets resulted in the Savings and Loan debacle and now the subprime mortgage meltdown. There have also been big corporate financial scandals like Enron, Tyco, and numerous others involving insider trading. DEREGULATION OF MARKETS IS A FAILED IDEA. FEDERAL REGULATION IS THE PRICE WE HAVE TO PAY IN ORDER TO KEEP OUR FINANCIAL MARKETS FUNCTIONING. The Republican notion of deregulation needs to be written off as a pack of failed ideas. DEREGULATION DOES NOT WORK IN A GLOBAL MARKET WITH HUGE MULTINATIONAL CORPORATIONS.

The American public also deserves lots of blame for $13 trillion in private consumer debt. We have been living beyond our means for at least the last three decades. $300K to $500K houses, SUV''s, and huge amounts of credit card debt can only be blamed by the American public looking at themselves in the mirror. There is going to be lots of pain for quite a long time to come before things bottom out.

[riddelup]

I thought the bailout was to prevent this. What did 700 billion get us. I never saw that coming they get free money and now they want more. Give them what they want and more. Why? We are dumb and gutless.

[lastdance127]

Wells Fargo Bank - REFUSED to get into : Sub-Prime Loans.
Wells Fargo Bank. - REFUSED - to give Loans for homes that were : Overpriced
Wells Fargo Bank REFUSED to give loans for : New construction Homes
That were Overpriced

The Actions and the Behavior of Wells Fargo Bank.
Gives clear evidence that : The Entire Banking Industry and
The FBI had a clear knowledge that Massive Bank Fraud and
Massive Bank Embezzlement Was Taking Place.

Out of an Act of Political Nepotism to :
The Bush NAZI Fascist Crime Regime

For eight (8) Long years. The Political Criminal FBI Refused to
ACKNOWLEDGE or to ACCEPT any Complaints ! !

(FBI Director Robert Mueller)
(Republican NAZI Fascist Bush Appointee)

People were Complaining - But ......
Don''t just blame the : Banking Industry for this Mess
Blame also the Organization : The Political Criminal FBI.
Who''s Job it is- and - Is Paid a Wage Package to :
Protect Banking Consumers

But ... Purposely and Intentionally
REFUSED ! ! __ To do just that ! !

The Political-Criminal FBI, SEC, Federal Reserve are Now
Claiming They were : Too Dumb and Stupid to Recognize that
Massive Bank Fraud and Massive Bank Embezzlement
Was Taking Place ! !

[enriquecaliente]

This is what trickle down economy is all about.
The guys at the top make all the money and let very little trickle down. Look at the numbers, if you don''t believe it. CEO''s and their senior management get all the bucks and the people doing the heavy lifting get a 2 - 3% increase.

http://graphics8.nytimes.com/images/2006/04/08/business/pay.graphic.jpg

[babooph]

Bin Ladin destroyed the bldgs-Bush the rest.Endless war, funded by Chinese debt,along with massive givaway to the rich-what an idiot.

[credibility2]

Those totally accustomed to quick fixes and immediacy will suffer ever more pain, since they are ill-equipped, especially emotionally and psychologically to live within their means (even if it dwindles), make do with what little they have and stop being materialistic and having to have everything and anything. Just the basics for once. Why, many may even need to stop using their credit cards and actually consider paying down the debt they never should have gotten involved in to begin with. They may even have to forgo buying obscene amounts of holidays gifts for their already over indulged kids. They may even have to cut back on their cell phone usage and texting. They may even have to quit smoking and going to MacDonalds. Oh heavens, how will these kids ever get by?

[eggy1620]

It is a known historical fact that rich people do not become obscenely rich by paying back their loans. Kiss that 700B goodbye.

[melpol1]

The recent release of government funds can only increase the ability to lend but those with a lack of confidence in the future will refuse to borrow. A media campaign might trick potential consumers into believing that things will soon get better resulting in a jump start for the economy. But The public has been frightened by reports of banks going under and a depression looming on the horizon. Ordinary people are now in a panic and are holding onto their money like a shipwrecked sailor holds onto a life raft. It is difficult to cure a person that has been tramutized by the fear of becoming homeless and then forced to stand in a soup line. The economy will remain depressed until consumers regain confidence through time or the help of a good psychiatrist

[oscarez]

Bush and McCain both have said why should we rich folks have to pay taxes when the US government can borrow all the money it needs. We will tax the middle class because they are poor and will never own anything anyway. The middle class should be grateful for what little bit we let trickle down. After all we could keep it all!!!!

[vsg4]

"Barack Obama laid out key principles for dealing with this situation. Obama''''s main point: Main Street must be put ahead of Wall Street, and no blank check for the Bush Administration. http://www.barackobama.com/issues/fiscal


Congress needs to hear from the public.

Posted by alphaa010 at 02:58 PM : Oct 07, 2008"

Well said alpaa010. I wrote to my senators and congress men already. Conservative right wing people here said it is Welfare and pork barrel for 18 billions and 5 billions for SCHIP. I really wonder what is this called. Just throwing all this on the next president, just so unfair. Bill Clinton gave the Prez. stable economy, middle east, 140 billions budget surplus, 5.7 trillions internal debt. This Prez. made that a 11.4 trillion internal debt, 400 billions budget deficit, started unjust unfair war in Iraq, did not fund veterans. Man no end in sight to any problem. Greatest president of USA.

[careerdrunk]

Wall Street threatened Bush with dumping the nation''s economy all the way into the krapper if he did not acquire the $700 billion bail-out for them. Even he could appreciate the gravity of that. To have the economy turn to dust during your last month in office would make a total apostate of him throughout all of future history, -- he was shaking in his stetson on this one, folks!

Now and for the rest of his life he''ll be wondering how the people (Wall St and other assorted rich b*stards) he idolized and revered as the cream of human evolution could have done this to him. They weren''t supposed to do this on his watch. The fact is that the boy never before realized whom (or really what) he was playing ball with. These reptiles (that Fuld piece-of-work looks like something out of a B-grade horror movie) care nothing about anyone who served as their guide through the jungles of government in order to avoid legal consequences of their past lawlessness in rank profiteering. And now Chumpie is finally (unless he''s still lying to himself about it) faced with this fact that big-money reptilian republicans will do anything (and anyone) for a buck. Couldn''t happen to a more deserving clown.

During his second campaign for re-election he even announced to a crowd of this scum that "you are my [his] base"! Looks like the "base" got up and moved completely to another location without telling him just before he crash-landed!

[scorpio59er]

''Fed Chief Warns Of Prolonged Economic Pain''

That is, for all you LITTLE people out there.

The banksters will do just fine, thanks to the $700bn they just shook us down for.

[oscarez]

Maybe with a little luck China and the oil rich middle east will lose a couple trillion dollars in the crash.

[jntlw-2009]

This is the Bush cabal implementing their version of the economic "shock doctrine" to take over the world not just economically but judicially and control as much of the energy as possible. It is an Ayn Ryn novel on steroids. It is no surprise to those of us who could see what has been happening for the past 7 years under Bush/Cheney. Lawlessness to an extreme, redefining the presidencey and VP in unheard of imperialist ways, fiscal unaccountibity and irrational wreckless spending thus totally irrespnsible, premptive wars to dominate oil, deception at every move, now a pre-orchestrated financial meltdown on a global scale to usher in the mark of the beast with us paying for it no less and his cronies in charge of it every step of the way. How dumb can we get?

[antoniof123]

Fed Chief Warns Of Prolonged Economic Pain
Bernanke''s Gloomy Forecast May Open Door Wider To Interest Rate Cut

My God this man is brillant give him a cookie.

[petro49l]

OPEC bribed Bernanke to bankrupt America. He supports high oil prices and the current financial crisis. Saudi Banks have reaped the profits of political corruption.

[renonv5]

Well here is yet another crackerjack telling us that things are quite a mess. Thank goodness they tell us these things, otherwise how would we know?? And look at that, he''s considering lowering the interest rate!!! What an absolute genius!

[noloyalisti]

I still can''t believe we threw 850 billion dollars to assist a bunch of rich fascists. This was like throwing a thimble of water in the ocean and expecting it to help. All they did was take more of our money we could have used to fix the fascist government system.

This country is doomed when we allow these criminals to continue to steal our money. We know whose side the government is on, the fascist corporate side.