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View Diary: Why what Ben Bernanke said yesterday should make you angry (102 comments)

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  •  Catch What else he said? (4+ / 0-)
    Recommended by:
    skyounkin, Sean Robertson, caul, chuckvw

    From Yahoo

    "What I'm saying is that, in ways that are up to Congress, steps should be taken to mitigate that overall impact. And what combination of tax reductions and spending increases [to enact], that's really up to you," Bernanke said. "But I urge Congress to come to agreement on that well in advance so as not to push us to the 12th hour. But again, I think that trying to put our fiscal situation on a sustainable basis is perhaps one of the most important things that Congress can be working on."
    The single biggest item making up the fiscal cliff, Bernanke said, is the potential expiration of the so-called Bush tax cuts. If everything else were held constant, he said, the expirations alone would have adverse effects on spending and growth in the economy that would be significant.
    Think Permanent Tax Cuts, And Spending cuts, But not sequester, Think Medicare/Medicaid/Food Stamps..


    •  He should be Merkel's finance minister. (6+ / 0-)

      How idiotic that he's decrying the effects of the EU disaster on our economy, while in the next breath encouraging the US Congress to do what the EU did that has them standing on the cliff.

      We, are standing on the same cliff, Ben, and it's the cliff of deflation.  It looks to be to be foreordained.  Ben is Obama's guy, and Geithner is on the same page.  The paltry stimulus the Dems passed before the GOP grabbed the house was weighted stupidly to tax cuts and only danced around the edges of major infrastructure projects, while completely ignoring the buttressing of local govts as their funds evaporated (thus the crippling loss of public sector jobs that has neutered the much ballyhooed gain in private sector jobs, which has resulted in 8+ unemployment rates).

      Time to cash in the stocks.

      "Well, yeah, the Constitution is worth it if you succeed." - Nancy Pelosi // Question: "succeed" at what?

      by nailbender on Fri Jun 08, 2012 at 09:29:55 AM PDT

      [ Parent ]

    •  Arguing for extending all Bush tax cuts? (9+ / 0-)

      That's a fail right there.  Hike taxes on the rich and redistribute it to actual small local business and state and local governments that create real jobs.  I'm tired of hearing about teacher and police/fire layoffs while the corporations and the wealthy keep hoarding cash.  Fuck them, it's time to fix this crap with or without them.  And the next Republican that talks about austerity needs to have it shoved right back up his @$$ where it came from.

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