T Nation

Bernanke Testifies Before Congress

Anyone else watching this? It is utterly ridiculous. It seems to me that all these idiots in Congress care about is grandstanding and face time. I mean, what don’t they understand about this plan? They keep asking the same questions over and over again.

You get the feeling that all they want to do is look and talk tough and feign concern for their “constituents” and the American people.

[quote]skaz05 wrote:
Anyone else watching this? It is utterly ridiculous. It seems to me that all these idiots in Congress care about is grandstanding and face time. I mean, what don’t they understand about this plan? They keep asking the same questions over and over again.

You get the feeling that all they want to do is look and talk tough and feign concern for their “constituents” and the American people.[/quote]

You hit the nail on the head.

Isn’t this like the 10th time hes done this in the last few months?

It didn’t get anything done last time and it sure as hell wont get anything done this time.

"Bernanke: Crisis is most serious since World War II
Posted: 12:27 PM ET
WASHINGTON (CNNMoney.com) �?? Federal Reserve chief Ben Bernanke warned Wednesday that the current Wall Street crisis is the worst the country has faced since the end of World War II and urged Congress to take action on a proposed bailout package.

Bernanke, testifying before the Joint Economic Committee, repeated his calls for Congress to act on the Bush administration�??s proposal to give the Treasury Department authority to buy as much as $700 billion in mortgage-backed securities to address the serious problems afflicting the credit and financial markets.

He said the nation is facing its most serious financial and economic crisis since the end of World War II.

[quote]Headhunter wrote:
"Bernanke: Crisis is most serious since World War II
Posted: 12:27 PM ET
WASHINGTON (CNNMoney.com) �?? Federal Reserve chief Ben Bernanke warned Wednesday that the current Wall Street crisis is the worst the country has faced since the end of World War II and urged Congress to take action on a proposed bailout package.

Bernanke, testifying before the Joint Economic Committee, repeated his calls for Congress to act on the Bush administration�??s proposal to give the Treasury Department authority to buy as much as $700 billion in mortgage-backed securities to address the serious problems afflicting the credit and financial markets.

He said the nation is facing its most serious financial and economic crisis since the end of World War II.

[/quote]

let it happen. Maybe this is the shake-up this country needs. No more easy credit, buy what you can actually afford. Can you imagine investment capital being directed towards businesses that actually produce something?

I bet if things get really bad, people will start to take notice of gas prices, food prices, damages of black market labor, property tax and local gov’t waste, state gov’t waste, and federal gov’t waste. …Either that or tax the “rich” more and put everyone on the dole.

My main concern is that the prosperity since WWII has been financed by consumer credit. Most people have car loans, mortgages, student loans, you name it. Most have no savings as well.

It then follows that they can’t take on any more credit and all their loans go south if they lose their jobs.

The only way out I see is for government to take over all lending institutions and declare a nation wide jubilee on debt and start the whole thing over again.

Or just declare a worldwide fascist state, where the government helps corporations but doesn’t take them over outright…uh,oh…

[quote]Headhunter wrote:
My main concern is that the prosperity since WWII has been financed by consumer credit. Most people have car loans, mortgages, student loans, you name it. Most have no savings as well.

It then follows that they can’t take on any more credit and all their loans go south if they lose their jobs.

The only way out I see is for government to take over all lending institutions and declare a nation wide jubilee on debt and start the whole thing over again.

Or just declare a worldwide fascist state, where the government helps corporations but doesn’t take them over outright…uh,oh…[/quote]

So basically, what you’re say is:

Choose your savior! The lovable Stalin or the ever famous Hitler?!?!?

[quote]Headhunter wrote:
The only way out I see is for government to take over all lending institutions and declare a nation wide jubilee on debt and start the whole thing over again.
[/quote]

How about if you can’t pay your debt file bankruptcy? Doesn’t that do the same thing?