"Bernanke: Crisis is most serious since World War II
Posted: 12:27 PM ET
WASHINGTON (CNNMoney.com) ï¿½?? 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 administrationï¿½??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.
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.