Like a well oiled machine... Obama demands the money and Bernake falls right in line.

"Last week Bernanke said Congress should take further action to combat unemployment, calling it a “national crisis.”

Get ready for the Obama rhetoric and fear-mongering to kick into high-gear now that he has someone else to "validate" his demands.

I wonder if Buffet will announce that we need more "stimulus" too?

What a bunch of crooks.

Congressman Wright Patman was Chairman of the House of Representatives Committee on
Banking and Currency for 40 years.

For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913. Congressman Henry Gonzales, Chairman of a banking committee, introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year.

It's always defeated, the media remains silent, and the public never learns the truth. The same bankers who own the FED control the media and give huge political contributions to sympathetic members of Congress.

THE FED FEARS THE POPULATION WILL BECOME AWARE OF THIS FRAUD AND DEMAND CHANGE.
We, the People, are at fault for being passive and allowing this to continue.
the printing of our money, and our debt .

"The Federal Reserve Act should be repealed and the Federal Reserve banks,
having violated their charters, should be liquidated immediately.
FAITHLESS GOVERNMENT OFFICERS WHO HAVE VIOLATED THEIR OATHS SHOULD BE IMPEACHED AND BROUGHT TO TRIAL", Rep. Louis T.McFadden

I personally find it disgusting that the Obama Administration has done NOTHING to punish or control the treasonous bankers, wall street criminals, and "Fed" board who brought on the crash of our economy in 2008.

These criminals were instead rewarded with borrowed money from the tax paying public.

Obama has kept the same wall street RATS that infested the Bush "administration" in the white house to continue robbing the public. Time to dump Obama.

I guess stupidity is infecting everyone here. Bernanke is apparently the only one who reads history in America. The Right would have us believe that repeating the mistakes of the world of the 1930s will work out differently this time. Yeah, let's cut spending, focus on the deficit, and ignore the need for special job projects. Works every time . . . if you want a deep depression. Fools. Time for people with an actual understanding of the issues to ignore the right wing idiocy. That includes thoughtful Republicans who love America more than the Tea Bigots, Norquist and others who know nothing but their own propaganda.

. . . and the treasonous bankers and their allies in the Republican Party? They will never allow the required regulations. Get a clue. Voting in Republicans and Tea Bigots has only empowered a right wing Supreme Court who have created USA,inc. You really want more of that?

You guys are sooooo far off it isn't funny.

The stimulus worked, look at the 3rd chart. It got the GDP growing and started to bring jobs back.

Bernanke is right, drastic cuts in spending will bring back recession. What didn't you guys learn from the depression. FDR had the recovery going until the Republicans insisted on budget cuts and we were in depression for 10 years.

http://www.nationofchange.org/three-charts-email-your-right-wing-brother-law-1314715523

It’s kind of amazing that they still insist there’s a recovery in progress. There has never been any recovery and this is demonstrated every day via various reports and statistics. Look for them to continue to insist there’s a recovery going on, especially when the unemployment rate takes the usual dip due to temporary holiday hiring.

As always, Obama and his cronies will continue their pattern of blaming others for their failures because they have nothing else.

Even though I can agree with Close the Fed over the case of closing the fed (which is a privaltly run banking cartel - not a federal institution) I wonder why he / she feels its compeletely Obama's fault. The Fed reserve has been around since 1913 and there have been many presidents and congresses since that time. The culprit is ourselves for putting up with it. 10% of the population owns over 80% of the wealth in this country (1% of people own nearly half of the wealth). That is why 47% of people don't pay federal income taxes - they don't have any money!!!! They pay a rich person tax by working minimum wage paying jobs - that only serve to make the rich richer. They are fleeced by high interest rates and payday loan companies, credit card companies, banks, etc., etc.

Why the GOP opposes a consumer protection agency and one of their own's idea of a fed reserve audit is beyond me. Business as usual? Not for much longer. The giant is waking up.

With a man Bernanke) who has served fithfully,many administrations, in many financial capacities, right on time...the tee-baggers and disciples vote with their ideology and trash the messenger with all their key words.

Please take note! The GOP/Tee-Baggers have had control of the House now for eight months and have not produced even ONE job bill! Why? Because all of they have is their ideologies. They have NO ideas!

Part of the Problem is.........No Jobs.

How many items have you bought lately that's "Made in China"?

(Walmart is China's largest customer)..or at least it was recently...

We have lost almost all our manufacturing here in USA

Coorporations searching for cheap labor... now manufacture so many items oversea's, yet they expect the american people to have jobs and incomes to purchase their products?..Well?..its hard to do on mininum wages (if in fact we have jobs at all?)

Didn't read the charts did you Wet Willy? Why has GDP grown each and every quarter since Obama was elected?

Please explain why the economy has grown under Obama and shrank under Bush.

I know one thing is for sure. The products we sell everyday at my company, as a material supplier for the construction industry, are at its lowest value in our company history due to maximum inventory and difficult to deliver even on good days because truckers have been laid off which would normally deliver our products. Our economy is still bleeding out and some people think there is a recovery.

Well Eric, I suppose you won’t let anything into your brain that conflicts with your view of the world since Ideology has a way of crippling brains thusly. It’s amusing how you allude to some charts claiming a growing economy on the same day when Fed Chairman Ben Bernanke espouses dire warnings about the faltering economy. Oh well, as long as you’re happy in your own little fantasy world.

Hey Wet Willy ....

What about your ideology? might that be part of your own fantasy world?

How bout coming up with solutions or discussing the real problems rather than blame ideology from anyone else?

Or could it be that you are just the pot calling the kettle black?

Tell me what your solution would be, without using anything from either political parties rhetoric.

Please....?

Bill-Austin:

I am with you on this one. Our government has this habit of giving anything remotely related to disaster and naming it. Remember all the colors for supposed terrorist attacks? Created to scare the heck out of Americans. Then we had Desert Storm and Weapons Of Mass Destruction. Now they want to pronounce this "new down turn" in the economy as a recession. For the past nine years, I have been experiencing a DPRESSION. That also includes the way I feel about the depression. No matter how the government paints the picture, the majority of the middle class, has not been able to keep their head above water.

Not all of these people are "dead beats" as the Tea Party led Republicans would have you believe. Instead of cutting programs and reigning in spending, the United States nned to start spending money to promote jobs. We need to invest in re-educating and training are citizens. Instead of wasting money on mediocre plans the GOP are attempting to push on Americans, they need to let go of the purse strings and get America back to work. I am so tired of Eric Cantor and John Boehner protecting the wealthy at the expense of the middle class, I will campaign to get them out of office.

The division between the two partys is causing our country, to become something one would expect from a third world. Our educational system , economy, infrastructure, housing , you name it, is all going into the dumpster.

It is easy to blame President Obama for all the upheaval but he was not even running for president when I felt the sting of the "recession."

Bill-Austin. I agree with you but before we do the right thing, we will need to do the wrong thing because for most uniformed people, the "wrong" thing is easier to understand. In some respect, the sooner we do the "wrong" thing the easier it will be to do the right thing. As that great economists, Bette Davis, said: Fasten your seat belts, it's going to be a bumpy night!".

And what recovery would that be?? Oh lets print another trillion and call it a windfall. Why don't you just print money and send a trillion to every country on the planet to bail them out because you are not doing anything to help AMERICA.

Egilman 1.13

While everyone has an ideology to some degree, I don’t allow mine to delude me into any particular mantra, as Eric obviously does, and possibly you as well. While I certainly have my own ideas as to what needs to be done, I’m not proposing any solutions as it ain’t my job and being just an ordinary American, any solutions proposed by me, however reasonable will be meaningless, an exercise in futility.

Finally, if you ever discover someone proposing a solution to our problems that is completely devoid of any political rhetoric, let me know, as that would indeed be something to see.

Not in our lifetime, pal.

He could do like Bush/Cheney and make something up! I know honesty must be puzzling to you.

Keep dreaming !!! Yes, Obama is managing expectations and people like the underdog.

If you think that the policies of "starving the beast" are going to make the economy better you're wrong.

IReckon spreading poison as usual... Don't you have a life or did Obama take that from you a well.

Underdog = Political failure

This "Euro crisis" has been looming for more than 6 months now.....the media treats it like a "fresh event" once a month!................Nothing has changed in Greece for over a year already...other than it is still getting bailouts and it is only getting worse!

Once a month - more like once a day! It's exhausting.

'The euro crisis is the biggest threat to our economy'....

That is EXACTLY what is wrong with this global 'we're all one' BS and what's wrong with having the illegal Fed Reserve. See my post #9 below.

I think they are still underestimating the effect of the "Euro crisis", similar to the first few months of the sub-prime market collapse. Hopefully I'm wrong...

Obama, his administration, et el. are positioning themselves for more of their famous blame game. Now the new scapegoat will be Greece, instead of admitting to their utter ignorance and failed policies. The best Obama, Biden, Pelosi, the Fed guy and the rest can do for this country is to not wait for the elections, but to step down and let someone at the helm that actually knows what they're doing.

Dave-1384240 "I think that the Euro crisis is probably the biggest threat to our economy."

Thank you Dave, well said.

I agree. People don't understand the extent our "Fed" is tied to the same European banks that hold the purse strings to Greece. The "Fed" is NOT part of our government and is NOT a "Reserve". It is a private, solely for profit, banking cartel. Period!

Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks,
a very well kept secret, has been revealed:

Rothschild Bank of London
Warburg Bank of Hamburg
Rothschild Bank of Berlin
Lehman Brothers of New York
Lazard Brothers of Paris
Kuhn Loeb Bank of New York
Israel Moses Seif Banks of Italy
Goldman, Sachs of New York
Warburg Bank of Amsterdam
Chase Manhattan Bank of New York

Close the "FED", prosecute or deport all "FED" board members.

Obama, his administration, et el. are positioning themselves for more of their famous blame game. Now the new scapegoat will be Greece, instead of admitting to their utter ignorance and failed policies. The best Obama, Biden, Pelosi, the Fed guy and the rest can do for this country is to not wait for the elections, but to step down and let someone at the helm that actually knows what they're doing.

You are correct, but it's important to note that Obama's policies are nothing more than a continuation of geroge bushes policies. There was no change. Stimulous still wwent forward, TARP went forward, the bailouts went forward and unemployement extensions went forward.

None of those policies do anything more than prolong the pain of what will eventually be seen as a full blown depression, unfortunately, instead of 3 or 4 years of pain we'll endure this pain until the government stops playing around with the economy..

Close-The -Fed,

You've been watching Fox again haven't you. Close the fed and we would survive financially about ten days. The world is no longer flat... it is a world economy. USA no longer exist alone like it did in 1776. I have five neighbors who travel to China monthly. The stocks are tanking because of Greece. We are all tied together... like it or not.. that is the real world...not the make believe world of Fox.

We live in a global economy, of course what happens in Greece effects the US. In fact, Europe is looking to adopt something like the fed to help stabalize the euro.

You guys really need to read more.

@ NC-BOZO You've been watching Fox again haven't you.

Wrong Bozo, I despise "Faux News" and the narrow minded, easily swayed people that support it.

Try saying something relevant or intelligent Bozo. If not, just keep your opinion/narrow minded judgements to yourself.

Try disputing even one thing I have posted here as not being fact.

Close the "Fed" and this once great country would start to prosper again. You seem to be happy we are heading fast toward a corrupt, third world, bankrupt status. Nice job Bozo!

We are tied to Greece because the same central European banks OWN the corrupt "Federal Reserve".

Wake up! Thanks and best regards.

(P.S. 1776 has NOTHING to do with it. The "Fed" was in-acted in 1913 through dirty politics!)

HOW DID THE "FED" BECOME THE CANCEROUS PARASITE ON THE UNITED STATES OF AMERICA THAT IT IS?

___________________________________________________________

After previous attempts to push the Federal Reserve Act through Congress, a group of
bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to
sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefellers,
pushed the Federal Reserve Act through Congress just before Christmas when much of Congress
was on vacation .

When elected, Wilson passed the FED.

____________________________________________________________________

Later, Wilson remorsefully replied (referring to the FED), "I have unwittingly ruined my
country"

Why is this a problem does greece send anything to the US but a few olives and peppers for my pizza?? I am sorry that you do not have any real industrial complex but don't hold the World hostage for your short work week and labour party extortion monies.

STexas, you wish, and your information is incorrect.

The fed has helped to stabilize the economy not make it worse. Republicans don't like the fed stabilizing the economy, because they need a bad economy to get the Presidency back.

We are not in a deeper hole unless the "starving the beast" republicans get back the presidency.

If this is "stabilized", then I'll take UN-stabilized" with 7% unemployment, any day. Do you realize how deluded you sound, Eric? Put down the Obama Kool-Aid and walk away, it's really just that easy.

Ben Bernanke, Domestic Terrorist.

Doing a better job than anyone else is at ruining the country.

Second only to the Koch brothers. Recall this headline from yesterday, "Koch Brothers Flout Law With Secret Iran Sales." Someone in here predicted the story would be buried in a day, and it was.

Koch Industries sold millions of dollars of petrochemical equipment to Iran, although the U.S. calls it a sponsor of global terrorism.

Koch Industries has rigged prices with competitors, lied to regulators and repeatedly flouted environmental regulations, resulting in five criminal convictions since 1999 in the U.S. and Canada.

In December 1999, a civil jury found that Koch Industries had taken oil it didn't pay for from federal land by mismeasuring the amount of crude it was extracting. They stole a couple million gallons of crude oil from America! Koch paid a $25 million settlement to the U.S.

From 1999 through 2003, Koch Industries was assessed more than $400 million in fines, penalties and judgments. But what's a few hundred million when you're worth $100 billion?

In 1999, a Texas jury imposed a $296 million verdict on a Koch pipeline unit -- the largest compensatory damages judgment in a wrongful death case against a corporation in U.S. history. The jury found that the company's negligence had led to a butane pipeline rupture that fueled an explosion that killed two teenagers.

Why can't the Fed shut them down? Because they're more powerful.

The only morons in the room are those who do not understand the actual definition of a recession. If you have consistent GDP growth, even though it is anemic, you are not in a recession.

Peter tell that to the 6M+ American out of work and the scores more under and part time employed!

GPD is consumption plus investment plus government spending.. Take away government spending and we are in a depression let alone a recession with it. Peter 17..Only morons think that manipulated GDP is is not a recession. that's all that game is about.

You and most others would not pay the much higher prices for Nike shoes if they were made in this country so we could pay workers $10 per hour to make them. And since we are only 4.5% of the world's population and there is another 95.5% to sell to, all the manufacturing needed to sell to those 95.5% must be outside the U.S. as we could never make them here and export them. Labor intensive manufacturing will NEVER be a major component of our economic future. It is time to face the facts.

You couldn't pay a higher price for Nikes; they're way over the top already. Labor costs? To make a profit, Nike could pay American workers $15 and hour and still make hefty profits.

300 million in America, and another 95.5% to sell to? Start by making American products for the 300 mill plus Americans, then worry about selling to the othe 95%.

Worried about exporting when so many are out of work, and we're IMPORTING from those our jobs have been sold out to?

Even if America made and consumed what it used and counted as negligable any exporting, America would be once again employed and financially strong, sound..... American wages for American lifestyles and American prices.

If someone can't afford to buy American Made because they live in Guatamala, then so be it. The ONLY reason the Middle Class, Labor, Manufacturing is gone from the US is because the Illegal Fed saw fit to redistribute wealth built on American Capitalism to sold out government corporotism internationally to those with the big $$'s.

America first and foremost. You just simply can't have every nation dependent on every other nation and expect YOUR nation to do well.... as soon as it starts to, it will be redistributed again.

I, for one, have not and WILL not sign on for America becoming.... I don't even know what to call it, actually; what, just....... Earth? All economies are one, so no more America, just Earth?

Then, fine... instead of paying American prices, I want to pay what they do in China or India or Mexico. Same with interest rates, same with medical costs. Auotos, homes, the whole enchillada. If the Fed can pick and choose, along with our sold out 535, what nations get what jobs due to the lowest bidder, then I want to choose along the same lines.

Or, doesn't it work that way?.......

And, if any of you would say I'm free to as long as I pay tariffs, shipping, etc... then where are THEIR tariffs? Oh, yeah... forgot NAFTA. Legislate towards American businesses remaining in America, 75% or more employment here hefty tax breaks... anything less, MAJOR tariffs and no tax breaks. It's in our legislatures control.

Then, you'd see just how many American made products through Real American Capitalistic principles we could all afford, especially since we'd be working.

Our future lies in developing a stronger export sector. Our population is growing at the lowest rate in history. The 2010 Census showed that from 2000-2010 the 45 and older group in the U.S. grew 25.6% while the under 45 year old group grew a mere 1.4%. That means the end of the strong consumer based economy we've know over the passed 30 years as the baby boomers married, had children and spent. They are now retiring and their big spending days are over. There is no big group behind them to take over.

Peter17 : You accidentally hit upon the problem with your belief set.

"You and most others would not pay the much higher prices for Nike shoes if they were made in this country so we could pay workers $10 per hour to make them."

Before the jobs were exported a NIKE running shoe cost what? $100.00 ? And what does it cost today?? See a huge savings? No, you do not. What you see, is huge corporate profits due to excellent advertising and foreign indentured servitude wages and working environment .

But , if you have your way, we'll be equal to the chinese soon, on many fronts.

But hey, If the Chinese make you money , you love them. Let's call Americans socialists while profiting and empowering COMMUNISTS.

Stan what happens on Wall Street DOES NOT transfer to reality on Main Street, and as Bernake mentioned it is not the time for draconian cuts. Put America back to work (10-15 Million jobs) and all this made-up (yes made up, completely hyped speculation, the sky is falling BS) crap about debt, deficit, and the dollar will go away.

Ron,

I agree Wall Street is completely disconnected from Main Street. But, the monetary policy activity that the Fed is engaged in only affects Wall Street and foreign markets and does not create jobs outside of the financial sector of the economy. I believe there is a stronger case that the increased cost of imports has a larger net effect on our economy than the increase in exports due to a cheap dollar. We don't export that much in price sensitive commodities these days and our technology products sold overseas are manufactured overseas in the markets they are sold in anyway. And I agree Jobs will help but I have not heard anyone promise 10-15 million in new jobs based on any action the federal reserve or federal government can or will do.

You said it all!

That is why we need to get rid of Obama and the rest of his crew in 2012.

And do what Peter...elect Rick Perry, Mitt Romney, ...classic case of insanity. Need a pillow and a blankey with your padded cell walls?

Well played, Ron in Seattle.

But at the very least, if we were stupid enough to put a Moron, err.. Morman in the Big Chair, at least he'd have a viable excuse for sticking it everything that moves - morman polygamy.

Unemployment is high because we don't make anything. How long do you expect the service industry to carry the economy? We keep shipping what little wealth we have over to China with every new game console, cell phone or computer that we buy and wonder where the money went....

Our job loss is in step with our exportation of American dollars to foreign countries. Between NAFTA and China having the MFN status we can't compete to save our lives.

Profund wet willy. . . .

Peter, the 200 year number is not the number to supply the US with 100% (no report I've been able to find that is credible) of our needs and it wouldn't be any cheaper as oil is a comodity and price is set globally.

Peter17

I usually ignore you because you're even too far right for me but I can't abide mis-information of that magnitude. Proven world reserve estimates by the EIA are about 1,300 billion barrels, that's 9 zeros in billion, daily world consumption is about 86 million barrels per day. The arithmatic says 41 years, more or less. Shale oil is not net positive energy recoverable.

I can't say how much of it is true but unless you can cite your sources, Brian, you have nothing to dispute here:

http://www.eltonresearch.com/oiltechincutah.page?cart=119

because they are not reporting the real news.

the real news is on occupywallstreet.com

Nice plug.

No one is paying attention, that's all they want. Seen the interviews, they don't even know what they are there for. Nice try, though.

Correction - I meant to say that the market is down about 20% from its April 2011 highs

Mike one of the most sensible statements I have read here today.

The Republicans will gladly oversee a DEPRESSION in the USA if they can oust Obama and Pelosi. And if there was a Republican President, the Democrats would be doing the same thing. We need to abolish the Republican and Democratic parties, who take turns gorging themselves at the public money trough! That's all that matters to them. Abolish Congress in favor of direct, electronic votes by the people.

The fact we keep playing the same game and expecting different results is astounding. This is why the rest of the world winks at America,...as we are just plain stupid. Let's see you don't like Obama so you vote against your own interests. When that party is in power they screw you royally and you go whining into the night. STOP playing peep-eye behind the cereal box. Start asking your candidates HOW not what they will do if elected. FACT CHECK THEM. Make informed decisions, and stop spouting talking points. Then and only then can we begin to reform our nation.

To add we need to change the legislative process as well as reform how and why representatives are elected. We must abolish the Supreme Court ruling that opens the floodgates to all the WHORES in congress, and get rid of the arcane counter-productive fillibuster rules of the Senate. This crap was extablished to ensure a party remains in control and little to do with benefitting a nation.

It is the incompetent one in the Oval Office who introduced "fear and anxiety into the world economies".

Ah yes, The Tea Party. The new boogie man of the left. They blame everything going on today on them but if it weren't for the 2010 election they'd still be blaming Bush with screams of "It takes years for policies to change the economy, that's why Obama's plans haven't come to fruition yet! Just give him 4 more years and you'll see his plan come together!"

Not that both parties don't play this game but it is getting old... It's time to put both parties on their heads and move on.

Thank God you're not one them huh...?

Obama Lies

Note to Bernanke: THERE NEVER WAS A RECOVERY! This is the problem when effing idiots are at the helm

Care you quote with a legitimate cite? Didn't think so.