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JACKSON HOLE, Wyo. (AP) -- Chairman Ben Bernanke is proposing no new steps by the Federal Reserve to boost the economy while hinting that Congress may need to act to stimulate hiring and growth. Bernanke said Friday that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run. He is speaking at an annual economic conference in Jackson Hole, Wyo. His speech follows news that the economy grew at an annual rate of just 1 percent this spring and 0.7 percent for the first six months of the year. Only slightly healthier expansion is foreseen for the second half.
Stocks fell lower after the speech was released. The Dow had been down about 78 points, about 0.7 percent, shortly before 10 a.m. The loss quickly extended to 145 points.
Bernanke's speech comes at a critical moment for the economy. Some economists worry that another recession might be near. A big reason is that consumer spending has slowed. Home prices are depressed. Workers' pay is barely rising. Household debt loads remain high.
Originally posted by anon72
reply to post by OutKast Searcher
Nice jumping the gun (aka Flamer attempt ). Unfortunately, again, you are wrong. Show ONE time I complained about what you claim...... I'll wait.... tic tic tic tic....
Originally posted by Rockdisjoint
reply to post by anon72
Yes, just sit there like a big dumbass... twiddling your freaking thumbs!!!!!
What do you mean by this? Did you even listen to his speech? He's not just going to ``twiddle his thumbs``, he's going to do a lot, a whole lot.
Anyway, for the benefit of people that didn't get to hear the speech, why not list out that "whole lot" of things you think Bernanke is going to do?
Good morning. As always, thanks are due to the Federal Reserve Bank of Kansas City for organizing this conference. This year’s topic, long-term economic growth, is indeed pertinent–as has so often been the case at this symposium in past years. In particular, the financial crisis and the subsequent slow recovery have caused some to question whether the United States, notwithstanding its long-term record of vigorous economic growth, might not now be facing a prolonged period of stagnation, regardless of its public policy choices. Might not the very slow pace of economic expansion of the past few years, not only in the United States but also in a number of other advanced economies, morph into something far more long-lasting?
I can certainly appreciate these concerns and am fully aware of the challenges that we face in restoring economic and financial conditions conducive to healthy growth, some of which I will comment on today. With respect to longer-run prospects, however, my own view is more optimistic. As I will discuss, although important problems certainly exist, the growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years. It may take some time, but we can reasonably expect to see a return to growth rates and employment levels consistent with those underlying fundamentals. In the interim, however, the challenges for U.S. economic policymakers are twofold: first, to help our economy further recover from the crisis and the ensuing recession, and second, to do so in a way that will allow the economy to realize its longer-term growth potential. Economic policies should be evaluated in light of both of those objectives.