Federal Reserve Chairman Ben S. Bernanke said the central bank stands ready to take additional steps to boost U.S. growth and cautioned lawmakers against budget moves that would harm a “sluggish” recovery.
The Fed “will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in a context of price stability,” Bernanke said today in testimony to Congress’s Joint Economic Committee in Washington.
The remarks signal Bernanke may not be finished after attempts in August and September to strengthen record monetary stimulus with unconventional tools. The central bank’s near-zero benchmark interest rate and $2.3 trillion of housing and government-debt purchases since 2008 have failed to produce self-sustaining growth in the economy and employment.
READ MORE :Bloomberg.com
Some of the scariest things you will ever hear in your life come from come from our leadership. For example, When congress collectively says “we’ve got to do something!”, when the President says “we’ve got to keep the peace” , in some obscure part of the world, or when the IRS Auditor tells you that he’s “just here to help you out and give you any assistance you need in ensuring your taxes are paid on time. It’s when you hear those thing that you know something very ugly is about to be done with the “best intentions” in mind.
It’s no different this morning listening to Ben Bernanke tell congress that he is prepared to “promote a stronger recovery”. Not a single thing the FED has done thus far has improved conditions at all. In fact, it has prolonged our recovery, and saddled our nation with ridiculous amounts of debt.
It’s amusing these days to read articles about stuff like this. Central Planners just don’t understand. They honestly think that they can engineer every facet of society, and they honestly believe they are smart enough to control the behavior of an entire human population. That’s what Keynesian Economics is really, societal engineering. Manipulating the market in order to insentivise investments in various sectors of the economy that the central planners say is “lacking”. Despite every failed attempt at “stabilizing” the economy, they just can’t grasp the fact that it is the Central Planners themselves that are the instability.
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