Thread: Fed chief: U.S. suffering ‘severe contraction’

Fed chief: U.S. suffering ‘severe contraction’
Bernanke says the Fed will use all tools available to provide relief

BREAKING NEWS

updated 44 minutes ago
WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy is suffering through a “severe contractionâ€

In addition, Treasury Secretary Timothy Geithner has revamped a controversial $700 billion bank bailout program to include steps to partner with the private sector to buy rotten assets held by banks as well as expand government ownership stakes in them — all with the hopes of freeing up lending. The Obama administration also will spend $75 billion to stem home foreclosures.

Those and other bold steps — including a soon-to-be-operational Fed program to boost the availability of consumer loans — for autos, education, credit cards and other things — should over time provide relief and promote an economic recovery, Bernanke said.

FREEING UP LENDING AND BOOSTING THE AVAILABILITY OF CONSUMER LOANS IS NOT GOING TO MAKE A DAMN BIT OF DIFFERENCE IF MASSIVE NUMBERS OF WE THE PEOPLE HAVE NO JOBS, NO HOMES, NO MONEY TO BUY BASIC NECESSITIES SUCH AS FOOD...MUCH LESS CHEAP FOREIGN IMPORTS!!!!!

****updated 44 minutes ago
WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy is suffering through a “severe contractionâ€

The problem with this whole government is incompetence!!


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And they need to start saying DEPRESSION because that is what we are in!