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Bernanke calls for further stimulus

October 21, 2008 by  

The Fed is seeking a new stimulus packageIt was several months ago that President Bush signed a $170 billion stimulus package that he said could help prevent the U.S. from slipping into recession – now, there is talk of introducing another, similar measure.

Speaking before Congress, Ben Bernanke, chairman of the Federal Reserve, suggested that a second government stimulus package could provide a boost to the economy, as consumers cut back on spending.

September retail figures fell by 1.2 percent, which caused stocks to plummet and many financial experts to suggest that the country will definitely enter a recession period.

"With the economy likely to be weak for several quarters and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," Bernanke said, explaining the reasoning behind his suggestion to the House Budget Committee.

He added that any plan should be designed so that it would "limit longer-term effects" on the government’s budget deficit.

Congressional Democrats have been calling for an economic stimulus package for weeks, but have not yet received White House support for the plan.ADNFCR-1961-ID-18836593-ADNFCR

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  • Bob Livingston

    It does not matter how many ‘stimulus’ packages get passed.  It will not stop the inevitable.  The markets must correct sharply to cleanse the economic problems that have been fostered.  The only way to fix the problem is to allow the weak to go bankrupt.  It’s survival of the fittest, as always. –Bob

  • Meghan, FL

    Bob, looks like EVERYONE is amongst the “weak’ as you described. This melt down will look like a huge like within a year. A lake of people without income & no way to feed their families… while Obama’s tax increases take hold & the rest crumbles.

    I agree with “Market Corrections”…. I don’t agree with Congress putting us into a Depression. These past 2 years CongressPelosi has been too busy naming post offices & parks etc to see what was going on. Clown Barney Franks said, 9 months ago, that Fanny Mae & Freddy Mac was HEALTHY!!!

    • Mindi

      Yup and nobody has even tried to call her to answer for it.

      The media really needs to start doing their real job and get their noses out of the hindquarters of the liberal elite

  • Colo43

    NO more stimulus’s – no more spending.

    Tighten the purse strings and lets get back on the right path and out of Debt.

    time to clear the house of the Democrats and the Republicans who think to spend and go into debt is the way out.
    you’ already mortgaged my kids and grand kids lives.
    Enough already!


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