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Bernanke Predicts Moderate Economic Growth, Will Not Raise Interest Rates

June 11, 2010 by  

Bernanke predicts moderate economic growth, will not raise interest rates Federal Reserve Chairman Ben Bernanke said on Monday that he is cautiously optimistic that the United States will not fall back into a "double dip" recession.

During a dinner sponsored by the Woodrow Wilson International Center for Scholars, Bernanke said that consumer spending and private sector investments should allow the economy to continue to moderately improve, according to Market Watch.

"We’ve seen consumers coming back," he said. "We’ve seen firms spending more. There are some signs the private sector is picking up the baton and moving the economy forward."

However, Bernanke also noted that the banking sector is "not completely healthy" and that the level of economic growth is not strong enough to put a dent in the elevated national unemployment rate, which now stands at 9.7 percent.

The Fed chairman also encouraged Congress to put together a long-term debt reduction plan to help the nation evade another economic crisis.

When asked about the possibility of increasing interest rates, Bernanke responded vaguely, stating that it will happen sometime "in the future."

Meanwhile, the National Inflation Association said last week that the Fed’s handling of the economy is bound to result in skyrocketing inflation, and that Bernanke’s expectations of a "very stable" U.S. dollar are off the mark.

"It’s mind-boggling to us how the mainstream media could believe anything Bernanke says about inflation after how wrong he has been about everything else," said the organization. "We are 100 percent sure that Bernanke will be proven wrong again."
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  • http://Q@A mary howland

    lol. Like i believe anyone from the federal reserve. You work hand in hand with Barry and for you after letting this man abuse the treasury I think you are blowing smoke. anyone in the right minds can see that he has dug a hole so deep a snake couldn:t slither out of it.
    Take your crazy somewhere else there is enough of it already in washington.

  • 1minuteman

    didn’t this clown come from goldman sachs along with geitner(no taxes paid) got bailed out and then turned in record profits. i believe everthing he sys like i believe everything obama says. excuse me i think i just threw up thinking of our government.

  • Norm

    Keeping interest rates artificially low is a boon to borrowers but a hardship to lenders.

    Many good, hard working retired people count on investments for survival. With the stock and bond market uncertainties, many rely on savings and money market accounts , as well as CD investments. Because interest rates are at government-controlled lows, returns are next to nothing.
    It’s a classic case of government intervention into free markets, and the appeasement of people who live irresponsibly and beyond their means. Borrowing money is a privilege not a right. Paying for that privilege is only fair.
    The housing crisis, which caused the current recession, was caused in part by Greenspan’s unrealistically low borrowing rates. People used this “free money” as if it were a gift from God. When rates went up they went down.
    History always has a way of repeating itself.

  • s c

    So, the latest Fed head and Wall Street pimp is cautiously optimistic. Roughly translated from Fedese into English, that means Ben the Boob is rich enough to survive most economic disasters that Obummer throws at America.
    This is the same twit who can’t understand why people put their faith in gold and see the dollar as toilet paper that comes in various colors. All that ‘knowledge,’ and no way to use it to make America better (barf).
    Ben is a classic example of what happens when you sell your ass to those who want one thing. They told him he’d have job security as long as he does what they say.
    He’s taken prostitution to new heights, but he’s still an overpaid sidewalk stewie who will try to please anyone who can keep him ‘employed’ and America enslaved.
    By the way, Obummer works for Ben. Ben doesn’t work for Obummer.

    • JC

      Amen THAT!
      Bernanke is just another talking head insider. He’s in the “Big Club”. Bernanke and co. couldn’t care a whit about any of us.
      He works for an organization that morally shouldn’t exist and says things designed to keep We The People from asking too many questions.
      JC Predicts that if The Federal Reserve (choke) keeps stimulating things with money out of thin air:
      * Things will get expensive. (inflation will do that)
      * Things will get scarce.
      * Things will disappear.
      * People will try and withdraw their money from the Banks.
      * The Banks will close. (Nobody Home)
      * Paper money will be useless.
      * People will riot and quickly evolve into survival mode.
      (Good Luck Gun Grabbers)
      * Chaos. (martial law?)

      And all the while we will be placated with statements like
      “The Federal Reserve Predicts Moderate growth…”

      If we don’t bring our military people home soon and stop supporting the world at large along with far too many Americans who are riding the gravy train…we’re done.

  • fed-up

    Ben is either blind, stupid, or high on koolaid! If he really believes this, we have to get him out. If he, like Obama, is only reading a teleprompter, then they have an excuse. They are only reporting what the author is writing.

    What he is not speaking about, as is no one else, is the automatic tax increase that is coming Jan 1, 2011. All the Bush tax breaks are due to expire the end of this year. What will you do when the Inheritance Tax goes from 0 to 55%, the capital gains tax goes from 15% to 39.5%, the child exemptions get reduced, and all the other taxes that we have been saving on, go back to pre-2002 levels?

    Better start calling your Senators and Representatives to extend the sundown provisions for these tax breaks. Threaten them with banishment from public office if this isn’t done before the election.

    We also have to get the illegals off the public dole. The biggest difference between the Obama and Carter presidencies is that the main stream press was awake and off the koolaid when Carter was in office.

    The present administration is looking to CUT the amount of the SS checks due to lack of funds. Instead, they should be looking for all these illegal scammers and stop sending them checks altogether.

    We earned the money and gave it to the government for safe keeping. Talk about fiscal irresponsibility in government!! Pay back the IOU’s you left when you robbed our money from the SS system. If an attorney or other fiduciary commingled funds, they would end up in jail.

    Start making those calls, write letters, and don’t let up. Keep the pressure on so they start to feel the real heat. Let’s get out the brooms and do a clean sweep in November!

  • Emma

    In 1913, the last and current central bank in America, the Federal Reserve, is set up. Congressman Charles Lindbergh stated, following the passing of the Federal Reserve Act on December 23, 1913 (which allowed the formation of the last and current central bank in the United States), “The Act establishes the most gigantic trust on earth. When the President” (then Pres. Wilson) “signs this Bill, the invisible government of the monetary power will be legalized…. The greatest crime of the ages is perpetrated by this banking and currency bill.”
    Please, everyone, know that the Federal Reserve is a private company. It’s not part of the US government. It is conservatively estimated that profits exceed $150 billion per year and the Federal Reserve has never once in its history published accounts, which one has to wonder about, too. Do you think that Bernecke wonders where his next loaf of bread is coming from? He’s just the puppet of the people who put the Federal Reserve into place in the first place. Let’s not concern ourselves with him. He’s unimportant. The people who are behind him are the ones we have to worry about.
    We must get rid of the Federal Reserve and start printing our own debt-free money. Did you know that former U.S. Presidents Andrew Jackson and Abraham Lincoln were killed because they wanted that debt-free monetary system for this country? We need to study, people, so we know where the problem is. The problems are not on the surface. The US president is not the problem, no matter who that might be. The Congress, although they do a lot to derail this country, is not the problem with it comes to the Federal Reserve. We need to knuckle under and study and really see what the real problem is and then do something about it.
    The first cure is to get rid of the Federal Reserve. It’s unconstitutional. Let’s repeal the act that put it into existence.

  • mehoward

    surely we have more qualified people than bernanke if not we are in trouble. meh pensacola,fl

  • FreedomFighter

    I dont have any trust for Bernanke or anyone else currently working for Obama. They are here to destroy America and assume power and control over the America – taking our freedom in the process.

    Resistance is not futile.

    FF

  • bargal

    Get rid of this guy as he speaks with forked tongue and laughs all the way to the bank——on our money

  • http://eachstateretaliate.blogspot.com/ Tea Party Tim

    It seems that Bernanke bases his belief that there will not be a double-dip in the ecomomy upon the Feds ability to manipulate the stock market.

    He vastly underestimates the effect of long term high unemployment rates and refuses to even acknowledge the impact of our growing national debt.

    He suffers from a mentality that believes that the US economy is driven by the stock market, instead of the fact that the stock market is driven by the economy.

    The truth is that the Fed needs to disengage itself from the financial trading markets and concentrate on financial investments (primarily in small business).

  • J.M.R.

    just another flunky from the dick-taters lair. once again talking from his ass as his mouth knows better.

  • Norm

    For the record:

    In June 2005, Bernanke was named Chairman of President George W. Bush’s Council of Economic Advisers, and resigned as Fed Governor. The appointment was widely viewed as a test run to ascertain if Bernanke could be Bush’s pick to succeed Greenspan as Fed chairman the next year. He held the post until January 2006. On February 1, 2006, President Bush appointed Bernanke to a fourteen-year term as a member of the Federal Reserve Board of Governors, and to a four-year term as Chairman.

    Damned Obama!

    • Ted Crawford

      Hey norm, do you and barny want to explain, yet again another”unexpected” situation? Namely that the consumer spending dropped by 1.2% last month?? Didn’t think so!!!

  • chuck b

    norm

    and yeah, you voted for barry soetoro.

    • Norm

      chuck b
      Yeah and you voted for georgy porgy.

  • Desert

    Bernanke? a clown….! would you buy a used car from this lying sneaky slug? His smug smirks and refusal to answer questions makes one want to bring back waterboarding!!!!

    • s c

      Desert, Bernanke is exactly what he looks and sounds like (an overpaid, incompetent horse’s asset). He’ll ‘take care of’ the economy just like Obummer.
      Unfortunately, Bernanke is also an even more inferior version of Herr Greenspan. Bernanke, by the way, is the GENIUS who said he’d ‘throw dollars out of helicopters’ so we’d have enough.
      A retard who has 24/7 access to Fed printing presses is doing the same thing as throwing money out of helicopters. Ben the Boob is gambling that he can spread the Fed’s twisted brand of insanity and continue to get away with it.
      The Founding Fathers would be amazed at the techniques being used in later generations to enslave us and commit even more varieties of unadulterated, blatant treason. Hamilton would have ‘blessed’ Bernanke, but that’s another issue.
      Without a doubt, Bernanke and Greenspan work for the same puppet masters as Obummer. May they get what they deserve for doing what they’ve willingly done to America and freedom.

  • Marilyn

    Bernanke is full of BS. A bill on the making right now to tax the hell out of businesses! That means more businesses must fold and loss of jobs. Businesses must pass the taxes onto consumers who will not pay wild prices for products. How much are you willing to pay for 16 inch pepperoni pizza? $30.00.?? I doubt it. It appears one hand doesn’t know what the other hand is doing in Washington DC. Or, do they? I can hardly wait for voting days to keep throwing out the trash!

  • Marilyn

    He who angers you, controls you.

    • s c

      M, without trying to label your political leanings, I’d like to ask you several questions. How do you think the Founding Fathers would have reacted to your statement?
      Do you think the Revolutionary War was fought with nicey-nice methods or a big tent approach? Do you think revolutionary war-style tensions haven’t been re-created in America?

  • http://www.certificate-of-deposit-rates.net certificate of deposit rates bank of america

    What is a CD (Certificate of Deposit) The term CD stands for Certificate of Deposit. A CD is simply a short- to medium-length investment. They are FDIC insured and are available for purchase at banks, credit unions, and savings and loans. CD’s are a good way for some consumers to get ….

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