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Weekly Wrap: The latest on the Fed, paying for natural disasters
A Wall Street sign in New York City's financial district.
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Tess Vigeland talks with Bloomberg's Lizzie O'Leary and Felix Salmon who blogs for Reuters.
On Ben Bernanke's latest remarks on the slow economic recovery:
Lizzie O'Leary: If you look at what the stock market did this week, they don't seem to have that much confidence in his remarks. Although I do think he gets the award for the, 'No duh, Fed Chair' remark of the century, which is the 'jobs situation remains far from normal.'
On how paying for the wild weather across the country might affect the economic recovery:
Felix Salmon: I think the weather, it comes and it goes. Even, unless if you have a sort of Japan-style tsunami, it doesn't have a massive long-term economic effect. But it certainly doesn't help, and right now, we need all the help we can get.
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Unfortunately, the reality that we need to face up to quickly is that American Military Might is a thing of the past, that combating terrorists in foreign lands flexing military muscle is an unwise and unsustainable strategy, and that we simply must withdraw from both Iraq and Afghanistan in order to keep ourselves from breaking our own bank.
Good, but mild roundup! Mr. Salmon was overpolite as the WH/Hill are 3+ years too late during this admin added to the 2 years of Shrub incompetence.
Bernanke's & Geithner remarks this week only confirm for the 999999th time that DC now outdoes California in the "Alice in Wonderland" department & as home of the self-delusional. Unfortunately, the past decades have shown that the Dc-based media has become as big a part of the problem to the same extent that financial services/deregulation caused the last meltdown & have assured that no real changes have been made that will prevent the next meltdown. & the next meltdown may well hit before the election primaries are over. & the recent Wall ST index declines might be signalling that already.
