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Fed's Bernanke gives words of warning on fiscal cliff
Chairman of Federal Reserve Board Ben Bernanke speaks during a news conference September 13, 2012 in Washington, D.C.
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This final note on the way out, a warning to Congress from the guy who invented the term "fiscal cliff."
Ben Bernanke gave a speech in New York today in which he said, among other things, that worries about said cliff are already starting to affect the economy and that -- perhaps more troubling -- the Fed can't really do all that much about it.
Get your act together, in other words.
Congress, by the way? Home for Thanksgiving.
We want to remind people that it was the Federal Reserve with Greenspan and Bernanke as an apprentice that created and oversaw the massive movement of money from fraud in human history. While in 2005 with 50 states attorneys general shouting that massive fraud captured the mortgage system, Greenspan refused to stop the process (one has to wonder how the Fed was able to allow fraud to continue regardless of oversight responsibilities) which then went into overdrive moving trillions of dollars from individuals and government coffers in the form of Federal loans and guarantees. The Fed then sent trillions of dollars across the West to support banks that had been deeply involved in these fraudulent schemes. Now, with policy meant to force people into a market no one wants to use.....0% interest an QE3 all meant to build up the market at people's expense, one wonders what a person would need to do today to be a bad guy.....
So, as we watch people like Bernanke and Goldman Sachs telling us what needs to be done to avoid the 'fiscal cliff' for a national debt for which they are responsible..... including cutting those pesky retirements and benefits that private industry shed long ago as a problem for profit-maximization, one wonders about the state of the American union these days.
