dreamdancer 0 #1 June 23, 2009 nothing left in the piggybank... (now what would keynes do) QuotePresident Obama, speaking as figures from the US housing market showed a rise in existing home sales for a second month in a row, said that he believed it was "important to see how the economy evolves and how effective" the $787bn (£478bn) stimulus was. The stimulus plan was passed in February and is aimed at reviving the US economy through tax cuts and investment in infrastructure. It follows a $168bn package proposed by President George W. Bush which simply handed back money to consumers. President Obama, who has previously been accused of talking up the prospects of swift economic recovery in spite of gloomy data, appeared more pragmatic when he admitted that unemployment might rise above 10pc, from its current 9.4pc, itself a 25-year high. However, he failed to answer directly whether his main economic steward, Federal Reserve chairman Ben Bernanke, will be granted a third term when his current tenure expires in January. Pointedly noting that all of the US's financial regulators had in some way failed by not predicting the financial crisis, the President said Mr Bernanke was doing a fine job. The Fed chairman's fate is under increasing discussion in Washington circles, amid suggestions that President Obama may replace him with National Economic Council director Larry Summers. http://www.telegraph.co.uk/finance/financetopics/recession/5615229/President-Obama-No-fresh-stimulus-needed.htmlstay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
Gawain 0 #2 June 23, 2009 Quote The Fed chairman's fate is under increasing discussion in Washington circles, amid suggestions that President Obama may replace him with National Economic Council director Larry Summers. http://www.telegraph.co.uk/finance/financetopics/recession/5615229/President-Obama-No-fresh-stimulus-needed.html Read as: May replace with whom President Obama is told to put in that spot. Plus, Bernanke will still sit on the Board of Governors though 2020. The Chairman can only be picked from the current Board, so the Telegraph is talking out of their @ss... http://www.federalreserve.gov/generalinfo/faq/faqbog.htm Quote As stipulated in the Banking Act of 1935, the Chairman and Vice Chairman of the Board are chosen by the President from among the sitting Governors and must be confirmed by the Senate. As for the rest...President Obama does not care that the piggy bank is dry. The CBO just revised figures that the "health care nationalization" will cost beyond $2Tr now...all while still not covering everyone...hmmm.... Health Care with the compassion of the IRS and DMV...So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
