Bernanke proposes no new steps to boost economy

[n2doc]

By Associated Press
9:00 a.m. CDT, August 26, 2011

JACKSON HOLE, Wyo. (AP) — Chairman Ben Bernanke is proposing no new steps by the Federal Reserve to boost the economy while hinting that Congress may need to act to stimulate hiring and growth.

Bernanke says that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run.

The Fed chairman is speaking at an annual economic conference in Jackson Hole, Wyo.

His speech follows news that the economy grew at an annual rate of just 1 percent this spring and 0.7 percent for the first six months of the year. Only slightly healthier expansion is foreseen for the second half.

more

http://www.chicagotribune.com/news/nationworld/sns-bc-us--bernanke,0,213053.story

In other words, You are on your own, America! (and Obama too)

[xchrom]

1. hmmmm....interesting. nt

[Stinky The Clown]

2. That's because, apart from BIG federal spending, there *are* no news steps

[Turbineguy]

3. Hinting that Congress do something

:rofl:

Bernanke has a sense of humor!

[Tuesday Afternoon]

4. Bernanke can kiss my ass.

[mmonk]

5. There's little the fed can do under the current political climate that it hasn't

been done. Congress and austerity make adjustments to help the economy impossible at this at this time. We must all suffer due to the banality of today's politicians.

[spanone]

6. their bag of tricks is empty....time for congress to get off it's ass...but they won't

their mission is to make Obama fail

[Major Hogwash]

7. The Tea Party coalition would have blocked any new stimulus anyway.

Or the Red state Governors wouldn't have accepted it.
One way or the other, they GOP WANTS to prolong the jobless recovery.

[MadHound]

8. Fed is caught between a rock and a hard place,

They really have no effective tricks left in their bag, and indeed, it is up to our government to get us out of this mess.

The solution is perfectly obvious, a WPA style jobs creation program. But that's not forthcoming, sad to say.