Members of Congress practically begged Bernanke for a rationale for passage of the controversial plan so that they can tell to their constituents. 'My only concern...is to try to find a solution that will stabilize credit markets so they can do their job.' â Fed Chairman Ben Bernanke In response, Bernanke replied that every American would feel "direct" negative effects if the credit crunch was allowed to continue or worsen. "Our modern economy cannot grow, cannot create jobs, cannot provide housing without effectively working credit markets," Bernanke said. "My only concern here today is to try to find a solution that will stabilize credit markets so they can do their job," he said. Credit markets were the "plumbing" for the U.S. economy, he said. If consumers and businesses go to turn on the tap and credit is not available, the economy would face a "grave threat," Bernanke said. Can you believe these jerks? Lenders are holding the economy hostage unwilling to lend, when the Fed et al has bent over backwards to get them too. Greedy bastards. Whine and cry until we bail them out - shameful!!! paysense
Good post! Congress is simply too stupid to even read in-between the lines of what Bernanke is saying. None of these morons have ever taken a course in Capital Markets or Econ. 1 for that matter. Bernanke WANTS to use the "D-word" but doesn't want to do so publicly and send the markets into a free fall. Unfortuntely, I think that his personality is simply too "soft" to make the point ( that he needs to make ) to Congress. Anyone checked the commercial paper market lately? It's frozen. And Congress has absolutely NO clue!