Way to go Bubble Ben Bernanke, only way to keep the economy just barely rolling along is to keep rates at 0%, just like greenspan did when he wanted to get out of the recession as quick as possible, keep up the great work, things will turn around because you know how to create bubbles and asset bubbles are the only thing thats going to help the economy turnaround until the next crisis comes, which will not take long at all. Fed Pledges Again to Maintain Low Rates for a Long Period Published: Wednesday, 27 Jan 2010 | 3:58 PM ET Text Size By: Reuters The Federal Reserve on Wednesday left interest rates near zero and vowed to keep them there for a while to nurture an economic recovery held back by stubbornly high unemployment. The policy statement reflected a somewhat brighter tone than it had at the previous meeting in December, although the Fed removed a reference to improvement in the housing market. AP "Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating,'' the Fed said. In the December statement, the Fed had said economic activity "has continued to pick up.'' The decision to hold rates steady was 9-1, with Kansas City Federal Reserve Bank President Thomas Hoenig dissenting because he wanted the central bank to eliminate a phrase vowing to keep rates exceptionally low for an extended period. The economy resumed growing in the third quarter and most economists think it expanded at a rapid clip in the final three months of 2009. However, with the jobless rate at 10 percent, consumer spending is likely to remain subdued. The housing market, which was at the root of the recession that began in December 2007, has also shown worrisome signs of renewed weakness. Figures released earlier Wednesday showed sales of newly constructed homes fell unexpectedly in December. That came on the heels of another report earlier this week that showed a steep drop in sales of existing homes. In its statement, the Fed dropped a reference that had been included in December's statement which said the housing sector ''has shown some signs of improvement over recent months.'' In an effort to stem the worst financial crisis in generations, the U.S. central bank not only slashed interest rates but also undertook a series of emergency actions to soothe ailing credit markets. One such measure is the purchase of some $1.43 trillion in housing-linked debt aimed at helping the mortgage market recover from its worst downturn in modern history. The Fed repeated its intention to allow the program to conclude as scheduled by the end of March, but added: "The Federal Reserve is prepared to modify these plans if necessary to support financial stability and economic growth.'' The decision comes amid a firestorm in Washington over Ben Bernanke's nomination to a second term as chairman of the U.S. central bank. Once expected to sail through the Senate, his confirmation vote ran into stiff resistance last week, sending Wall Street, which strongly backs the chairman, sharply lower on Friday. Financial markets, which took a drubbing last week, have stabilized as Bernanke's confirmation began looking more certain. The latest Reuters tally showed 49 out of 100 senators were likely to vote for Bernanke, while 19 vowed to vote against him. The rest remain undecided. The Senate will take up the nomination Thursday with a vote to overcoming procedural roadblocks. A final confirming vote could also come the same day.