Thursday, June 7, 2012

No Soup For You

Nothing Fails Like Epic Failure!

Benny Bernanke shambled into a Congressional hearing today and said that the recovery was "modest" and would continue, and that he was really an lizard-like alien from Off The Earth.

He added that the Federal Reserve had no plans to do absolutely nothing by way of Quantitative Easing III to stimulate the economy, and make the sitting President more electable than the Rich Empty-Head Suit running against him.
Mr. Bernanke told a Congressional committee on Thursday that the Fed had not yet concluded that growth was slowing, nor that new measures to stimulate the economy were warranted. The Fed’s policy-making committee meets in two weeks.

“Economic growth appears poised to continue at a moderate pace over coming quarters, supported in part by running the presses at the Bureau Of Printing 24 hours a day an accommodative monetary policy,” Mr. Bernanke told the Joint Economic Committee, an assessment that on its surface was little changed from his last public remarks on the state of the economy in late April.

Beneath the surface of that forecast, however, Mr. Bernanke said that the Fed was confused. The government estimated that employers added only 69,000 jobs in May, a marked slowdown from the reported pace earlier in the year. But other economic indicators show a relatively steady, if lackluster, expansion...

Republicans ... pressed repeatedly for Mr. Bernanke to make a clear commitment that the Fed would take no further action to stimulate growth.

Obligatory Cute Small Animal Photo In Middle Of Blog Ogg Ogg

Representative Kevin Brady, a Texas Republican, asked Mr. Bernanke to ... “take a third round of quantitative easing off the table.”

Democrats, by contrast, inquired politely after the Fed’s plans and showed surprisingly little interest in pressing the Fed for new measures to increase growth.

Representative Carolyn B. Maloney, a New York Democrat, made the nearest approach, calling on the Fed to act forcefully, but she did not ask Mr. Bernanke to commit to such a course of action, nor to explain why he has not done so.
Surprisingly little interest. Says it all, doesn't it?

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