Addressing critics of the Federal Reserve's response to the current economic crisis, the central bank's chairman, Ben S. Bernanke, defended the Fed's actions on Monday, calling them "exceptionally rapid and proactive" measures that had helped stabilize the economy. Ben Bernanke, speaking in Texas, onscreen behind traders on the floor of the new York Stock Exchange. In a speech in Austin, Tex., Mr. Bernanke warned that the economy would "probably remain weak for a time," with particular problems ahead for exports and household spending. He called for broad new regulations that would allow the Fed more flexibility in assisting institutions considered "critical" to the health of the economy.But, in response to a question, he said that the current economic conditions -- even with the recession now official -- bear "no comparison in terms of severity" to the 1930s, a period that Mr. Bernanke has studied extensively.Mr. Bernanke acknowledged the limitations of the Fed's conventional policy-setting tool, the interest rate, and suggested that future actions by the Fed would focus on providing liquidity to the financial system by directly buying securities and acting as a backstop for the credit markets. He also indicated that the Fed was prepared to cut rates again in December.
Addressing critics of the Federal Reserve's response to the current economic crisis, the central bank's chairman, Ben S. Bernanke, defended the Fed's actions on Monday, calling them "exceptionally rapid and proactive" measures that had helped stabilize the economy.
Ben Bernanke, speaking in Texas, onscreen behind traders on the floor of the new York Stock Exchange.
In a speech in Austin, Tex., Mr. Bernanke warned that the economy would "probably remain weak for a time," with particular problems ahead for exports and household spending. He called for broad new regulations that would allow the Fed more flexibility in assisting institutions considered "critical" to the health of the economy.
But, in response to a question, he said that the current economic conditions -- even with the recession now official -- bear "no comparison in terms of severity" to the 1930s, a period that Mr. Bernanke has studied extensively.
Mr. Bernanke acknowledged the limitations of the Fed's conventional policy-setting tool, the interest rate, and suggested that future actions by the Fed would focus on providing liquidity to the financial system by directly buying securities and acting as a backstop for the credit markets. He also indicated that the Fed was prepared to cut rates again in December.
NEW YORK (Reuters) - Stocks tumbled on Monday as economic reports showing further evidence of the worsening global economic climate were backed up in comments from Federal Reserve Chairman Ben Bernanke. In a speech in Austin, Texas, Bernanke said the U.S. economy remained under considerable strain and noted that policy-makers must be ready to take action. "I didn't really think he told us a lot, but he reinforced the fact that things are looking pretty dire at the moment," said Frank Lesh, futures analyst and broker at FuturePath Trading LLC in Chicago. "The Fed will have to use all of their capabilities going forward including, but not limited to, future rate cuts."
NEW YORK (Reuters) - Stocks tumbled on Monday as economic reports showing further evidence of the worsening global economic climate were backed up in comments from Federal Reserve Chairman Ben Bernanke.
In a speech in Austin, Texas, Bernanke said the U.S. economy remained under considerable strain and noted that policy-makers must be ready to take action.
"I didn't really think he told us a lot, but he reinforced the fact that things are looking pretty dire at the moment," said Frank Lesh, futures analyst and broker at FuturePath Trading LLC in Chicago. "The Fed will have to use all of their capabilities going forward including, but not limited to, future rate cuts."
Now, back to the real news. In the end, might makes right. Nothing has changed since the caveman.
President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession. "I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," which was airing Monday. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."
President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession.
"I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," which was airing Monday. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."
Bush also admits that he was unprepared for Iraq war. What a President.
On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will.
Fiddle, burn, fiddle, burn.
Is it just me, or is the idea of Bush being 'in' more than a little disturbing?
Not even Olmert was this disgustingly cheap with his sudden conversion to feigned humanity in his last days. keep to the Fen Causeway
I'm shooting for a "first installment" on Christmas. Need a couple of weeks to work the kinks out of my "refurbished" laptop. I'm going disco! (as us oldies used to say). In the end, might makes right. Nothing has changed since the caveman.
