Bernanke Warns of Economic Slowdown, Makes Drudge Report
Congratulations Ben. You've truly achieved infamy. Today you made the top story on Drudge Report. Are you sure you still want this job?
From the Drudge linked New York Times article:
Mr. Bernanke offered a rocky outlook for the months ahead. He said that the battered housing market had yet to hit bottom, that delinquencies and foreclosures were likely to rise and that the downturn in home building was “likely to intensify.” He predicted that personal spending would advance more slowly, because consumers are less confident and because of tighter credit conditions.
On top of all that, he said, “further sharp increases in crude oil prices have put renewed upward pressure on inflation and may impose further restraint on economic activity.” Oil traded above $95 a barrel today, but the price was down slightly from the day before but still near its recent record highs.
And to further prove that running for President is all about pandering, Senator Brownback came through with a classic begging for a rate cut based on the fact that there is too much inflation:
That did little to cheer lawmakers. In an early sign of the political pressure that the Fed is likely to face if the economy falters next year, Senator Brownback, who recently abandoned his Republican campaign for president, pleaded with Mr. Bernanke to cut interest rates in time for the Christmas shopping season.
“It seems to me that now is the time,” Mr. Brownback said. “When those gas prices get up to $3 a gallon, it seems to hit some sort of psychological point in consumer’s mind that ‘I have less to spend,’ and that’s a reality for them.”
Senator Brownback, cutting interest rates will not cause the price of gas to go down -- probably quite the opposite. Now stop making yourself look pathetic.
