Old Project Avalon Forum (ARCHIVE) - View Single Post - HR 1207 UPDATES "The Federal Reserve Transparency Act"

peaceandlove · 03-05-2009, 12:08 PM

Help, BAILOUT MANIA Gone Wild!

Bernanke Says U.S. May Need to Expand Bank Rescue

By Craig Torres and Scott Lanman

“But our economy and financial markets face extraordinary challenges,”
and doing less now would eventually prove to be more costly, he said.

March 3 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits.

“Without a reasonable degree of financial stability, a sustainable recovery will not occur,” the Fed chairman said today in testimony prepared for the Senate Budget Committee. “Although progress has been made on the financial front since last fall, more needs to be done.”

Bernanke’s comments suggest he sees a role for bigger federal outlays as the Obama administration seeks congressional approval for a budget of $3.55 trillion for the fiscal year beginning in October. President Barack Obama has already signed into a law a $787 billion economic stimulus package of tax cuts and government spending.

CORRECTED Article continues: http://www.bloomberg.com/apps/news?p...efer=worldwide

03-05-2009, 12:08 PM	#6
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Bernanke Says U.S. May Need to Expand Bank Rescue Help, BAILOUT MANIA Gone Wild! Bernanke Says U.S. May Need to Expand Bank Rescue By Craig Torres and Scott Lanman “But our economy and financial markets face extraordinary challenges,” and doing less now would eventually prove to be more costly, he said. March 3 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits. “Without a reasonable degree of financial stability, a sustainable recovery will not occur,” the Fed chairman said today in testimony prepared for the Senate Budget Committee. “Although progress has been made on the financial front since last fall, more needs to be done.” Bernanke’s comments suggest he sees a role for bigger federal outlays as the Obama administration seeks congressional approval for a budget of $3.55 trillion for the fiscal year beginning in October. President Barack Obama has already signed into a law a $787 billion economic stimulus package of tax cuts and government spending. CORRECTED Article continues: http://www.bloomberg.com/apps/news?p...efer=worldwide Last edited by peaceandlove; 03-05-2009 at 12:14 PM.