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BB is in the Q&A right now; no drama in the market which opened low already anyway.
WASHINGTON -- U.S. Federal Reserve Chairman Ben Bernanke on Wednesday urged lawmakers to commit to reducing the nearly $2 trillion budget deficit, warning that the government can't borrow "indefinitely" to meet the growing demand on its resources.
***
Mr. Bernanke adhered closely to the Fed's cautiously upbeat outlook for the economy. Consumer spending, he said, has been flat since the start of the year and sentiment has improved. Housing, he said, "has also shown some signs of bottoming" and lean inventories should eventually spur production.
Still, he cautioned that even when an upturn begins, growth will remain below its long-run potential "for a while."
"Sizable" job losses, he said, should continue for "the next few months," pushing the unemployment rate higher. The government releases May payroll figures Friday. Economists expect another payroll decline of over 500,000, raising the jobless rate past 9%
BB is in the Q&A right now; no drama in the market which opened low already anyway.
WASHINGTON -- U.S. Federal Reserve Chairman Ben Bernanke on Wednesday urged lawmakers to commit to reducing the nearly $2 trillion budget deficit, warning that the government can't borrow "indefinitely" to meet the growing demand on its resources.
***
Mr. Bernanke adhered closely to the Fed's cautiously upbeat outlook for the economy. Consumer spending, he said, has been flat since the start of the year and sentiment has improved. Housing, he said, "has also shown some signs of bottoming" and lean inventories should eventually spur production.
Still, he cautioned that even when an upturn begins, growth will remain below its long-run potential "for a while."
"Sizable" job losses, he said, should continue for "the next few months," pushing the unemployment rate higher. The government releases May payroll figures Friday. Economists expect another payroll decline of over 500,000, raising the jobless rate past 9%
Yeah, the deficit is a very big issue - especially in the long run. Right now the government NEEDS to spend to stimulate the economy, but in the long run that can't continue. Walking the fine line between stimulating the economy and dealing with the long-term deficit is THE biggest challenge the administration will face. No doubt about that.
No - homes sales are UP because:
1) Prices dropped
2) The new government home buyer incentives
3) Interest rates are low and folks know they won't remain this low forever - and in fact could start going up at any time. In fact once they DO start going up you'll likely see a stampede of buyers deciding to move before they miss out on the very best financing.
Interest rates were low before the economy crashed, hell, they probably helped it to crash, and prices dropping is not GOOD...
More evidence you dont know wtf your talking about..
Interest rates were low before the economy crashed, and prices dropping is not GOOD...
More evidence you dont know wtf your talking about..
And yet the markets have been trending up, the number of new unemployment claims continue to drop, Manufacturing is increasing, home sales are climbing, public optimism is up.
Yeah, clearly I "don't know wtf I'm talking about".
Its at 8,665 today so, must be tragedy to people who thinks that the dow is an indicator of the economy, which its not.
The markets go up and down on a daily basis - what counts is the overall trend - which has CLEARLY been UP for the last 3 months. I would have thought you were smart enough to know that seeing as you're always CLAIMING to be making all this money in the market. Apparently I was wrong.
And yet the markets have been trending up, the number of new unemployment claims continue to drop, Manufacturing is increasing, home sales are climbing, public optimism is up.
Yeah, clearly I "don't know wtf I'm talking about".
LOL
Ken
translation:
Markets are going up because they dropped to far, as if that has any indication of the "economy", because if its in the market, people arent spending it.
Unemployment claims continue to go up, (but lets say they "continue to drop" to make it sound better)
Oil prices are rising, wiping out any increased disposable income.
Home sales are climbing because prices are dropping, causing a deflation of the housing market,
Durable good sales reached a 13 year low U.S. Economy: Durable-Goods Orders Near 13-Year Low (Update1) - Bloomberg.com
blah blah blah.. and most of this is not related to ANY president.. Its an economic business cycle. The only reason why presidents hold fault/credit for this is because they are not allowing the cycle to take place meaning they either are will create an artificial bubble in the future, or they are holding back a recovery.
The markets go up and down on a daily basis - what counts is the overall trend - which has CLEARLY been UP for the last 3 months. I would have thought you were smart enough to know that seeing as you're always CLAIMING to be making all this money in the market. Apparently I was wrong.
Ken
DING DING DING, we have a winner, it goes up and down daily, so pointing out the previous 2% gain is meaningless, but I didnt see you correct that comment about the increase...
And all of this ignores that the market is not an indicator of the economy at all unless people withdraw their money from the market and spend it. (which causes the market to go down, not up)
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