Posted by
ApolloSpeaks on Tuesday, September 15, 2009 5:53:40 PM
Federal Reserve Bank Board Chairman Ben Bernanke speaks at the Brookings Institution in Washington, Tuesday, Sept. 15, 2009.
"The worst recession since 1930 is probably over" said Fed Chief Bernanke "but warned that unemployment is likley to rise above 9.7%" into double digit land. All this coming from the man who assured us in 2005, when advisor to President Bush, that the housing boom wouldn't go bust and there was no recession on the horizon. All this coming on the anniversry of Bloody Monday when Lehman Brothers filed for Chapter 11 bankruptcy and the great financial meltdown began. Funny Bernanke should mention the year 1930; for that was the fatal year when a hapless Herbert Hoover turned the recession into a depression. See OBAMA, BERNANKE AND THE GREAT DEPRESSION.
Postscript: Obama Goes Protectionist
As Congress's orgy of deficit spending and Bernanke's inflationary monetary policy force China to dump the dollar by the billions, Herbert Hoover Obama goes protectionist and starts an unwinnable trade war with China to appease Big Labor*. It's 1930 all over again with the difference that the Fed is dramatically expanding instead of contracting the money supply.
*The 55% tariff on tires imported from China to payback United Steelworkers for their election support.