Friday, January 19, 2007

Bernanke sees Financial crisis in the next 10 years if we do not act soon! No? After 6 years ...

Bernanke sees Financial crisis in the next 10 years if we do not act soon! no kidding it's 6 years in the making and worse than he thinks! Help me think of the whole picture.
Federal Reserve Chairman Ben Bernanke warned Congress Thursday that the economy could be gravely hurt if Social Security and Medicare aren't revamped and urged lawmakers to tackle the nation's thorny fiscal issues sooner rather than later.
He said that if early and meaningful intervention was not taken that our economy could be seriously weakened.
I have to ask! Is that code for you better do what Bush wants with social security and Medicare before it is too late and the better the sooner? I don't like the implications at all. I don't care what any of the so called experts say, we can not let Bush get his hands on the social security system. He would only ruin it.

He wouldn't fix it for those who need it the most. He would fix it so it would benefit industry and bureaucracies. He does nothing for the average American and as we all know messes up everything he touches. We've got to keep this out of his mitts if at all possible.
I know my fellow baby boomers are retiring but why is Bernanke suddenly stressing the situation caused by retirees could be dire. He may be right the right time to fix it may have been 10 years ago but who the hell can we trust? We can't let Bush touch anything else!
Bernanke sees rising budget deficits likely in the years ahead to increase the amount of federal debt outstanding to unprecedented levels. what the hell is he talking about? with approximately 2 trillion in debt during Bush's Presidency aren't we already suffering record debt.
He said a vicious cycle may develop in which large deficits lead to rapid growth in debt and interest payments, which in turn adds to subsequent deficits," he said. Ultimately, a big expansion of the nation's debt "would spark a fiscal crisis, which could be addressed only by very sharp spending cuts or tax increases or both. aren't we there already wholly thanks to Bush?
What a surprise forecasts call for a worsening of the deficit this year. I wonder what affect attacking Iran will have on it or have they figured that in? Bush now wants to work with Congress to balance the budget by 2012. He'll be out of office by then.
I will add that Bernanke offered no suggestions and I have yet to here any reference as to what affect Bush's nicely put off future debt will have on this mess of an economy we are having forecasted now that Bush's tenure is running down and we will have to start paying his irresponsible debt. what a coincidence right.
To top it off the chief idiot is calling for a balanced budget 4 years after he leaves his world record mess. I hope we will be able to pick up after this idiot but it won't be in 4 years.

James Joiner
Gardner, Ma

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