Congress could help steer the economy away from recession if it adopted a quick, efficient and temporary fiscal stimulus plan, Federal Reserve Chairman Ben Bernanke told Congress on Thursday.
Bernanke made it clear he wasn't forecasting a recession, but said action by Congress, along with more interest-rate cuts from the Fed, could help prevent one.
"Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policies alone," he said in prepared testimony to the House Budget Committee.
More after the link.
In case you were in hibernation this winter and not aware of our economic status, LOOK AT THE MARKET! We're in a recession people, no one will admit it, but the losses in the market speak for itself. Time to stack!
Bernanke made it clear he wasn't forecasting a recession, but said action by Congress, along with more interest-rate cuts from the Fed, could help prevent one.
"Fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policies alone," he said in prepared testimony to the House Budget Committee.
More after the link.
In case you were in hibernation this winter and not aware of our economic status, LOOK AT THE MARKET! We're in a recession people, no one will admit it, but the losses in the market speak for itself. Time to stack!
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