Bernanke “optimistic.” Philly Fed says another recession 85% sure; Roubini says it’s coming

First, the latest from the Fed Chair:

“With respect to longer-run prospects, however, my own view is more optimistic,” Mr. Bernanke said in his prepared remarks. “The growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years.”

The NYT notes Bernanke “offered little indication of any plans for additional measures to boost short-term growth.”

Great. He’s optimistic and is offering no plans. Meanwhile, GDP is at 1%.

Anyone who votes to cut any spending this year or next, or signs such legislation, shouldn’t be re-elected.  Period.  This is criminal that Congress and the President just cut spending, and now plan on doing it again in the super committee.  It’s equally criminal that the President refused to adequately defend the stimulus (and refused to push for a big enough stimulus the first time), then embraced deficit reduction over a year ago, when the economy was still teetering on the brink.

Every single one of them, the Democrats in Congress, the Republicans in Congress, and the President own this double dip recession if it comes, as they do the already crappy economy we have.  And I don’t know how you vote for anyone who is supporting legislation that will literally depress the economy further.


“The reality is we’re heading toward recession”

Nobel laureate Michael Spence now believes the chance of global recession is at 50%.

And, this via CNBC:

The Philly Fed puts a recession probability at 85.7 percent

“It’s a 100 percent chance,” said Peter Schiff, CEO & Chief Global Strategist of Euro Pacific Capital. “In fact the recession might have already started.”

We need another massive stimulus now. Or a lot of people are going to lose their jobs and their homes, and it will be the fault of every single politician in Washington, from the White House to the Congress.  The President’s constant pandering to conservative Dems and Republicans is no longer academic.  It’s  having real world consequences.  This is bs.

CyberDisobedience on Substack | @aravosis | Facebook | Instagram | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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