Did Ben Bernanke really just say that?

re: Did Ben Bernanke really just say that?

Tapsearch Editor — Tue, 22 Jan 2008 01:43:03 GMT

Congresswoman Allyson Schwartz did ask Fed Chairman Ben Bernanke what was the best way to spend any extra money recieved from the economic stimulus package. She asked if people should use the money to pay down their credit card debt.

Bernanke said paying now a credit card debt would be a "negative" - so credit is the life line for consumerism.

He said the best way to spend any extra money would be to spend it on domestically produced items to best help the economy.

If Greenspan said this many years ago, we would not have any need for an economic stimulus package today.

It is nonsensical to use stimulus money and shop at places like Wal-Mart because the money quickly fans out to the places where the products are made. It does not stay in the USA to recyle our economy.

This is the problem with so called Free Trade that has made production portable ready to be moved again and again for the sake of cheaper labor.

See www.bizarrepolitics.com/ben-says-buy-usa and then see a satirical commentary about the things to come if we do not start buying domestically produced products at www.bizarrepolitics.com/china-direct-retail-stores Welcome to the the New World Dis-Order

re: Did Ben Bernanke really just say that?

Dana Getman — Sun, 11 Nov 2007 13:51:13 GMT

your points are well made as usual. Technical correction: China's policy is to peg the yuan to the dollar. One additional point on Ben's commentary: consider the importation of an intermediary material by a US manufacturer (e.g. any internationally traded commodity, especially those priced in USD) and the impact on pricing of the final good. Ben's caught in a trap, he really should be raising interest rates but chooses to print money to save the financial district. May not be a bad decision today but we will pay for it later. Clearly, if he were to be more forthcoming in his testimony, he would have to explain his choices.

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