Saturday, November 10, 2007


At the hearing, Senator Charles E. Schumer of New York, chairman of the Joint Economic Committee, urged Mr. Bernanke to act more aggressively to stimulate the economy. "I’m very concerned that there may be a bigger storm on the horizon," he said.

But Mr. Bernanke refused to budge. Indeed, he referred first to the Fed’s attention to "price stability" and second to its interest in "sustainable growth."

That did little to cheer lawmakers. In an early sign of the political pressure that the Fed is likely to face if the economy falters next year, Senator Brownback, who recently abandoned his Republican campaign for president, pleaded with Mr. Bernanke to cut interest rates in time for the Christmas shopping season.

"It seems to me that now is the time," Mr. Brownback said. "When those gas prices get up to $3 a gallon, it seems to hit some sort of psychological point in consumer’s mind that 'I have less to spend,' and that’s a reality for them."

If prices went up, people demanded not a stable purchasing power for the marks they had, but more marks to buy what they needed. More marks were printed, and more, and more.

-Adam Fergusson, When Money Dies


Blogger wendyo said...

" time for Christmas"


11/10/2007 5:44 PM  
Anonymous JackofAllTirades said...

Don't you think that Christians (America being a "Christian" country and all) should be upset at the gross commercialization of the holiday, let alone undercutting our economy so we can have a temporary bubble "in time for Christmas"?

Something like 25% of our retail economy is dependent on this one religious holiday.

11/10/2007 6:21 PM  
Blogger Jimmy the Saint said...

I am glad Sam Brownback didn't gain any traction among the fundies. What an idiot he is. Schumer isn't much better though.

11/10/2007 10:39 PM  
Anonymous Anonymous said...

bernanke is another bush hack. he will cave.

gold. buy gold. now.

11/11/2007 7:55 AM  
Anonymous goldhorder said...

...and silver too. Uranium isn't looking to bad either.
Nuclear Hydrogen
INL supports DOE's Nuclear Hydrogen Initiative to help demonstrate the economic commercial-scale production of hydrogen using nuclear energy by 2015, and thereby make available a large-scale, emission-free, domestic hydrogen production capability to fuel the approaching hydrogen economy. See also: DOE's Nuclear Hydrogen Initiative

11/11/2007 8:36 AM  
Anonymous Anonymous said...

Does Brownback even realize that if the Fed cuts rates, gas prices will only go even higher (along with most everything else)?

11/11/2007 7:37 PM  
Anonymous George said...

Schumer (Mr. Waterboarding) and Brownback are idiots. This kind of thing infuriates me, but then what else is new?

11/11/2007 11:29 PM  
Blogger Gringo_Malo said...

I seem to remember that in 1965, gas was thirty cents a gallon and T-bone steak was a buck a pound. Judging by the T-bone steak index, three dollar gas is still a bargain. NYT has a graph of the inflation-adjusted price of gasoline, which I found by way of As of May, we were still below the historic peak in 1981, but I expect gas to rise as the dollar continues to fall.

It's a great pity that DOE didn't begin its Nuclear Hydrogen Initiative back in the 1990s. By 2015, a much smaller population of Americans will be cooking rats over fires fueled by newsprint dug up from old landfills. It is not encouraging that the link to DOE's Nuclear Hydrogen Initiative from the URL that goldhoarder supplied leads nowhere.

11/12/2007 12:43 PM  
Anonymous Anonymous said...

Mr TCR this you-tube is a MUST SEE!! ( how to: understand SIV's and CDO's )

Fell off the chair laughing.

. dave b.

11/13/2007 9:46 AM  
Anonymous goldhorder said...

I agree with that gringo...The project is funded the tune of 4 billion dollars. I don't know if the project is classified or not...the government is crazy. It is being worked on though. I used to work at INEL by the way...I keep up with what they are doing there.

11/15/2007 11:00 AM  
Anonymous Viagra Online said...

Perfect because exactly what the title says is what I wanna get "more" because I know this blog is perfect and I also get current information about inflation and recession consequences.

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