Mobile Version
Free Internet Press
  Uncensored News For Real People


FIP Year In Review

FIP Month in Review

FIP Archive Search




2014-07-09
R.I.P. William 'Bill' Herbert Kelder - Intellpuke

2013-11-28
Gamers Donate 37,500 Pounds Of Food To Needy

2013-09-30
Statement From The Whitehouse Regarding The Government Shutdown

2013-09-29
An Open Response To 'Organizing for Action'

2013-08-26
Bayou Corne: The Biggest Ongoing Disaster In The U.S. You Have Not Heard Of

2013-04-21
Boston Mayor Hopes Feds 'Throw the Book' at Marathon Bombing Suspect

2013-04-19
Boston Police Closing In On Suspects

2013-04-15
2 Explosions At Boston Marathon. 2 Dead, Many Injured.

2013-01-03
The Press vs Citizens Rights and Privacy - Act 3

2012-12-30
CBS News - Year In Review 2012

Nature.com - 366 Days: 2012 In Review

The Guardian - 2012 In Review: An Interactive Guide To The Year That Was

TruTV - The Biggest Conspiracy Theories of 2012

Colbert Nation: 2012: A Look Back

FIP Year In Review(s?)

2012-12-25
Happy Holidays

2012-12-21
Welcome To A New Era!

2012-12-16
An Open Letter To United Health Care, Medcom, And The Medical Insurance Industry In General

2012-11-17
Whitehouse Petition To Remove "Under God" and "In God" From Currency And The Pledge.

2012-11-15
December 21, 2012

2012-11-11
If Hillary Clinton Ran For President, She Would Probably Be The Best-prepared Candidate In American History

2012-11-10
CIA Director David Petraeus Resigns After FBI Investigation Uncovers Affair With High-Profile Journalist

FIP Format Update

2012-11-07
Thank you for voting.

2012-11-06
Live Election Results

2012-09-30
FIP In Hiatus

2012-09-18
U.S.-Afghan Military Operations Suspended After Attacks

Iran Nuclear Chief Says IAEA Might Be Infiltrated By 'Terrorists And Saboteurs'

Romney Stands By Gaffe

2012-09-17
President Obama Says China Trade Practices Harm American Auto Parts Workers


Bernanke: Fed Can Do More To Help The Economy
2012-08-31 15:32:09 (109 weeks ago)
Posted By: Intellpuke

The nation’s high unemployment rate is a “grave concern” and the Federal Reserve will step in to help the economy if it doesn’t recover, Fed Chairman Ben Bernanke said Friday.

Speaking at the Fed's annual symposium for central bankers held in Jackson Hole, Wyoming, Bernanke said the U.S. economy faces “daunting” challenges and that progress in reducing unemployment has been too slow, but he did not commit the Fed to any specific plan to boost the economy, such as a round of bond purchases to lower long-term interest rates.

In his speech, the Fed chief hinted that the Fed could act to spur growth if needed, saying “the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.”

World markets have been on edge for weeks waiting to hear what Bernanke will say in Wyoming.

Bernanke was expected to acknowledge the Fed is actively considering another round of monetary easing. By stopping short of signaling another bond-buying program is imminent, he was potentially disappointing the markets, analysts said.

“There might be optimism ... expecting some QE coming our way and obviously that's weakened the dollar,” Fabian Eliasson, vice president of currency sales at Mizuho Corporate Bank in New York, said ahead of Bernanke’s speech. “It seems that the market is hoping for that.”

(story continues below)




In the same venue in 2010 Bernanke introduced what has come to be known as “QE2” -- a plan for “quantitative easing,” where the Fed purchases long-dated bonds with the idea of moving money out of the Treasury market and into riskier assets in order to spur economic growth.

In his speech Friday, Bernanke defended the Fed’s two previous rounds of quantitative easing, saying they drove the stock market higher and created more than 2 million jobs, and he played down the potential risks associated with them.

“The costs of nontraditional policies, when considered carefully, appear manageable, implying that we should not rule out the further use of such policies if economic conditions warrant,” he said.

He also acknowledged that the weak employment market is a major threat to growth.

“The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years,” Bernanke said.

In response to the financial crisis and recession of 2007-2009, the Fed has cut official rates to zero and bought some $2.3 trillion in government and mortgage securities.

Intellpuke: This article is a compilation of reporting by NBC News and Reuters correspondents; you can read it in context here: economywatch.nbcnews.com/_news/2012/08/31/13590173-bernanke-fed-can-do-more-to-help-the-economy?lite


Email To A Friend
Email this story to a friend:
Your Name:
Their Email:
 
Readers Comments
Add your own comment.
(Anonymous commenting now enabled.)

Creative Commons License
Free Internet Press is licensed under a Creative Commons Attribution 3.0 United States License. You may reuse or distribute original works on this site, with attribution per the above license.

Any mirrored or quoted materials may be copyright their respective authors, publications, or outlets, as shown on their publication, indicated by the link in the news story. Such works are used under the fair use doctrine of United States copyright law. Should any materials be found overused or objectionable to the copyright holder, notification should be sent to editor@freeinternetpress.com, and the work will be removed and replaced with such notification.

Please email editor@freeinternetpress.com with any questions.

Our Privacy Policy can be viewed at https://freeinternetpress.com/privacy_policy.php

XML/RSS/RDF Newsfeed Syndication XML/RSS/RDF Newsfeed Syndication: http://freeinternetpress.com/rss.php

XML/RSS/RDF Newsfeed Syndication XML News Sitemap