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  • Bernanke: Recession is not on the horizon
    policy makers had signaled interest rates might drop That new comment sent stocks spiraling downward The Fed chief testified on Capitol Hill amid growing concerns that problems with risky mortgages and a painful housing slump could send the economy into a tailspin Greenspan recently said there s a one in three possibility of a recession this year But Bernanke while acknowledging there are risks told Congress s Joint Economic Committee that the Fed does not see such negative forces pushing the economy into a recession I would make a point I think which is important which is there seems to be a sense that expansions die of old age that after they reach a certain point then they naturally begin to end Bernanke said I don t think the evidence really supports that If we look at history we see that the periods of expansions have varied considerably Some have been quite long Bernanke said the Federal Reserve last week changed its policy statement which investors look to for clues about future rate moves to gain a bit more flexibility given the uncertainties that we are facing and the risks that are occurring on both sides of our outlook There

    Original URL path: http://www.911omissionreport.com/bernanke_no_recession.html (2016-02-14)
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  • Reid Says `No One Knows What to Do' to Solve Crisis
    up and dispose of bad debt stemming from the subprime mortgage crisis The Fed has the authority to move in this area Dodd told reporters in Washington Federal Reserve The Federal Reserve Board with support of the U S Treasury invoked emergency powers to lend as much as 85 billion to American International Group Inc to save the firm from collapse At the start of the week Lehman Brothers Holdings Inc filed for bankruptcy That followed the bailout of Bear Stearns Cos in March and the takeover of Fannie Mae and Freddie Mac earlier this month Illinois Senator Dick Durbin said in a speech on the Senate floor that President George W Bush isn t in a position to propose regulatory overhaul legislation because he is close to leaving office and the Congress is not in a position to pass it Congress is planning to adjourn Sept 26 and other Democratic leaders have said they hope to avoid a post election session Reid said that Paulson recognizes that nothing is going to be done this year It is a multitrillion dollar issue that s facing America and we can t do it on some timeline that is unrealistic Martinez Senator Mel Martinez a Florida Republican said that Reid s comments that no one knows what to do is not a way to inspire confidence or begin to turn the tide on some of this Arizona Senator Jon Kyl the Senate s No 2 Republican disagreed with Reid s assessment saying there is a range of ideas about what could be done and what ought to be done He also acknowledged a difference of opinion about what Congress should do next It is fair to say it would be difficult to get a complicated proposal through the Congress at this time

    Original URL path: http://www.911omissionreport.com/no_one_knows.html (2016-02-14)
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  • Recession Ended in June 2009
    determined only that the recession ended and a recovery began in that month the committee said in a statement The 2007 2009 recession is the longest in the post WWII period The decision by the NBER means that any future downturn in the economy would be considered a new recession and not a continuation of the recession that began in 2007 The committee waited to make its decision until revisions

    Original URL path: http://www.911omissionreport.com/recession_ended_09.html (2016-02-14)
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  • Bernanke Puzzled by Gold Rally
    In this case it might instead be a hedge against risk broadly Mr Bernanke notes that the inflation signal isn t confirmed by movements in other asset classes Yields on Treasury bonds tend to rise when investors worry about inflation but those yields have been falling recently Inflation expectations as measured in Treasury Inflation Protected Securities TIPS markets remain low And other commodity prices are falling Gold is breaking records

    Original URL path: http://www.911omissionreport.com/bernanke_gold.html (2016-02-14)
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  • Economic trouble puzzles Fed chief, too
    pair of temporary shocks The Fed announcement at 12 30 p m had little effect on the stock and bond markets Bernanke began speaking at 2 15 and stocks started falling at about 2 30 when he acknowledged that some of the economy s problems could linger into next year The Dow Jones industrial average closed down 80 points for the day The Fed s statement Wednesday stood in contrast to the Fed s more upbeat view when officials last met eight weeks ago At that time the central bank said the job market was gradually improving Since then the economic news has been gloomy The government reported that the economy grew at an annual rate of only 1 8 percent in the first three months of the year It isn t expected to grow much faster in the current quarter The economy added 54 000 jobs in May far fewer than in the previous two months Consumer spending has weakened too The bad economic news is taking a political toll on President Barack Obama For the first time this year an Associated Press GfK poll found that fewer than 50 percent of respondents believe Obama deserves re election Obama s overall approval rating fell to 52 percent in the new poll It had risen as high as 60 percent after the U S raid last month in Pakistan that killed Osama bin Laden The new Fed statement acknowledged a slowdown over the past two months They see the weakness said Bruce McCain chief investment strategist at Key Private Bank You can hear their concern about economic weakness despite their hope it is likely to be temporary The Fed stuck to its plan to bring an end this month to a program to help the economy by buying 600 billion

    Original URL path: http://www.911omissionreport.com/bernanke_economy_puzzles.html (2016-02-14)
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  • States seek currencies made of silver and gold
    March that recognized gold and silver coins issued by the U S Mint as an acceptable form of payment Under the law the coins which include American Gold and Silver Eagles are treated the same as U S dollars for tax purposes eliminating capital gains taxes Since the face value of some U S minted gold and silver coins like the one ounce 50 American Gold Eagle coin is so much less than the metal value one ounce of gold is now worth more than 1 700 the new law allows the coins to be exchanged at their market value based on weight and fineness A Utah citizen for example could contract with another to sell his car for 10 one ounce gold coins approximately 17 000 or an independent contractor could arrange to be compensated in gold coins said Rich Danker a project director at the American Principles Project a conservative public policy group in Washington D C South Carolina Republican Representative Mike Pitts proposed a currency system that would allow people to use any kind of silver or gold coin whether it s a Philippine Peso or a South African Krugerrand based on weight and fineness Pitts said in the bill which currently has 12 co sponsors that the state is facing an economic crisis of severe magnitude Republican representatives from Washington State followed suit in January introducing a bill that would also allow any gold and silver coins to be considered legal tender based on metal values Minnesota Iowa Georgia Idaho and Indiana are also considering similar proposals Many of the bills would make it possible for residents to exchange the physical coins for goods and services so you could use coins to buy anything from groceries to a car as long as the store chooses to accept them However most people aren t going to walk around with such valuable coins in their pockets said Vieira Plus calculating the value of the coins especially if they come from different parts of the globe and are of different sizes and shapes will get tricky It s more likely that the states will create electronic depositories and accounts for the coins to make transactions easier when and if the initial bills are passed he said Utah Gold Silver Depository is already developing a system where customers could use debit cards linked to their gold holdings When customers swipe their debit cards to make transactions physical gold and silver coins would be transferred between accounts in privately owned depositories or vaults based on the market value of the metals Before deciding on a specific form of currency some states including Minnesota Tennessee Virginia and North Carolina are considering proposals that would first require a committee to review their alternative currency plan The future of U S currency The states proposals have been gaining steam among Tea Partyers and Republicans many of whom also endorse a nationwide return to the gold standard which would require the U S dollar to

    Original URL path: http://www.911omissionreport.com/states_silver_gold.html (2016-02-14)
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  • Financial Crisis 'Far From Over,' Panel Says
    sector We still have a long way to go A very long way Elizabeth Warren the Harvard Law School professor who chairs the panel said in an interview today with Bloomberg News The panel reported that the government has spent lent or set aside more than 4 trillion through the Troubled Asset Relief Program the Federal Reserve and the Federal Deposit Insurance Corporation Today the credit markets no longer face an acute systemic crisis in confidence that threatens the functioning of the economy the report said But it said the economy now faces an apparently prolonged period of weakness with regard to financial firms and lending It noted for instance that Citigroup and Bank of America received multiple injections of capital from the government while borrowing costs remain high for businesses and individuals The panel also cited increasing numbers of home foreclosures and lower home prices as reasons for concern The panel criticized the Treasury Department for failing to identify what measurements it will use to determine whether its rescue programs are working If you don t articulate what the metrics are going out you can t know if anything succeeded or failed Warren said Not Enough Spending Transparency Warren

    Original URL path: http://www.911omissionreport.com/crisis_far_from_over.html (2016-02-14)
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  • IMF admits that the West is stuck in near depression
    Bank of England was able to cut interest rates Sterling fell The key point is whether you can offset the budget cuts But by the same token it is fallacious to cite the austerity cures of Canada and Scandinavia in the 1990s as the European Central Bank does as evidence that budget cuts pave the way for recovery These countries were able export to a booming world They could lower interest rates and were small enough to carry out beggar thy neighbour devaluations without attracting much notice We were not then in our New World Order of currency wars Be that as it may it is clear that Southern Europe will not recover for a long time Portuguese premier Jose Socrates has just unveiled his latest austerity package He has capitulated on wage cuts There will be a rise in VAT from 21pc to 23pc and a freeze in pensions and projects The trade unions have called a general strike for next month Mr Socrates has already lost his socialist majority leaking part of his base to the hard Left Bloco He must rely on conservative acquiescence not yet forthcoming Citigroup said the fiscal squeeze will be 3pc of GDP next year So under the IMF s schema this implies a 3pc loss in growth Since there wasn t any growth to speak off this means contraction Spain had a general strike last week Elena Salgado the defiant finance minister refused to blink Economic policy will be maintained she said There will be another bitter budget in 2011 cutting ministry spending by 16pc Mrs Salgado has ruled out any risk of a double dip But the Bank of Spain fears the economy may contract in the third quarter The lesson of the 1930s is that politics can turn ugly as

    Original URL path: http://www.911omissionreport.com/near_depression.html (2016-02-14)
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