Bernanke Strikes Again

After the first deficit busting stimulus package failed to forestall the current economic downturn and aid in any way the prevention of the current financial markets disaster the Fed Chairman is proposing another stimulus package. This one will ONLY cost approximately $150 Billion dollars. He must be planning an additional shift at the printing plant to print more money and further reduce its value.

Here is his statement before the Before the Committee on the Budget, U.S. House of Representatives 10-20-2008.

"I understand that the Congress is evaluating the desirability of a second fiscal package. Any fiscal action inevitably involves tradeoffs, not only among current needs and objectives but also--because commitments of resources today can burden future generations and constrain future policy options--between the present and the future. Such tradeoffs inevitably involve value judgments that can properly be made only by our elected officials. Moreover, with the outlook exceptionally uncertain, the optimal timing, scale, and composition of any fiscal package are unclear. All that being said, with the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate."