Obama Speech, Fed Gives Hope, Stockmarket Up, It’s All in the Timing

Much like Bill Clinton did on the eve of his impeachment by firing cruise missiles into empty tents in the Middle Eastern desert, so Obama does with a comment from Fed Chairman Ben Bernanke.
Does anyone really believe, for one instant, that Bernanke’s comment to Congress concerning the length of the recession and the corresponding stock market surge based on his comments, were anything but planned and executed by orders from the White House in order for Obama to have a positive note in people’s minds before his speech last night?
Ah yes, “The One” knows how to play your emotions like a finely tuned harp.
Let’s examine Chairman Bernanke’s words more closely;
From Fox News:

Bernanke said the economy is likely to keep shrinking in the first six months of this year after posting its worst slide in a quarter-century at the end of 2008.

Bernanke said he hoped the recession will end this year, but that there were significant risks to that forecast. Any economic turnaround will hinge on the success of the Fed and the Obama administration in getting credit and financial markets to operate more normally again.

“Only if that is the case, in my view there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,” Bernanke told the Senate Banking Committee.

That — along with the Fed chief’s remarks that regulators don’t intend to nationalize banks — was enough to buoy Wall Street. The Dow Jones industrials added more than 236 points and the Standard & Poor’s 500 index also rose, a day after both hit their lowest levels since 1997.

Yet Bernanke’s statement about not nationalizing the banks apparently doesn’t agree with Treasury Secretary Timothy Geithner plans:

In addition, Treasury Secretary Timothy Geithner has revamped a controversial $700 billion bank bailout program to include steps to partner with the private sector to buy rotten assets held by banks as well as expand government ownership stakes in them — all with the hopes of freeing up lending. The Obama administration also will spend $75 billion to stem home foreclosures.

Nationalization is defined as “the act of taking an industry or assets into the public ownership of a national government or state”. (Wikipedia Link Here)
By definition, they ARE starting to nationalize the banking industry.

I’m tell you folks, Emperor Obama is going to undo over 200 years of personal freedom, and at best, rewrite our nation in a socialist entity. At worst, our democracy will end and Obama or some other charismatic individual will seize sole power.
Some of you folks make fun of me for calling Obama “Emperor”. But can’t you see that is actually a possibility based on the way things are currently proceeding? Think about it.

WASHINGTON –The economy is suffering a “severe contraction,” Federal Reserve Chairman Ben Bernanke told Congress on Tuesday. But he planted a glimmer of hope that the recession might end this year if the government managed to prop up the shaky banking system, and Wall Street rallied.

Bernanke said the economy is likely to keep shrinking in the first six months of this year after posting its worst slide in a quarter-century at the end of 2008.

Bernanke said he hoped the recession will end this year, but that there were significant risks to that forecast. Any economic turnaround will hinge on the success of the Fed and the Obama administration in getting credit and financial markets to operate more normally again.

“Only if that is the case, in my view there is a reasonable prospect that the current recession will end in 2009 and that 2010 will be a year of recovery,” Bernanke told the Senate Banking Committee.

That — along with the Fed chief’s remarks that regulators don’t intend to nationalize banks — was enough to buoy Wall Street. The Dow Jones industrials added more than 236 points and the Standard & Poor’s 500 index also rose, a day after both hit their lowest levels since 1997.

Among the risks to any recovery are if economic and financial troubles in other countries turn out to be worse than anticipated, which would hurt U.S. exports and further aggravate already fragile financial conditions in the United States.

Another concern is that the Fed and other Washington policymakers won’t be able to break a vicious cycle where disappearing jobs, tanking home values and shrinking nest eggs are forcing consumers to cut back sharply, worsening the economy’s tailspin. In turn, battered companies lay off more people and cut back in other ways.

“To break that adverse feedback loop, it is essential that we continue to complement fiscal stimulus with strong government action to stabilize financial institutions and financial markets,” Bernanke said.

In an effort to revive the economy, the Fed has slashed a key interest rate to an all-time low and Obama recently signed a $787 billion stimulus package of increased government spending and tax cuts.

In addition, Treasury Secretary Timothy Geithner has revamped a controversial $700 billion bank bailout program to include steps to partner with the private sector to buy rotten assets held by banks as well as expand government ownership stakes in them — all with the hopes of freeing up lending. The Obama administration also will spend $75 billion to stem home foreclosures.

Those and other bold steps — including a soon-to-be-operational program to boost the availability of consumer loans — for autos, education, credit cards and other things — should over time provide relief and promote an economic recovery, Bernanke said. That program is “about to open,” he told lawmakers, without providing an exact date.

Original Link.

3 Responses to “Obama Speech, Fed Gives Hope, Stockmarket Up, It’s All in the Timing”

  1. Ron says:

    YOUR WORDS: “That — along with the Fed chief’s remarks that regulators don’t intend to nationalize banks — was enough to buoy Wall Street.”

    MY WORDS: Bernanke’s “remarks” need to be weighed with the fact that he represents a consortium of privately-owned, profit-driven, corporations [deceptively called “Federal” and “Reserve”]. If or when “The Fed” gained control and/or ownership of OTHER privately-owned, profit-driven, entities [whether they are called “banks” or something else], that would not be “nationalization” but simply private party buying private party [using public money]. Criminal? Yes. Nationalization? Technically, No.

  2. Wang says:

    PRESIDENT BARACK OBAMA IS BRILLIANT!

    The American people know that Barack Obama will diligently attend to matters related to the economy.

    Speaking of Barack Obama—Barack Obama is a racial-minority individual and does not like racism:

    And Michelle Obama is a racial-minority individual and does not like racism:

    SCANDALS! SCANDALS!

    SOME OF THE WORST CASES OF RACIAL PREJUDICE IN WORLD HISTORY!

    CONSTRUCTIVE WORLDWIDE DISSEMINATION OF INFORMATION RELATING TO SCANDALS:

    (I) I do solemnly swear by Almighty God that George W. Bush committed atrocious, racist, hate crimes of epic proportions and with the stench of terrorism which I am not at liberty to mention. Many people know what Bush did. And many people will know what Bush did—even until the end of the world. Bush was absolute evil. Bush is now like a fugitive from justice. Bush is a psychological prisoner. Bush often worries. In any case, Bush will go down in history in infamy.

    (II) It is opined that Bill Clinton committed terrifying, racist, hate crimes during his presidency, and I am not free to say anything further about it. ‘Be sure your sins will find you out’ (Numbers 32:23).

    (III) What if basically all racial-minority people would subscribe to the interpretations that George Herbert Walker Bush committed monstrous, racist, hate crimes while he was the President of the United States? It will eventually come out: it is only a matter of time.

    (IV) I know it may be hard to believe. However, Ronald Wilson Reagan committed horrible, racist, hate crimes during his presidency.

    – Wang

    (There are thousands of copies on the Internet (by March 29, 2009) indicating the contents of (I), (II), (III), and (IV). For example, one can go to Google right now, type “George W. Bush committed hate crimes of epic proportions and with the stench of terrorism,” hit “Enter,” and readily find 1,000 or more copies indicating content of (I). For example, one can go to Google right now (10 April 2009), type “Bill Clinton committed racist hate crimes, and I am not free to say anything further about it,” hit “Enter,” and readily find more than 340 copies indicating content of (II); one can do the same at Msn and readily find more than 420 copies. For example, one can go to Google right now, type “George Herbert Walker Bush committed monstrous, racist, hate crimes,” hit “Enter,” and readily find more than 140 copies indicating content of (III); one can do the same at Msn and readily find more than 190 copies. For example, one can go to Google right now, type “Ronald Wilson Reagan committed horrible, racist, hate crimes during his presidency,” hit “Enter,” and readily find more than 90 copies indicating content of (IV); one can do the same at Msn and readily find more than 150 copies. And there are thousands of copies in very many countries around the world. For example, there are countless copies on the Internet in Australia, Brazil, Canada, China, France, Germany, India, Japan, Korea, Russia, the United Kingdom, etc.)

    “BAD NEWS FROM THE UNITED STATES: ON THE RACIST HATE CRIMES AND ETERNAL INFAMIES OF GEORGE W. BUSH, BILL CLINTON, GEORGE H.W. BUSH, AND RONALD REAGAN” BLOG OF WANG

    badnewsfromtheunitedstates.blogspot.com
    _______________
    ‘If only there could be a Ban against invention that bottled up memory like scent & it never faded & it never got stale.’ Off the top of my head, it came from my Lower Merion High School yearbook.

  3. Steve says:

    B.D.S. – Bush Derangement Syndrome.
    Give me Bush over Obama any day.

Leave a Reply

*