Bernanke, Bush Support Economic Stimulus Plan - Economy * US * News * Story - CNBC.com
Here is a clip from Bernanke testimony to Congress today. I was watching live and the markets were slightly up when he started talking anf then at about 11:30 they were down 80 points. He talked about the implications that the potential stimulus would have on the economy. He stressed what I call the two T's: timing and temporary. If not implemented quickly the fiscal stimulus could have adverse effects on long term monetary policy making it counterproductive to growth. This is just a short term stimulus and failure to recognize will dampen any potential effects on the economy.
Thursday, January 17, 2008
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Also during the Q&A session a Representative from Ohio got Bernanke confused with Secretary Paulson calling him the former CEO of Goldman Sachs. Bernanke promptly stopped and corrected her, but then she asked him what corporation he was CEO of and he responded "CEO of Princeton Economics Department." Cracking jokes in front of Congress; that is what I like to see.
The situation is unbelievable.
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