Bernanke Pitches Fiscal Stimulus to Congress
October 21, 2008
Federal Reserve Chairman, Ben Bernanke, testified in front of Congress this week and advocated a second round of fiscal stimulus in an effort to prevent a long period of economic slowdown. Bernanke, who would be typically be centering his talking points on inflation, interest rates, and monetary policy told Congressional legislators that a new fiscal package should be geared toward opening up credit markets for American consumers. The first stimulus package, passed by Congress last spring, gave most Americans a $600 rebate check and helped keep GDP positive through the second quarter of 2008. Bernanke and most economists are in agreement that no fiscal policy will prevent at least a short recession, but aiding the debt-burdened American homeowner appears to be on the agenda now that major financial companies and banks have been bailed out. Some of Bernanke's comments in front of Congress are below:
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21 October 2008 at 10:33 am
Foreign ownership of the national debt is as of July 2008 $2.7 trillion. The balance is held by Intragovernmental Holdings and Debt Held by the Public. Where does the money for all these bailouts and stimulus program come from? http://nomedals.blogspot.com