Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 4:56:18 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Bernanke Backs Quick Bailout

Posted Jan 17, 08 10:50 AM CST in Business 

(Newser) – The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “explicitly temporary,” to avoid unwanted long-term stimulus and an undue deficit bulge, CNNMoney reports.

Committee Chair John Spratt promised to heed the deficit warning, but maintained that something must be done now, echoing economists who believe a slump is already here. Another congressman voiced inflation fears, and Bernanke promised vigilance, but said he expected it to be moderate this year. Most believe Bernanke intends to cut rates by half a point at the Fed's Jan. 30 meeting.

Source CNN

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Fed Ponders Pause in Rate Cuts—After 1 More

    Apr 24, 08 10:05 AM CDT
    Fed Ponders Pause in Rate Cuts—After 1 More The Federal Reserve may be ready to cool its torrid rate-cutting after a likely .25% percentage point cut at its meeting next week, the Wall Street Journal reports. Futures markets are betting Chairman Ben Bernanke is unlikely to rest just yet, with little change in the month-to-month economic picture, but will pause after that to assess the cuts' effect and avoid stoking inflation. More »

  • Bernanke: Adjustment Is Mostly Over

    Apr 2, 08 10:24 AM CDT
    Bernanke: Adjustment Is Mostly Over Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already been cut “substantially” and inflation was still a “source of concern.” More »

  • Despite Fed, Silicon Valley Bullish on Economy

    Feb 27, 08 5:31 PM CST
    Despite Fed, Silicon Valley Bullish on Economy Ben Bernanke’s report to Congress on monetary policy offered a grim outlook on the economy, but ABC News sees some signs that good news may be around the corner: workers in Silicon Valley, a national economic bellwether, feel good about their prospects. Rising exports, the recently-passed stimulus package and the future rate cuts Bernanke will probably make at the Fed’s March 18 meeting are additional reasons for optimism. More »

  • Fed Sees Slower Growth, Higher Unemployment

    Feb 20, 08 6:58 PM CST
    Fed Sees Slower Growth, Higher Unemployment The Federal Reserve issued a bleak assessment of the economy today, predicting weak growth and rising unemployment this year. Fed officials expect the economy to grow between 1.3% and 2% in 2008, the slowest in five years, the New York Times reports. A separate report today showed consumer prices rising, putting the Fed in a tricky spot as it weighs another rate cut against fears of inflation. More »

  • Bernanke Sees Q4 Slowdown

    Nov 8, 07 9:58 AM CST
    Bernanke Sees Q4 Slowdown Economic growth will slow "noticeably" through the end of the year and into 2008, Fed chief Ben Bernanke said in prepared testimony for a congressional panel today. Bernanke called the economy "resilient," but said the housing slump will intensify before it's over, the Wall Street Journal reports. He predicted that the sluggishness will persist several months into the year, as delinquencies on adjustable-rate mortgages continue to rise. More »

Federal Reserve Chairman Ben Bernanke addresses a housing and economic forum, Thursday, Jan. 10, 2008 in Washington. (AP Photo/Gerald Herbert)   (Associated Press)
Federal Reserve Board Chairman Ben Bernanke is seen during a meeting with House Speaker Nancy Pelosi, D-Calif., on Capitol Hill in Washington Monday, Jan. 14, 2008, to discuss ways Congress might act...   (Associated Press)
Federal Reserve Board Chairman, Ben Bernanke, speaks in Washington in this Nov. 14, 2007 file photo. (AP Photo/Caleb Jones, File)   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 4)

Tags

Congress  • subprime mortgages  • Federal Reserve  • recession  • Ben Bernanke  • inflation  • economic stimulus  • budget deficit  • House Budget Committee


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »