Obama and Entire Economic Team, Resign Now

Posted on December 6, 2010


Hear What Bernanke Said…

Comments below from Fed Chair Ben Bernanke should scare the entire country…. The unemployment is in dire straights and will remail there for 4 or 5 years. Obama’s handling of this economy in just 2 years and his spending habits and new high cost programs are making it worse not better…..There is only one solution and it has to be done now. President Obama and his entire team must resign and not just for the good of the country but for the country’s mere survival. A small team of maybe 6 of the best fisical conservative business minds should run the country’s budget until unemployment is under control and the economy has a normal growth rate.

The Simpson commission was a joke by old political hacks and now we have political deal making and then all the pols will pat each other on the bac, proclaim the crisis is over and we will go back to business as usual. If this economic mess isn’t straightened out in the next 6 months I think we will have civil unrest on a major scale. We are that close to the collapse. SHAW

See article below for more on Bernanke.

Obama’s Jobless Rate Will Stay Very High 4 or 5 Years

The nation’s unemployment rate, which has been over 9 percent for a record 19 months, is not likely to return to “a more normal unemployment rate” of about 5 percent or 6 percent for four or five years, Federal Reserve Chairman Ben Bernanke said in an interview with the CBS News program “60 Minutes” broadcast on Sunday night.

Bernanke granted the unusual interview, he told “60 Minutes,” because he is concerned that his critics do not recognize the severity of the current economic problems.

Last month the Federal Reserve announced that it would pump $600 billion into the banking system in an effort to hold down long-term interest rates by buying government bonds. That unleashed a torrent of criticism.

Speaking about unemployment, Bernanke said: “Between the peak and the end of last year, we lost eight-and-a-half million jobs. We’ve only gotten about a million of them back so far. And that doesn’t even account the new people coming into the labor force. At the rate we’re going, it could be four, five years before we are back to a more normal unemployment rate. Somewhere in the vicinity of say 5 or 6 percent.”

Bernanke went on with other dire comments

 “We’re looking at 10, 15, 20 years from now, a situation where almost the entire federal budget will be spent on Medicare, Medicaid, Social Security, and interest on the debt,” he said. “There won’t be any money left for the military or for any other services the government provides. We can only address those issues if we think about them now.”
AND Bernanke said In addition, there is a growing gap among people based on education, Bernanke said. “It’s a very bad development,” he said. “It’s creating two societies.”