WSJ: “Bernanke Feared a Second Great Depression” By Sudeep Reddy

The full article is at:
http://online.wsj.com/article/SB124865498517982625.html

Well, by doing the incredibly idiotic and stupid things that Bonkers Ben did to benefit strictly the banksters and corporatists, he got something much bigger - THE GRAND GLOBAL DEPRESSION.

Just as expected. INTEREST RATES ARE RISING SIGNIFICANTLY which, of course, means that equities should decline, particularly as PROFITS ARE PLUNGING (down an average of 30% or more) and many companies are reporting losses. Mortgage rates will most definitely increase and the high-end market for residential real estate is now tanking badly. Commercial real estate is in a free fall with record vacancy rates and prices plunging. Unemployment now added another 544,000 people which means far less consumer spending and massive amounts of additional mortgage and credit card defaults.

After two days of testimony, anyone who had previously merely suspected that Bonkers Ben was a clueless liar had any and all doubts thoroughly removed.

After appearing before lawmakers three times last week, Mr. Bernanke broke little new ground in explaining the state of the economy. He said the Fed’s expected economic growth rate of 1% in the second half of the year would fall short of what is needed to bring down unemployment, which he sees peaking sometime next year.

Related Posts:

• Full Steam Ahead For The Economy? Whose economy? What a load of BS!
• Beige Book: This is the elephant in the room - commercial collapse.
• Reality check for real economic recovery:
• The economy is collapsing in the US and globally deeper into malaise everywhere.
• Hard to disagree with any of these points about the coming double dip recession.

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