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alstry (36.37)

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June 09, 2008 – Comments (8)

Monday June 9, 9:26 pm ET
Bernanke: Danger of 'substantial downturn' has faded despite big jump in jobless rate

WASHINGTON (AP) -- Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned, Federal Reserve Chairman Ben Bernanke said Monday.

OR

U.S. food stamp use up sharply, sign of hard times

Mon Jun 9, 6:24 PM ET

WASHINGTON (Reuters) - Some 27.88 million Americans received food stamps in March, up 1.5 million from a year earlier, according to the latest U.S. government figures which antihunger experts pointed to on Monday as a sign of economic distress.

"What's happening is we have a large number of families in poverty who are losing income while their expenses are going up," said Stacy Dean of the Center for Budget and Policy Priorities, a think tank.

Food stamps help poor people buy food. Benefits average $1 per meal.

 

Either those people needing food stamps don't know that the downturn is not severe or Behind the Times Benny is missing the picture

8 Comments – Post Your Own

#1) On June 09, 2008 at 10:26 PM, alstry (36.37) wrote:

Coming To America?????

Thousands of European truckers join fuel protests

Mon Jun 9, 1:51 PM ET

MADRID (AFP) - Tens of thousands of truckers in Spain, France and Portugal on Monday stepped up protests against rising fuel prices, causing mayhem on highways and blocking border crossings.

Over the road truckers in America are pulling off to the side of the road because they can't haul at current diesel prices close to $5 per gallon.

Most goods in America are transported by truck.  If this persists much longer, we can and should expect serious disruptions arising out of our trucking industry.

Maybe this might change some of our leaders minds about how serious the downturn may be!!!

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#2) On June 09, 2008 at 11:06 PM, russiangambit (29.39) wrote:

> WASHINGTON (AP) -- Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned, Federal Reserve Chairman Ben Bernanke said Monday.

Depends on what one calls a "substantial downturn". It looks like stock market will keep going down. I call that a downturn..

Now that it starting to sink in that $4 gas is here to stay, expect further worsening on the consumer front.

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#3) On June 10, 2008 at 1:45 AM, hansthered0 (< 20) wrote:

When Bernanke says "downturn" he's not refering to the S&P 500, hes talking about the economy in general. I think a much bigger issue for the Fed is GDP growth.

After all; prolonged GDP stagnation is the determining factor in  a recession, not poor market preformance. (although they can go hand in hand at times)

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#4) On June 10, 2008 at 6:46 AM, DemonDoug (32.26) wrote:

alstry, i think finally, after years and maybe decades, the mainstream media and the public is basically saying "we don't believe you" to the fed.  mish has been really hammering the fed, and fed governors are now publicly criticizing fed policy, which has never happened before.

Bernanke is either out of touch and incompetent or he's a liar.  My assertion has been and remains, that you do not gain positions of great power by being stupid, but deception can carry you all the way to the top.

I wonder what will happen if LEH goes bk like BSC.  Will the fed rush in for another bailout? 

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#5) On June 10, 2008 at 8:33 AM, abitare (48.46) wrote:

Jim Rogers is a billionaire and former partner of Soros. He is calling for Ben to resign and the FED to be abolish.

 

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#6) On June 10, 2008 at 9:48 AM, eldemonio (97.98) wrote:

DD -

"Bernanke is either out of touch and incompetent or he's a liar.  My assertion has been and remains, that you do not gain positions of great power by being stupid, but deception can carry you all the way to the top."

What would you call someone who keeps lying and deceiving even after people call them out?  I call that person a stupid liar.  I might call them the President's bu++ boy too, still trying to settle on what I would officially call them.

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#7) On June 10, 2008 at 11:15 AM, russiangambit (29.39) wrote:

> When Bernanke says "downturn" he's not refering to the S&P 500, hes talking about the economy in general. I think a much bigger issue for the Fed is GDP growth.

I understand that , LOL. But stock market is considered to be a good predictor of economic situation, 6-months out in the future predictor. This is why I look at the stock market. 

 

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#8) On June 10, 2008 at 6:55 PM, undesirabull (31.95) wrote:

kind of like sub prime is contained

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