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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Bernanke Testimony
Bernanke testified before Congress today.
He said two things of import
1. That unemployment is going to stay North of 9% through 2010
2. That the USD does not face any challenges in the short run, however in the future if the US does not get its financial house in order there will be challenges.
Paul Volcker ex Fed Chief in an interview this week said that for unemployment to go down the US economy would have to grow at more than 3%. That it looks like the US economy is in for slow growth going forward.
That either US govt spending has to go down or taxes willhave to go up. He doesn't see the spending decreasing. At this point in time he see neither spending nor taxes going up.
He too see that if the US continues on this course the USD will face challenges.
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"Some Observer"
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