House Speaker John "Bay-Near" states he is relying on the ideas of Ernst and Young to stop any and all tax increases. He states there is going to be 700,000 jobs lost.
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Ernst and Young (click here) is not the source of information we need. Ernst and Young is an accounting firm. It is Wall Street. Evidently, the Republicans were all set to turn the government into a private sector disaster if Romney were in the White House. I don't think so.
No one hates to say this more than me, but, Bernanke may be doing something to help return function to the banking system. When purchasing toxic assets (which he wanted to do from the beginning in 2008 but never had the time to establish it) will provide room within the banking structure to lend to businesses to expand their markets and drive employment.
By Joshua Zumbrun - Sep 13, 2012 6:46 PM ET
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Ernst and Young (click here) is not the source of information we need. Ernst and Young is an accounting firm. It is Wall Street. Evidently, the Republicans were all set to turn the government into a private sector disaster if Romney were in the White House. I don't think so.
No one hates to say this more than me, but, Bernanke may be doing something to help return function to the banking system. When purchasing toxic assets (which he wanted to do from the beginning in 2008 but never had the time to establish it) will provide room within the banking structure to lend to businesses to expand their markets and drive employment.
By Joshua Zumbrun - Sep 13, 2012 6:46 PM ET
...Bernanke is enlarging his supply of unconventional tools (click here) to attack unemployment stuck above 8 percent since February 2009, a situation he called a “grave concern.” The decision immediately provoked a renewed backlash from Republicans, including Senator Bob Corker of Tennessee, who said Bernanke’s policies damage the Fed’s credibility while doing little to spur the economy.
The FOMC also said it would probably hold the federal funds rate near zero “at least through mid-2015.” Since January, the Fed had said the rate was likely to stay low at least through late 2014. The Fed said “a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens.”
So, once again, the Republicans have it "W"rong and the USA needs to raise taxes on those most easy to pay them to PAY THE BILLS !!!
It would appear as though the liquidity of money to lend is a hurdle yet to be adequately addressed and perhaps this is the real progress we need. Bernanke wanted this earlier, but, never engaged it in a way that mattered before. The Republicans are wrong. There is no reason to wait to raise taxes.
End the Bush Tax Cuts.
