TPMtv: Sunday Show Roundup: End of the Beginning

[L. Coyote]

Run time: 05:23 https://www.youtube.com/watch?v=iMU82RyJ2m4   Posted on YouTube: June 09, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: June 10, 2008 By DU Member: L. Coyote Views on DU: 385

 

[whistle]

1. Hey, prosperity is just around the corner according to Ben Bernanke

<snip>
Fed Chief Says Danger For Economy Has Subsided

Federal Reserve Chairman Ben Bernanke says the danger that the country has fallen into a substantial downturn appears to have faded, despite a big jump in unemployment.

However, he sounded a warning over soaring energy costs and said the central bank would "strongly resist" any tendency for an inflationary psychology to take hold.

Speaking at a Fed conference in Chatham, Massachusetts on Monday night, Bernanke said "although activity during the current quarter is likely to be weak, the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so."

He said a government report last week showing the unemployment rate rising from 5 percent in April to 5.5 percent in May was "unwelcome." But he said other forces should provide some offset to the headwinds that still face the economy.

Bernanke did sound a warning over soaring energy costs and said the central bank would "strongly resist" any tendency for an inflationary psychology to take hold.

"The latest round of increases in energy prices has added to the upside risks to inflation and inflation expectations," Bernanke said.

http://www.npr.org/newsinbrief/index.html

Where have we been fed this line of bullshit before?