OK, now we can get off Ben Bernanke's back.
According to The Wall Street Journal this morning, the Fed chairman has "endorsed a 'quickly' implemented fiscal stimulus package, saying it would complement the Fed's efforts to provide monetary-policy insurance against an economic downturn." The Journal also reported that in prepared testimony, Bernanke "repeated the pledge he made last week to enact 'substantive' rate cuts if needed to counter the threat to the economy posed by fragile financial markets and weakening employment. "
Way to go, Ben! What's more, according to CNNMoney.com, our Lame Duck in Chief has indicated that he will support an economic stimulus package-- even though it will mean making nice with the Frustrated Majority up on Capitol Hill.
On the other hand, we keep hearing that the $14-trillion-- or some such unfathomable figure-- U.S. economy is akin to the battleship that, no matter what harm's way it is steaming into, cannot be turned on a dime.
Even so, there is such a thing as psyching people up. Americans both indiviudally and collectively as businesspersons are more apt to do what they can to help our economy if they feel the government is in there with them, shoulder to shoulder, trying to keep things moving at least forward.
By the way, The New York Times is running an extensive profile on Mr. Bernanke. It may be worth a look-see, if like me, you ever wonder much about how the hell things actually happen in this great, grand country of ours.
Where the money is...
SPECIAL BONUS !
Courtesy of Reuters, here is the Head Fed in Talking Head mode: