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Bernanke warns of threat from deficits



Published: Tue, October 5, 2010 @ 12:00 a.m.

Bernanke warns of threat from deficits

PROVIDENCE, R.I.

The economy could be hurt if Congress and the White House fail to come up with a plan to curb the nation’s huge budget deficits in the coming years, Federal Reserve Chairman Ben Bernanke warned Monday.

Bernanke, in a speech prepared for delivery, reiterated his belief that the government shouldn’t raise taxes or slash spending now because the economic recovery still is too fragile.

But failing to bring the deficits under control could endanger the economy later on, he said. Exploding budget deficits can lead to higher interest rates for people buying homes and cars and for businesses buying equipment or expanding operations. That could crimp Americans’ spending and slow economic growth.

The federal government is on track to produce its second-highest deficit ever — $1.3 trillion — for the budget year that ended Sept. 30.

New CEO at Twitter

SAN FRANCISCO

Twitter Inc., the Internet service for short messages, is developing a penchant for keeping its CEOs’ tenures relatively brief, too.

Evan Williams on Monday became the second Twitter co-founder to step aside after a two-year stint, making way for a colleague considered to be better suited for steering the next phase of the company’s rapid growth.

Known simply as @Ev on Twitter, Williams intends to focus on product development while continuing to work for the company.

The change in command at the privately held company turns over Twitter’s leadership to Dick Costolo, an early investor who was hired as chief operating officer a year ago.

Prices at gas pump rise; oil ends lower

NEW YORK

Retail gasoline prices rose Monday, and oil prices rallied to the highest level in two months before falling back to settle lower with the retreating stock market.

Benchmark crude for November delivery lost 11 cents to settle at $81.47 a barrel on the New York Mercantile Exchange. Earlier in the day, it rose to $82.38, the highest level since Aug. 6.

At the pump, the national average for a gallon of regular rose to $2.732, according to the Energy Information Administration’s weekly report on retail gas prices. That’s 3.8 cents higher than a week ago and 26.4 cents above a year ago.

Associated Press


Comments

1fatfrank(11 comments)posted 4 years ago

'Bernanke reiterated his belief that the government shouldn’t raise taxes or slash spending now because the economic recovery still is too fragile.

But failing to bring the deficits under control could endanger the economy later on.'

THANKS FOR NOTHING BEN. DON'T MAKE THE TOUGH DECISIONS NOW. LEAVE THEM TO THE NEXT GUY. TYPICAL NON-LEADER IN GOVT.

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2Springman(235 comments)posted 4 years ago

".... the government should be put in control of monetary policy...."

If you allege that the Fed had something to do with the collapse of the banks two years ago, I agree. Bernacke and his predecessor are "free traders" and literally gave away our treasury (and the store) by keeping rates unjustifiably low. The housing bubble is only one example. I think that Greenspan should have been investigated for stroking banks while at the same time sending messages to short the stock market, E.G. with his "exuberance" speech.

When this country was founded, Alexander Hamilton as Treasury Secretary initiated the payment of federal war bonds, the assumption of state debts by the federal government, and the creation of a mechanism for collecting taxes. "During his tenure as Treasury secretary, Hamilton clashed repeatedly with another cabinet member, Thomas Jefferson. Hamilton favored a powerful central government while Jefferson feared it...."

It’s ironic (and idiotic) that the Federalist Society and the Tea Party should oppose this Administration on the subject of banking regulation. The banks (and big oil) have robbed us blind. No one has the right to find out how they actually work and what influences them. The only people in Congress willing to take on the Fed were Bernie Sanders and Ron Paul, and they had to back away to get any kind of oversight. Even if the Fed is not subject to public scrutiny, at least the Dodd-Frank bill giives the little guy some rights.You gotta start somewhere.

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3candystriper(575 comments)posted 4 years ago

e-mail from Nigeria...I just won $1,000,000...all I have to do is wire $10,000 to them for taxes and the money is in my account by next week

I think I'll take the deal from DC instead...they give you money for nothing

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4Traveler(606 comments)posted 4 years ago

Bernanke warning of threats from the deficit. Is like a crack dealer warning about the dangers of getting high.

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5grand4dad(197 comments)posted 4 years ago

Why don't we all just stop living beyond our means?

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