Bernanke Blames American Consumer for Continuing Recession

[Acala]

Then we get Apple having more Cash than the Federal Govt.

I have more cash than the Federal government.

 

[musicmax]

I have seen many CEOs go on the record stating they have money and are holding due to the chaos in Washington. It is the manipulation of the markets by Washington through regulations, health care mandates, taxes, etc which is causing business to hold onto their money. If we had a real "free market" businesses would be more willing to invest the money they have stashed away.

Hotelier Steve Wynn:

I believe in Las Vegas. I think its best days are ahead of it. But I'm afraid to do anything in the current political environment in the United States. You watch television and see what's going on on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing's going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating.

And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration.And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

You bet and until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, God, don't be attacking Obama. Well, this is Obama's deal and it's Obama that's responsible for this fear in America.

The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don't invest, they're holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government and there's no need soft peddling it, it's the truth. It is the truth. And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.

http://www.businessinsider.com/wynn...ce-call-transcript-obama-2011-7#ixzz1Xsutxddd

 

[Brian4Liberty]

The bottom 50% of the population only own 2% of the Total Wealth in the Nation. Then we get Apple having more Cash than the Federal Govt. I blame the Depression on Apple and the rest of the companies that the 98% of the wealth belongs to. The only reason people were spending before the Depression was because they had Credit, that came through artificially inflated home values and non existent assets. Now, there is no credit for the lot of us in our situation, jobless, no benefits, mooching off relatives and slowly destroying their savings and retirement funds, that is, if they are even available. Yet, Bernake has the nerve to come out and place the blame of the Depression on those who only control 2% of the wealth of the nation? Bernake, you need to go outside and play a game of hide and go fuck yourself.

Lol!

 

[Cleaner44]

So Bernanke is part of the "blame America" crowd... fuck that guy. The economy hates us for our prosperity!

 

[bobbyw24]

Listless consumers put the brakes on August spending

The foundering economy has left Americans consumers listless and frustrated with many unwilling to splurge at the malls and unable to take advantage of the lowest mortgage rates on record to buy a house or improve their finances.

Reports out Wednesday showed that growth in retail sales came to a near halt last month amid a major loss of confidence spawned by turmoil in the financial markets and a monumental fight in Congress over the budget deficit. The collapse in spending occurred even before news Sept. 2 that employers stopped creating jobs in August.

While consumers are understandably reacting to bad news about the economy, their response can be self-fulfilling because consumers normally drive about 70 percent of economic activity. Economists said their pullback only worsens the economic outlook.

http://www.washingtontimes.com/news/2011/sep/14/shoppers-took-holiday-in-august/

 

[Brian4Liberty]

Most "consumers" have no wealth. It is super-concentrated at the top, and they are not spending. Perhaps Bernanke needs to convince all of his buddies on Wall St. to go on shopping sprees to revive the economy. Oh yeah, I forgot that he is already giving them billions of dollars in zero percent loans which they turn around and buy government bonds for a no risk return. That "spending" will revive the economy.