Chairman Bernanke: ‘ I cannot tell you, as Congress, what number you should pass!’
Congresswoman DeLauro: ‘ What would you suggest??……150 ( $ 150 billion)??’
Chairman Bernanke: ‘If you undertake a fiscal package… given the slowing of the economy, I think it should be significant…’
RatEconomics: Some sources believe that $300 billion will be the projected size of the next injection into the economy. Hurrah!!
2 responses so far ↓
Michael Jefferson // October 22, 2008 at 9:46 am
what that’s mean now what happen?
J2 & Cobra // October 22, 2008 at 10:51 am
Good question, Micheal,
That’s probably what Congresswoman DeLauro and many other member of congress are wondering at this precise moment? What sort of a a system are we employing to manage the hard-earned wealth of citizens when bailouts worth billions of dollars are casually packaged?
To make matters worse, the destination of the package is as mysterious as the optimal size ; should the money go to consumers or to the credit markets? Is sending someone a spending check for Christmas the solution to the current recession? What about the LIBOR,interbank lending rates,which play a pivotal role in enabling banks to borrow and assure customers of the stability of the banking system? Too many questions and certainly not enough answers coming from the authorities!
We’ll try to get some more info on this, possibly Prof. Krugman’s or any similar level-headed individual.
Check back soon !