Bernanke fears of high unemployment for years to come

Chairman of the US Federal Reserve Ben Bernanke.(AFP Photo / Saul LOEB)

Chairman of the US Federal Reserve Ben Bernanke.(AFP Photo / Saul LOEB)

TAGS: USAEmploymentBankingEconomy


During the Fed’s annual address from Jackson Hole, Wyoming, US Federal Reserve Chairman Ben Bernanke said current economic conditions are setting America up for “daunting” challenges and continued grim employment numbers.

Friday morning, the overseer of America’s central bank said during the Fed’s annual symposium that “we must not lose sight of the daunting economic challenges that confront our nation,” suggesting that as the country assesses the benefits and costs of alternative policies, the outcome might worsen nevertheless.

Mr. Bernanke also insisted that the current unemployment epidemic that has haunted the length of much of President Barack Obama’s administration may extend into the unforeseeable future if changes for the better aren’t implemented soon.

“The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years,” Bernanke said.

As grim as the chairman’s predictions are, that isn’t to say they are out of character. Although the Fed does not regularly make public addresses about the country’s economic status, Bernanke has brought up his fears of a recession repeatedly in 2012 alone.

In June, Bernanke told lawmakers on Capitol Hill that any lack of initiative on their part would push the rest of the country over a proverbial fiscal cliff. One month later, the chairman warned Congress, “We are looking very carefully at the economy, trying to judge…whether or not the economy is likely to continue to make progress towards lower unemployment,” which, he added, would “obviously” prompt the Fed to intervene with additional steps to help any attempts at recovery.

On Friday, Bernanke once more said that the Federal Reserve was concerned and that they’d be considering additional action, although he failed to officially endorse a third round of quantitative easing, despite persistent predictions from economists that the Fed will argue for such.

“Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability,” Bernanke said from Jackson Hole.

The Fed will meet against on September 12, and are expected to discuss if QE3 will have to be implemented then.



16 Sickening Facts That Show How Members Of Congress And Federal Workers Are Living The High Life At Your Expense

 By Michael, on August 28th, 2012

Once upon a time, working for the federal government was considered to be a sacrifice and it often involved a significant reduction in pay.  Millions of Americans felt that serving their country and making a difference more than made up for the reduced wages that they would receive.  Unfortunately, those days are long gone.  Today, the federal government is the place to go if you want a cushy, high paying job with tons of benefits.  It is incredibly hard to be fired from a federal job, and if you stick around long enough you will be guaranteed a huge pension for the rest of your life.  The laziness at some federal agencies is absolutely legendary.  Trust me, I used to work in Washington D.C. and I have seen the mindset firsthand.  Some federal buildings are absolute ghost towns at 5:01 PM.  Hordes of federal workers are just putting in their time, collecting their fat paychecks and counting down the days until retirement.  And members of Congress are some of the worst offenders when it comes to milking the American people.  Yes, members of Congress have fat salaries and enormous pensions, but it is the host of “funds” and “expense accounts” that they have access to where the worst abuse takes place.  For example, did you know that more than $33,000 was spent in 2010 on the hair care needs of U.S. Senators?  That comes to more than $300 per Senator.  The truth is that most members of Congress and most federal employees don’t really care that other Americans are absolutely breaking their backs to pay the taxes that fund this system.  Most of them enjoy milking the American people and most of them have absolutely no intention of changing the system that has been so incredibly good to them.

There is a reason why median household income is higher in the Washington D.C. area than anywhere else in the nation.  The U.S. government is the goose that just keeps laying golden eggs.  Over the past 40 years there has been an incredible economic boom in the areas of Virginia and Maryland bordering our capital.  But it is not because those areas have added value to our economy.  Rather, it is because the federal government has been sucking the lifeblood out of the rest of the country and has been showering it on millions of parasites that are living the high life at our expense.

Nobody is saying that we should shut the government down.  All societies need government.  However, the cold, hard truth is that our bloated federal government has gotten wildly out of control.

We desperately need to change course, because our federal government has become a deeply corrupt monster that just keeps getting larger and larger no matter which political party is in control.

The following are 16 sickening facts that show how members of Congress and federal workers are living the high life at your expense….

#1 Nearly 500,000 federal employees now make at least $100,000 a year.

#2 In 2006, only 12 percent of all federal workers made $100,000 or more per year.  Now, approximately 22 percent of all federal workers do.

#3 If you can believe it, there are 77,000 federal workers that make more than the governors of their own states do.

#4 In 2010, the federal government spent $33,387 on the hair care needs of U.S. Senators.

#5 In 2010, U.S. Senators pulled $72,370 out of the “Senate Restaurant Fund”.

#6 In 2010, U.S. Senators took $166,673 out of something called the “Senate Gift Shop Revolving Fund”.

#7 In 2010, an average of $4,005,900 of U.S. taxpayer money was spent on “personal” and “office” expenses per Senator.

#8 Cooks working for the Bureau of Prisons make an average of $66,225 a year.

#9 During 2010, the average federal employee in the Washington D.C. area received total compensation worth more than $126,000.

#10 During 2010, compensation for federal employees came to a grand total ofapproximately 447 billion dollars.

#11 According to the Heritage Foundation, federal workers on average make 30 to 40 percent more money than their counterparts in the private sector.

#12 The U.S. Department of Defense had just nine civilians earning $170,000 or more back in 2005.  When Barack Obama became president, the U.S. Department of Defense had 214 civilians earning $170,000 or more.  By June 2010, the U.S. Department of Defense had 994 civilians earning $170,000 or more.

#13 If you are a federal worker, you are 13 times more likely to die of natural causes than you are to get laid off by the federal government.

#14 Insider trading is 100% legal for members of Congress, and they refuse to pass a law that would change that.

#15 At this point, more than half of those “serving the American people” in Congress are millionaires.

#16 Nearly 15,000 retired federal workers are collecting federal pensions for life worth at least $100,000 annually.  The list includes such names as Newt Gingrich, Bob Dole, Trent Lott, Dick Gephardt and Dick Cheney.

Meanwhile, much of the rest of the nation is deeply suffering.

As I have written about previously, 77 percent of all Americans are now living paycheck to paycheck at least part of the time, and a whole host of statisticsshow that the middle class in America is in a deep state of decline.

Median household income has declined by 8.1 percent since the year 2000, and 14 million more Americans have been added to the food stamp rolls since Barack Obama became president.

It is not right for members of Congress and federal employees to be living the high life while the rest of the country is experiencing tremendous economic pain.

What makes all of this even worse is that the U.S. national debt has now reached the 16 trillion dollar level.

If we could pay for all of this wild government spending that would be one thing, but the truth is that the U.S. national debt is now more than 22 times larger than it was when Jimmy Carter became president.

We cannot afford this kind of spending.

We need to totally change the culture in Washington.

We need a government that is lean and efficient and that is full of people that have a passion for serving the public.

So do you think that we will ever get there?

Please feel free to post a comment with your opinion below….

Similiarities Between Obama And Hitler

The similarities are terrifying, the conclusion inevitable. On March 23, 1933, the German Parliment met to consider passing a bill that Adolf Hitler had created called the Enabling Act. It was officially called the ‘Law for Removing the Distress of the People and the Reich.’ Why were the German people in such distress? Because their government was in utter chaos, and the German leaders wanted to reassure the people that everything would be ok. The only fly in the ointment was that the Nazis had, behind the scenes, caused the distress themselves by creating the crisis, so that they could step in and solve it. Sound familiar?

America under Obama is now a democratic Republic in name only

Hitler promised the German people that the government would “make use of these powers only insofar as they are essential for carrying out vitally necessary measures…The number of cases in  which an internal necessity exists for having recourse to such a law is in itself a limited one.” So  the German congress voted on the bill, with the end result being the legal destruction of the German Democratic Republic. The bill gave Hitler enormous, unprecedented powers to do as he saw fit for the government of the German people. It was the act that offically created a legal dictator who was answerable to no one. The people cheered, andNational Socialism became the law of the land from that day forward. source – The History Place

Powerful speeches to hypnotize and control the eager masses who came to hear them speak

Today, Barack Obama is changing times and laws in America, giving himself unprecedented powernever before seen. His ObamaCare bill. now the law of the land, empowers him to create his own private army, forces citizens to abide by unconstitutional laws, and will use the IRS in much the same way that Hitler used his brown shirts to make people get in line behind his policies. Many Americans
will awake to late to the fact that Obama has subverted the United States Constitution, and stolen our precious liberties and freedoms. That’s why Obama’s followers are encouraged and taught to follow and have faith in Obama the man, and not in our God or in our country. This is exactly the ploy that Hitler used to great and terrible effect in Nazi Germany..


Rep. Dingell admits that the goal of ObamaCare is to ‘control the people’.

Some people would balk at the comparisonbetween Hitler and Obama, saying it was unfair. After all, Hitler started WWII and killed 11,000,000 Jews and Gentiles in death camps, and Obama has done nothing like that. Well, it’s only unfair if you compare Hitler at the end of his rule to the  beginning of Obama’s. But if you compare Hitler and Obama at the beginning of their rise to power, it’s extremely fair.

Similiarities between Adolf Hitler & Barack Hussein Obama
Both Hitler and Obama held rallies in outdoor stadiums to excite and inflame the people’s passions. Frequently women would faint or break into tears.
Both Hitler and Obama wrote ghost-written autobiographies prior to the start of theri run for political office. Hitler wrote Mein Kampf (My Struggle), and Obama wrote Dreams Of My Father. Both men then wrote a second book talking about their goals
for German and America. Hitler wrote A New World Order, and Obama wrote The Audacity of Hope.
Both Hitler and Obama originally had last names that were changed later in life. Hitler used to be Schickelbruber, and Obama’s last name was Soetoro.
Both Hitler and Obama hid their real identies. Hiter had a Jewish ancestry, and Obama
a Muslim one. But unlike Hitler, Obama flaunted his Muslim roots in his start as a politician in order to defuse the inevitable firestorm. His ploy of “hiding in plain sight” worked very well.
Both Hitler and Obama’s supporters followed them blindly, and without question
Both Hitler and Obama used political power and coercion to conceal and hide their birth certificates from coming to public view. Hitler made his disappear, and Obama is unwilling and unable to produce his long-form birth certificate.
Both Hitler and Obama advocate using young people as a driving force to create an “army” of youth dedicated to their Ideals. Hitler had his Hitler Youth, and Obama his
Obama Youth Brigade.
Both Hitler and Obama were known for their tremendous oratorical skills
Both Hitler and Obama received Messianic comparisons, and both men had songs of adoration written about them and for them.
Like Hitler, Obama rules in direct disregard to the will and wishes of the people.
Like Hitler, Obama has an obvious distaste for the Jews, and sides with the Muslims every chance he gets.
Both Hitler and Obama were able to mezmerize the people even when it was obvious that what they were saying was not true.
Both Hitler and Obama used domestic terrorists to launch their careers. Hitler had his Brown Shirts from his beer hall days, and Obama had people like Bill Ayers, Bernardine Dohrn, and Rashid Khalidi.
Like Hitler, Obama advocates using murder as a means of population control.

Still think it’s an unfair comparison? You won’t after watching this –

Obama youth pledging allegiance to Obama and promoting his agenda

U.N.-backed ‘Agenda 21′ development rules anger many in Texas

Conservative activists around Texas are citing a 1992 U.N. resolution called Agenda 21 in protesting various local development initiatives. Agenda 21 is a non-binding resolution that promotes sustainable development..

Lubbock County judge’s comments last week that President Obama might cede U.S. sovereignty to the United Nations and spark a civil war have been widely ridiculed. But concerns about U.N. overreach are gaining ground, with the attacks mostly focused on a 20-year-old nonbinding U.N. resolution called Agenda 21.

Texas critics of the resolution have seen their fears echoed by activists at city council meetings around the state and adopted by some of the state’s Republican leaders.

Agenda 21 was signed by more than 170 countries, including the U.S., in 1992 and aims to encourage governments to promote environmentally friendly development such as preserving open spaces and discouraging urban sprawl. A variety of organizations around the world promote similar principles.

Such issues have become of particular concern in fast-growing Texas. Many regions are struggling to integrate a steady stream of new residents while avoiding gridlocked roads and retaining communities’ character.

Critics of Agenda 21 view it as a sinister effort by an international organization to tell communities what to do and a blatant infringement on private property rights.

Dean Almy, director of the graduate program in urban design at the University of Texas at Austin, has taught classes on Agenda 21, and described the resolution’s 1992 adoption as an important moment in the history of urban design.

“It has to do with the way our cities are managed,” Almy said. “They’re basically saying things like, ‘It’s good to build more compactly. It’s more sustainable. It’s better ecologically. You use less cars, burn less fossil fuels.’”

Ted Cruz, the Republican nominee for U.S. Senate who will speak at the Republican National Convention this week in Tampa, has a page on his campaign website devoted to Agenda 21, describing the measure as an effort to abolish “golf courses, grazing pastures and paved roads.”

“It’s ostensibly to promote sustainable development and it manifests at the local level in all sorts of initiatives that seek to undermine property rights and undermine our economic liberty,” Cruz said on Glenn Beck’s radio show in January. He added later in the program, “More broadly, it’s about putting the tentacles of the United Nations into the very foundations of our government throughout this nation.”

The Republican National Committee adopted a resolution in January against Agenda 21 as “a comprehensive plan of extreme environmentalism, social engineering, and global political control.” The Texas Republican Party followed suit at its state convention in June, adding opposition to Agenda 21 to the party’s platform.

Almy said Agenda 21 has traditionally had greater sway in other countries, where some cities will explicitly cite the resolution in their development plans. Yet over the past year, he’s noticed it cited frequently by conservative activists and groups in Texas and other states amid protests on sustainability projects.

“It’s changing the status quo of how we operate as a country that is developing, and so it’s threatening to some people,” Almy said. “Urban design by its nature is about the collective good, and it isn’t necessarily about the freedom of any one person to do whatever the hell they want.”

In Garland, an effort by city leaders to approve a 2030 plan to guide development was delayed by months by residents who believed the plan was a plot to incorporate Agenda 21 principles into city government,according to Mayor Ronald Jones. He said he and other city leaders had never heard of Agenda 21 until critics brought it up.

“They were convinced I was part of a conspiracy,” Jones said at a transportation conference in Irving this month. “That after being involved in neighborhoods all my years, after becoming mayor, I had abandoned my commitment to work with citizens and neighbors and now I was part of a grand scheme to deceive the people.”

Houston City Councilwoman Helena Brown cited Agenda 21 in voting “no” on some energy-efficient building projects in April.

In College Station, City Councilman Jess Fields successfully pushed for the city to drop its membership with the U.S. chapter of the International Council for Local Environmental Initiatives, a nonprofit that helps cities develop sustainability projects and is often targeted by Agenda 21 critics.

“It is an insidious, extreme institution that does not represent our citizens, and for our taxpayers to continue to fund it would be ridiculous,” Fields wrote on his blog.

Don Knapp, a spokesman for ICLEI USA, said the group does not force an agenda on anyone but rather helps local governments save money and energy by pursuing projects those communities want.

“If you look at the work that is actually being done on the ground, it has nothing to do with some conspiracy theory,” Knapp said. “It’s really common sense.”

Yet a motivated group of activists around the state view such efforts very differently.

On Saturday, the Concerned Citizens of Caldwell County held the First Annual Agenda 21 Symposium in Lockhart. About 25 people attended, according to Tracy Forester, one of the organizers. She said the event came about as she and others wanted to learn more about efforts by the U.N. to exert its control over American communities through initiatives approved by local governments.

“It’s coming up everywhere. City and county governments are passing very restrictive ordinances where you essentially don’t have any rights on your own property,” Forester said. “It absolutely is an attack on our sovereignty.”


Top US soldier: “I don’t want to be complicit” if Israel attacks Iran


DEBKAfile Special Report August 31, 2012, 9:20 AM (GMT+02:00)

US Gen. Martin Dempsey meets PM Netanyahu in Jerusalem.
US Gen. Martin Dempsey meets PM Netanyahu in Jerusalem.

In its bluntest message yet, the US administration under Barack Obama, declared that Israel is on its own if it decides to go for Iran’s nuclear program with a military operation.  Thursday, Aug. 30, Gen. Martin Dempsey, Chairman of the Joint Chiefs of Staff, offered the view for the third time in as many weeks that an Israeli attack would “clearly delay but probably not destroy Iran’s nuclear program.”
But this time, talking to journalists in London, he added impatiently: “I don’t want to be complicit if they [Israel] choose to do it.”

Dempsey then astonished his audience by saying he did not know Iran‘s nuclear intentions, “as intelligence did not reveal intentions.” What was clear, he said, was that the “international coalition” applying pressure on Iran “could be undone if [Iran] was attacked prematurely.”
Sanctions against Iran were having an effect, he said, and they should be given a reasonable opportunity to succeed.
The general’s timing on this assertion was unfortunate. As he spoke, theInternational Atomic Energy Agency reported a 31-percent jump in Iran’s 20 percent enriched uranium to 189.4 kilograms from 145 in May.
It was therefore obvious to the world that Iran has not been deflected by sanctions one whit from its gallop towards a nuclear weapon capacity, a race that will continue so long as nothing effective is done to stop – or even delay – its progress.
The mistimed Dempsey remarks, say DEBKAfile’s military sources, are the clearest sign yet that President Obama is fed up with hearing about Iran and its nuclear aspirations. He wants to be left alone to make his own judgments and decisions on the intelligence put before him – even though he might be too slow to stop Iran becoming a nuclear-armed power.
Israel, which is in direct line of an explicit Iranian threat of destruction, was therefore publicly slapped down by its best friend. Prime Minister Binyamin Netanyahu and Defense Minister Ehud Barak and their predecessors were shown to have wasted three years in tireless efforts to solve the Iranian nuclear peril in accord with that friend. Washington has just dumped them.

DEBKAfile suggests that unless Gen. Dempsey spoke off the cuff (unlikely), he would certainly have been obeying a White House directive – even if Washington later issues a softening remark. That directive may have been prompted by information that Israel is on the point of attacking Iran, which Obama would seek to head off.
The latest IAEA quarterly report published Thursday must have seriously embarrassed the Obama administration by making nonsense of its dependence on diplomacy and sanctions.The top US soldier may have been deployed for an authorative answer.
But Iran’s leaders must be laughing up their sleeves at America’s futile efforts to isolate them, as they race toward their nuclear goal while showcasing Tehran as the stage for the Non-Aligned Summit attended by dozens of world leaders.

Case uncovers terror plot by soldiers to kill Obama


Four U.S. soldiers plotted to assassinate Barack Obama and overthrow the government, a court has heard.

Prosecutors in Georgia said they formed an anarchist militia within the military.

One, Private Michael Burnett, has pleaded guilty to manslaughter and gang charges in the killings last December of former soldier Michael Roark and his girlfriend, 17-year-old Tiffany York.

Burnett said that Roark, who had just left the army, knew of the militia group’s plans and was killed because he was “a loose end.”

Prosecutor Isabel Pauley said the group bought 87,000 dollars of guns and bomb-making materials and plotted to take over Fort Stewart, bomb targets in Savannah and WashingtonState, as well as assassinate the president.


More details are surfacing about the four soldiers accused of stockpiling assault weapons and bomb components and plotting to assassinate the president. According to the AP’s Russ Bynum, the group calls itself F.E.A.R., which stands for Forever Enduring Always Ready. While authorities don’t know how many members are in the group, they did accuse it of plotting some ambitious domestic terrorist plots.

The prosecutor said the militia group had big plans. It plotted to take over Fort Stewart by seizing its ammunition control point and talked of bombing the Forsyth Park fountain in nearbySavannah, she said. In Washington state, she added, the group plotted to bomb a dam and poison the state’s apple crop. Ultimately, prosecutors said, the militia’s goal was to overthrow the government and assassinate the president.

All are charged by state authorities with malice murder, felony murder, criminal gang activity, aggravated assault and using a firearm while committing a felony. A hearing for the three soldiers was scheduled Thursday.

According to prosecutors, Roark was killed after members of F.E.A.R. discovered that he knew of their plot. On Monday, 26-year-old Army Pfc. Michael Burnett pleaded guilty to manslaughter and illegal gang activity in connection with the murder case. He also gave testimony backing up some of the claims made by prosecutors. Bynum says that Burnett testified against Aguigui, who he said ordered the killings of Roark and his girlfriend.



by: Powerline
Thursday, August 30, 2012
Illinois gets downgrade, debt of 50 states $4.2t

Illinois Gov. Pat Quinn speaks at a news conference in Chicago on June 6. The state’s debt rating was downgraded on Wednesday, August 29, by S&P due to its $271 billion in outstanding debt. Photo Credit:AP

As the national debt crosses the $16 trillion mark some time in the next few weeks, let’s not forget that this isn’t the whole story as far as public debt is concerned.

The 50 states have a cumulative debt of about $4.2 trillion.  California is the worst, naturally, with total outstanding debt of $617 billion. Illinois, whose debt rating was downgraded yesterday by S & P, ranks fifth, with $271 billion in outstanding debt, along with an unfunded public pension liability of $83 billion (though likely much higher, as explained in this post a few days ago). …

One of the amazing things about Illinois is that, like most states, it has a balanced budget requirement, yet has run up a cumulative $44 billion budget deficit over the last five years.


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