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Live Blog: Bernanke on the Economy

Federal Reserve chairman Ben Bernanke is holding a live press conference at 2:15 EST today. This is his second go at these chats, after taking 45 minutes worth of reporters' questions earlier this year on topics ranging from unemployment to food prices.

Just as we did last time, we'll be covering Bernanke's remarks along with a little of our own commentary in the live blog below. Feel free to join the discussion and send us your questions and comments below.

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  • Report this Comment On June 22, 2011, at 2:39 PM, mikecart1 wrote:

    Whoever voted "Excellent" above is obviously joking.

  • Report this Comment On June 22, 2011, at 3:41 PM, frediano wrote:

    1] GDP includes government spending.

    2] Government spending includes deficit fueled government spending.

    3] Current deficit is at or more than 10% of GDP.

    4] In first six months of current fiscal year, deficit grew at an annualized rate of over 30%.

    5] That means, debt fueled spending accounts for at least 3% of 'growth' in GDP...

    6] Reported growth in GDP was annualized at 1.8% for this same period...

    To be clear...1.8% of 14 trillion is ... 252 billion dollars of 'growth.'

    Conclusion: The growth in GDP is not even equal to the 'growth' in GDP due purely to out of control deficit.

    Uh-oh... the pumps are spinning down. The fed is flooding the pipes with borrowed water, but few are actually pulling on those pump handles to circulate actual value.

    Printing money isn't doing squat, in terms of either building pumps or pulling on pump handles. Economies are not driven by running only downhill.

    Of course, our insistence on referring to them as an it doesn't help anything either.

    Welcome to the gray economies of waiting: of waiting for the state plumbers to stop pretending that they are emperors.

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