Bernanke: Sustained oil price rise danger to US economy

Gerald · 03-01-11, 05:27 PM

The length of time that oil prices remain high will be significant for the US economy, US Federal Reserve chairman Ben Bernanke has said.

He told the Senate Banking Committee that the most likely outcome was a temporary and modest rise in inflation.

But he warned that a prolonged rise in oil prices would pose a danger to economic growth in the US.

Mr Bernanke said he believed the US economy would continue to grow in 2011, but unemployment would remain high.

http://www.bbc.co.uk/news/business-12612430

Note:1 March 2011 Last updated at 16:46 GMT

Armistead · 03-01-11, 05:37 PM

You got to love how they come up with unemployment numbers, another million fall off unemployment roles, so they're no longer included in unemployment numbers. It's a miracle, they are employed, but they're not! It's really a laughing joke how they come up with the rate to say unemployment is down.

Interesting read.
http://www.dailyfinance.com/story/ca...mber/19833935/

Ducimus · 03-01-11, 06:11 PM

Quote:

But he warned that a prolonged rise in oil prices would pose a danger to economic growth in the US.

gimpy117 · 03-01-11, 06:13 PM

Quote:

Originally Posted by Armistead

You got to love how they come up with unemployment numbers, another million fall off unemployment roles, so they're no longer included in unemployment numbers. It's a miracle, they are employed, but they're not! It's really a laughing joke how they come up with the rate to say unemployment is down.

Interesting read.
http://www.dailyfinance.com/story/ca...mber/19833935/

just more Americans thrown under the bus. but why count them! unemployment is a drag...were on the road to economic growth! massive profits or bust!

the_tyrant · 03-01-11, 06:21 PM

Wasn't Iraq invaded for the oil?

Come on, america, show you capitalist, imperialist self and pump all the Iraqi oil into america.

seriously though, the problem is huge!
Gas prices went up like 20% within the past few days.
OPEC has a near monopoly on oil, and I believe its time to pressure them to lower oil prices

MH · 03-01-11, 06:26 PM

kick out Obama or drive Hunday lol

breadcatcher101 · 03-01-11, 06:29 PM

Quote:

Originally Posted by Armistead

You got to love how they come up with unemployment numbers, another million fall off unemployment roles, so they're no longer included in unemployment numbers. It's a miracle, they are employed, but they're not! It's really a laughing joke how they come up with the rate to say unemployment is down.

Interesting read.
http://www.dailyfinance.com/story/ca...mber/19833935/

Yes, it is all playing with numbers to make it look good. Actual unemployment is probably closer to 20%, a lot of those are off receiving unemployment but are still looking for work. I suppose to improve the situation even better they should just stop looking. I don't understand their logic in saying the unemployment rate is down, it just make them look good like I said I suppose.

tater · 03-01-11, 07:45 PM

And of course rampant government spending is not a threat to the economy. Riiight.

nikimcbee · 03-01-11, 07:49 PM

Quote:

Originally Posted by tater

And of course rampant government spending is not a threat to the economy. Riiight.

Well, look at the bright side, atleast all the greedy union bosses are doing okay.

Takeda Shingen · 03-01-11, 07:50 PM

Yes. Expensive things are expensive.

03-01-11, 05:27 PM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	Bernanke: Sustained oil price rise danger to US economy The length of time that oil prices remain high will be significant for the US economy, US Federal Reserve chairman Ben Bernanke has said. He told the Senate Banking Committee that the most likely outcome was a temporary and modest rise in inflation. But he warned that a prolonged rise in oil prices would pose a danger to economic growth in the US. Mr Bernanke said he believed the US economy would continue to grow in 2011, but unemployment would remain high. http://www.bbc.co.uk/news/business-12612430 Note:1 March 2011 Last updated at 16:46 GMT __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie

03-01-11, 05:37 PM	#2
Armistead Rear Admiral Join Date: Dec 2008 Location: on the Dan Posts: 10,880 Downloads: 364 Uploads: 0	You got to love how they come up with unemployment numbers, another million fall off unemployment roles, so they're no longer included in unemployment numbers. It's a miracle, they are employed, but they're not! It's really a laughing joke how they come up with the rate to say unemployment is down. Interesting read. http://www.dailyfinance.com/story/ca...mber/19833935/ Last edited by Armistead; 03-01-11 at 06:09 PM.

03-01-11, 06:21 PM	#5
the_tyrant Admiral Join Date: Jun 2010 Location: Canada Posts: 2,272 Downloads: 58 Uploads: 0	Wasn't Iraq invaded for the oil? Come on, america, show you capitalist, imperialist self and pump all the Iraqi oil into america. seriously though, the problem is huge! Gas prices went up like 20% within the past few days. OPEC has a near monopoly on oil, and I believe its time to pressure them to lower oil prices __________________ My own open source project on Sourceforge OTP.net KGB grade encryption for the rest of us

03-01-11, 07:45 PM	#8
tater Navy Seal Join Date: Mar 2007 Location: New Mexico, USA Posts: 9,023 Downloads: 8 Uploads: 2	And of course rampant government spending is not a threat to the economy. Riiight. __________________ "Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one." — Thomas Paine

03-01-11, 06:26 PM	#6
MH Ocean Warrior Join Date: Jul 2008 Posts: 3,184 Downloads: 248 Uploads: 0	kick out Obama or drive Hunday lol

03-01-11, 07:50 PM	#10
Takeda Shingen Navy Seal Join Date: Mar 2000 Posts: 8,643 Downloads: 19 Uploads: 0	Yes. Expensive things are expensive.