Bernanke: Sustained oil price rise danger to US economy

[Gerald]

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]

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]

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

[gimpy117]

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]

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]

kick out Obama or drive Hunday lol

[breadcatcher101]

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]

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

[nikimcbee]

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]

Yes. Expensive things are expensive.

[tater]

To show my lack of partisanship, I'll add that the republicans in the house proposing slightly reduced spending is pure, unadulterated FAIL. If they had a set of balls between them they'd have set out a BALANCED budget, painful as that might be, or at least a budget with rational deficits leading to balance.

Instead we get Obama spending 1.3 trillion more than we have, and crowing, "hey, that's 100 billion less than I was going to spend, so I reduced spending by 100 Billion! Yeah!" Then we get the House adding 60 billion in cuts to that, but it;s 60 billion in cuts to an insane spending spree. Meaningless.

Just reprint the 2007, and change 2007 to 2011 every place it occurs. Add the cuts to THAT.

[gimpy117]

its all because cutting programs is political suicide. and all the big wigs in the defense industry don't want less cash either

[Ducimus]

Originally Posted by gimpy117

its all because cutting programs is political suicide. and all the big wigs in the defense industry don't want less cash either

I'll just point to that American dream link in my sig.

[nikimcbee]

Originally Posted by Ducimus

I'll just point to that American dream link in my sig.

Ha! There are parts of that I totally agree with on some days and other parts I totally reject. I like his thoughts on religion more, but I digress...

I always laugh when people complain about schools here:

They don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that. That doesn’t help them. Thats against their interests.

Now, who runs the school systems? Those inner-city schools, who runs them?

[iambecomelife]

Which one of you jokers helped Teh Ben Bernank figure that out? Obviously someone's causing him to make sense.