G&G Associates Tax & Financial Consulting
Breaking news: Bernanke slams U.S. economy!
Hotep G&G Readers,
A momentous event just occurred this yesterday:
For the first time in many years, the Chairman of the Federal Reserve went before Congress, set aside B##%s^it glasses, dispensed with most of his sugar-coated platitudes and made some hard-hitting statements about the U.S. economy.
Bernanke on jobs:
"This is the worst labor market since the Great Depression."
Bernanke on housing:
"The market remains weak, with the overhang of vacant or foreclosed houses is weighing on home prices and construction."
Bernanke on fears about the future:
"Most ... viewed uncertainty about the outlook for growth and unemployment as greater than normal, and the majority saw the risks to growth as weighted to the downside."
Bernanke on tight credit for small businesses:
"Bank loans outstanding have continued to contract. Small businesses, which depend importantly on bank credit, have been particularly hard hit."
And never forget: All this is coming from a man whose job invariably makes him extremely reluctant to admit to negative trends in any sector at any time — if Bernanke is saying things are bad, you can bet your last dollar they're actually far worse.
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Until the next time!
Asante Sana (Thanks)
Tax & Financial Consultant, RFC
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"Your mind is like a parachute, it only works when it is open."
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