Fed Chairman Ben Bernanke offers little hope for working people
Stewart Alexander 2012
On Friday, Federal Reserve Chairman Ben Bernanke spoke during the Fed's annual conference in Jackson Hole, Wyoming; the speech was suppose to offer a snap shot of the economy and financial developments of the preceding year, according to Mr. Bernanke.
U.S. Socialist Stewart Alexander says, "Bernanke's speech and response to the U.S. economic crisis has revealed that Chairman Bernanke has failed in his responsibility to the nation and should resign. While providing future guarantees to Wall Street, Bernanke's message only provided optimistic illusions for the tens of millions of working people that are struggling nationwide."
In his speech, Ben Bernanke stated "The Federal Reserve is already supporting the economic recovery by maintaining an extraordinarily accommodative monetary policy, using multiple tools. Should further action prove necessary, policy options are available to provide additional stimulus."
Alexander says "Bernanke's speech was intended for Wall Street and corporate America, not for Main Street." Bernanke's speech was good news for Wall Street; following his speech, stocks posted big gains. Bernanke assured corporate America that the Feds were prepared to step in if the recovery faltered.
Stewart Alexander says "Working people have not seen any signs of a recovery; as many as 22 million Americans are out of work. U.S. home sales plunged to the lowest level in 15 years, millions of working people are in jeopardy of losing their homes, and jobless claims have risen to the highest levels in 9 months. Mr. Bernanke must be referring to the recovery on Wall Street."
In an article written by Rick Wolff: Whose Recovery? What Double Dip? "What recovered were corporate profits that had fallen from the crisis's beginning in late 2007 until they hit bottom in late 2008. After that, corporate profits 'recovered' and rose to mid-2010 lifting the stock market with them."
Rick Wolff's article also referred to the plight of working people; "A better measure of economic conditions is the number of paid jobs provided by the economy." According to data provided by the Economic Policy Institute, Wolff explains that the number of paid jobs "have begun its fall early in this Great Recession and have continued that decline ever since."
Stewart Alexander says, based upon the latest economic data that is available, "Bernanke's report was overly optimistic and pie in the sky for working people. The economic data is obvious, the U.S. is in the deepest recession in the past 80 years and there are no signs of a recovery."
Shortly after announcing he would run for president in 2012, Alexander introduced a national economic recovery program; he refers to the program as "A Better Deal." Stewart Alexander is calling for unconventional measures to revive the U.S. economy and to create jobs; he is calling for all banks, financial and insurance institutions to be socially owned and operated by a democratically-controlled national banking authority which should include credit unions, mutual insurance cooperatives, and corporate state banks. While running as the Socialist Party's 2008 nominee for Vice President, Alexander proposed a plan that would include other North American countries to form a North American Banking Authority.
Alexander says "The struggles for working people are global; we need global solutions. In the 21st Century, it has become necessary to reorganize the entire world banking system." To meet the growing needs of working people, Alexander is proposing the creation of a Universal Basic Income (UBI) to help eliminate poverty and to meet the basic needs of working people and the long term needs for seniors. "As we move toward this future, we need a Federal Reserve chairperson that represents the needs of working people; Ben Bernanke is not that person."
For more information search the Web for: Stewart A. Alexander
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