Just in time for the Sunday Show mosh-pit, Fed chair Ben Bernanke has stated publicly that it's the Fed's opinion that extending the Bush-era tax cuts would help the economy. They will otherwise expire on 12/31, in case you haven't heard.
UPDATE: Analysts are detailing predictions for Apocalypse, 7/29.
All kinds of things will change, none for the better.
Some real rocket scientists they've got up there, huh? Next they're going to tell us that uncertainly is at an all-time high. Wait, that was earlier this week.
Sunday morning should be interesting, because I'm betting the the common-taters are going to rip him to pieces. Paul Krugman is running 50 laps right now, I'd bet. Some of the usual talking head types are probably canceling all other plans and waiting with their cellphones in their hands for show producers to call.
I'm sure that we'll hear all about how tax cuts for "the wealthy" don't work, and how it's just more of the failed policies of the Bush administration. I mean haven't we had enough just enduring Mr. Bush's recession? (And haven't we heard THAT ONE too many times?)
On the other hand, this may be a signal that Democrats are trying to salvage something before the November elections. Some House Dems are making noises about leaving the cuts for "the middle-class" and only letting those that apply to "the rich" expire.
Whatever happens, it won't get going until AFTER the Dems get their butts handed to them. So this may be a feint that Congress never intends to actually act on. Wouldn't be the first time, would it?
As Bruce Campbell's Ash told us in Army of Darkness: "It's a trick; get an axe." He was talking about demonic possession, of course.
Just after the tax cuts were passed originally, Mr. Greenspan noted that the bond market had already impounded the effects of those cuts in long-term interest rates, as reflected in the yield curve. He was excoriated for being "political" even though he was just stating facts. HE PERSONALLY didn't change the market's expectations, he just reported them. Just the facts, M'am. Just like Joe Friday said.
Let's see if Mr. Bernanke is deemed a Right-Wing nutjob over this. Should be fun.
