Bernake today in Chicago said:
The problems in the subprime mortgage market will not hurt the rest of the economy,
"We believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system," Bernanke said.
Subprime mortgages are loans made to riskier borrowers. Rising interest rates and falling home prices have caused subprime defaults to jump this year.
If the 2 don't go hand-in hand then I don't think he's the guy for the seat! The housing market it down...large banks are merging and Closing...lay-off are in the 100's of thousands, car sales are down, consumer spending is down by quite a bit, large ticket items are down from 2yrs ago! I don't think it takes a genuis to figure out that the US economy is starting and will probably head into a recession! We would hate to repeat early-Mid 1990's, when everything was down in the dumps!
I think Bernanke needs to stop competing with Greenspan and Greenspan stop spouting his hoo-haa and work toward a solution that is right for this country! Greenspan...you're retired! Bernanke...your the chief act like it!
Thank goodness we're coming to an election year....we probably won't see any changes til next yr when they (Dems & Republicans) figure out that we're in need!
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