How dark will social mood become? I don't know, nor does anyone else. Much depends on protectionism, tariffs, and other misguided policy decisions by Congress and the Fed.
Then along came Chairman Ben and his echoes of Alan Greenspan with interest rates lower than imaginable: CDs at 0.59%, money market accounts at 0.25%, 2-year treasury notes at 0.26%, and savings account at 0.28%. Savers were completely stunned when they experienced essentially no return on their money.
Central bank and government actions around the globe increasingly prove that gold is the place to be.
Former Federal Reserve Chairman Alan Greenspan says not to worry about US credit rating because the US "can always print money."
For nearly a decade Democrats have sought a religious wedge issue that could separate big chunks of white evangelical voters from their Republican home. Now they've found it, and are thrusting at the Social Darwinist/Ayn Rand underbelly of American conservatism.
Just a few years ago, most homeowners were convinced that property values could only increase. So it made sense to take out second mortgages and home equity loans, even if that left them underwater in the short term.
Mr. Bernanke had no defense of the sinking dollar, or the inflation it brings, or the drop in middle-class living standards it causes.
Credit former Vice President Walter Mondale. His call last Sunday for higher taxes in a national opinion column comes as bold and clear as his infamous 1984 pledge to the Democratic National Convention to raise taxes if elected president.
If future historians look back on the ruins of the American economy after a U.S. bond crisis struck in the second decade of the 21st century, many causes will be noted.
If there is one number from the vast jumble the Obama administration calls a federal budget, it's this one: The American economy is projected to grow at the rate of 5 percent a year.
In 2009, when CNBC's David Faber asked former Federal Reserve Chairman Alan Greenspan what lessons could be learned to prevent another great financial meltdown in the wake of the mortgage-financing collapse, Greenspan did not have a happy-face answer.
Quotes on the economy as the new year begins.
But in most of the Western world, fortune telling has lost its potency – that is unless the fortune teller happens to be a scientist, pollster, or economist.
In the spirit of the Christmas season, let me highlight from last week's confusing Washington rhetoric a statement by the president that was shrewd -- even wise.
QE2 seems a poor match with the incoming Congress -- and with the heads of many of the world's other leading economic powers. Can the Fed persist in a policy that has stirred such scathing criticism?
I didn't see a single senior player express the desire to take the debt commission report as an opportunity to immediately throw all our effort into a workable proposal.
Ben Bernanke is proving a fitting successor to Alan Greenspan as chairman of the Federal Reserve System. Unfortunately.