Thursday, September 29, 2011
Bernanke admits jobs problem is a national crisis - and the FED can't do much
Posted 7:07 PM
Bernanke admits jobs problem is a national crisis - and the FED can't do much — RT
Speaking from Cleveland, Ohio this week, Federal Reserve Chairman Ben Bernanke fielded questions from a crowd and opened up on the critical situation that is continuing to impact millions of Americans. "This unemployment situation we have, the jobs situation, is really a national crisis," Bernanke said from the InterContinental Hotel. "We've had now close to 10 percent unemployment for a number of years. Of the people who are unemployed, about 45 percent have been unemployed for six months or more.” And while Bernanke acknowledged that the Fed has attempted to do what they can to correct the problem, he also said that only so much can be done on his side to switch things up. "Monetary policy can do a lot but it's not a panacea. It can't solve all of the problems," Bernanke said on Wednesday.
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