Some of us, most of us, have known this all along. Is this really news?
Fed Chairman Ben Bernanke warned on Monday that there is a “real and growing” threat that skyrocketing U.S. debt will cause a catastrophic economic implosion if swift, bold action is not immediately taken to stop the fiscal insanity in Washington.
According to Bernanke, the moment is rapidly approaching at which something will have to give, one way or another. Our exploding deficits will have to be accounted for at some point.
It took two years for the powers that be (aka Democrats) to completely destroy what was left of our economy, and it seems it took the Fed Chairman just as long to realize the danger in them doing so.
Maybe next time, you know — after we come back from the economic abyss, we should pick a Fed Chairman that actually knows something about economics without the whole ‘trial and error’ thing.