Bernanke: Bond-Buying Could Create 700,000 Jobs

[thundley4]

Federal Reserve Chairman Ben Bernanke told lawmakers on Capitol Hill that the Fed's $600 billion economic aid program could create 700,000 jobs over two years.

Bernanke made the comments during a private meeting Wednesday with members of the Senate Banking Committee, according to Sen. Richard Shelby, R-Ala., and others who attended the meeting. Bernanke was citing research done by the Federal Reserve Bank of Boston.

The Fed announced on Nov. 3 that it would buy $600 billion worth of Treasury bonds over eight months. The Fed hopes to make loans cheaper and get Americans to spend more, which would rejuvenate the economy and help reduce unemployment.

http://www.cnbc.com//id/40236628

$600B for 700K jobs . That works out to about $857,000 per job.  Notice the "job growth" is supposed to happen during the next two years. What will be going on during that time, a presidential election? 

[NHSparky]

That's even worse than the $300K per job Porkulus was supposed to be creating.  Ah yeah--liberals are living proof that as long as they can throw SOMEONE ELSE'S money at the problem, there's no amount too high for them to spend.

[RightCoast]

Bernanke: Bond-Buying Could Create 700,000 Jobs

  Of course by definition this means that it could create zero jobs as well.

[true_blood]

The only thing it's going to CREATE is hyper-inflation.
What a bunch of jack wagons!

[cavegal]

could  I am going with..... Could Not! liars

[thundley4]

AP on NPR.

Without more stimulus, high unemployment could persist for years, he said. But in making that argument, Bernanke risks heightening complaints that he's plunging the Fed into partisan politics.

WTF Benny boy?  You just told us that your plan could create 700K jobs, but now it's worthless with more debt incurred by the taxpayers? 

[gurn]

I support what Bernanke did with QE2. I don't support it for what it did domestically.
I support it for its actual results on the currency markets.

1. China screamed & whined bloody murder the week Bernanke announced QE2.
It accused the US of debasing its currency.

2. But the very next week - it rushed in and bought s*itloads of Treasuries?

Why? China has no choice. Many of us have a theory that the US will win a currency war with China.
And Bernanke's QE2 has offered some evidence as proof of that theory. I think it's time to fight that war.

3. The dollar moved to a five week high after Bernanke's move was announced.

4. The price of gold has been falling? Why? There are many reasons, but one would be the dollar is rising.
Gold tends to move in the opposite direction.

Republicans are getting this all wrong, IMO. They should give Bernanke a chance.

[Freeper]

I wonder if they will be shovel ready jobs.
Lord knows we can't afford any more "job creation and saving" from these people.

 

[Freeper]

I support what Bernanke did with QE2. I don't support it for what it did domestically.
I support it for its actual results on the currency markets.

1. China screamed & whined bloody murder the week Bernanke announced QE2.
It accused the US of debasing its currency.

2. But the very next week - it rushed in and bought s*itloads of Treasuries?

Why? China has no choice. Many of us have a theory that the US will win a currency war with China.
And Bernanke's QE2 has offered some evidence as proof of that theory. I think it's time to fight that war.

3. The dollar moved to a five week high after Bernanke's move was announced.

4. The price of gold has been falling? Why? There are many reasons, but one would be the dollar is rising.
Gold tends to move in the opposite direction.

Republicans are getting this all wrong, IMO. They should give Bernanke a chance.

Yeah because printing money is always such a wonderful idea.
Now if I printed money I would go to jail even if I claimed it could save jobs. 

[true_blood]

I support what Bernanke did with QE2. I don't support it for what it did domestically.
I support it for its actual results on the currency markets.
1. China screamed & whined bloody murder the week Bernanke announced QE2.
It accused the US of debasing its currency.
2. But the very next week - it rushed in and bought s*itloads of Treasuries?
Why? China has no choice. Many of us have a theory that the US will win a currency war with China.
And Bernanke's QE2 has offered some evidence as proof of that theory. I think it's time to fight that war.
3. The dollar moved to a five week high after Bernanke's move was announced.
4. The price of gold has been falling? Why? There are many reasons, but one would be the dollar is rising.
Gold tends to move in the opposite direction.
Republicans are getting this all wrong, IMO. They should give Bernanke a chance.

I don't know. I think it's just a temporary fix. A small bump upwards for the dollar.
If the "stimulus" package was such a great bill, it would have helped the economy and helped keep the unemployment number around 8%. They failed on both those goals. Bernanke said that the Qe 2.0 will be a jobs creator. Let's hope it's not another "stimulus" incognito. I'm not getting my hopes up.

[gurn]

Bernanke's move hurt China. That's good.

The Chinese are tightening monetary policy. They are enacting price controls (which are always futile).

That is the big game here. Maybe QE2 won't create jobs. But there is a much bigger battlefield than the USA.
And if the US is going to survive, it has to take on China sooner rather than later.

QE2 was small potatoes. But it has caused some panic in the Chinese government.

The GOP is getting this all wrong if you ask me. Do they want more manufacturing jobs?
A cheaper dollar will do that. Do they want a better balance of trade? A cheaper dollar will do that.

But the irony here is, Bernanke's move has not cheapened the dollar.