Bernanke warns of possible European 'contagion'

[xchrom]

http://economywatch.msnbc.msn.com/_news/2012/03/20/10781019-bernanke-warns-of-possible-european-contagion

Weakness in the eurozone is beginning to have an impact on the U.S. economy, according to Federal Reserve Chairman Ben Bernanke, who will warn legislators Wednesday of possible "contagion."

“The difficulties in the euro area have affected the U.S. economy," Bernanke says, according to prepared text of his remarks. "The European Union accounts for roughly one-fifth of U.S. exports of goods and services. Not surprisingly, U.S. exports to Europe over the past two years have underperformed our exports to the rest of the world. In addition, weaker demand from Europe has slowed growth in other economies, which has also lowered foreign demand for our products.”

The Fed posted the prepared text on its website ahead of time after Fox Business News apparently obtained a copy and published excerpts on its website. Bernanke is scheduled to testify on Europe to the House Committee on Government Oversight and Reform.

"U.S. financial firms and money market funds have had time to adjust their exposures and hedge their risks to some degree as the European situation has evolved, but the risks of contagion remain a concern for both these institutions and their supervisors and regulators," Bernanke says in the remarks. He warned in particular of potential danger to the financial sector.

[dipsydoodle]

1. The moral in that

is don't let your financial institutions fuck in the first place.

[Monk06]

2. Good plan. Blame Europe for massive debt and bank fraud. This coming from the most crooked

indebted country in the world that just happens to control the worlds money supply.

Bernanke is a bigger lier than Milton Friedman if that's possible.

No wonder Europe has chosen to ignore Paulson, Bernanke et al.

The US Treasury Dept is nothing but a subsidiary of Goldman Sachs who were
one of the biggest players in the CDI/mortgage scam that brought the US and hense
the world economy to the brink and maybe over the brink depending on what happens
in the next year or two.

And these pricks have the gall to try and blame Europe. This is just a last ditch effort to
kill the Euro to protect the dominance of the American dollar. Good luck with that.

[siligut]

3. Just another warning for the stock market

This concern has been going on since 2008. The US market has made a big comeback and now the financial news keeps warning about a pull back.