Bernanke: "Dow Drop? No Biggie. Social Security? RUN FOR YOUR LIVES"

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If any of you out there coping with major losses as a result of that thing that happened yesterday were looking for a shoulder to cry on in the form of our Chairman of the Federal Reserve, keep looking. The Beard of Reasoning told Congress this morning that the U.S. financial markets are functioning normally and, also, that they seem to be “working well.” He also noted that the 416 point slump did not alter his view on U.S. economic growth and that “there is really no material change in our expectations for the U.S. economy since I last reported to Congress couple weeks ago.” After that rather blasé assessment, he proceeded to “give the crowd its money’s worth” with some material from his usual set, and harshly warned that a failure to do something regarding the upcoming retirement of the Baby Boomers “could lead to serious economic harm” and that “a vicious cycle may develop in which large [budget] deficits lead to rapid growth in debt and interest payments, which in turn adds to subsequent deficits." That's right-- vicious!
[Ed.'s note: We tried really hard to find a picture of BB that said "meh," but apparently there are none. Who knew.]
Bernanke: Markets are 'working well' [Fortune]

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