Federal Reserve’s “Economic Cliff” Looms Ever Closer

from The Ulsterman Report:

Being drowned out by the Obama race-baiting campaign surrounding the Treyvon Martin shooting is Federal Reserve Chairman Ben Bernanke’s public admission this past week that the United States economy is once again on the brink of collapse.

A Chicago Tribune editorial put the dire warning this way:

In a Leap Day monologue to a House committee, the Federal Reserve chairman warned that, unless someone actually does something, a cascade of tax increases and spending cuts scheduled for January will, together, wash this lightweight economic recovery over his metaphorical cliff. Bernanke is too prim an academic to say, “Then you can kiss your GDP goodbye,” but he came close: The removal of so much money from the day-to-day U.S. economy, he said, could trigger another financial crisis, spike interest rates up, and drive growth down.

 more here