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Bernanke hints at QE3, aka, handouts for Wall Street

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This madness of shoveling cash over to Wall Street has to stop. The first two rounds did little for the 99% who have been clobbered thanks to Wall Street gambling but somehow, Bernanke wants to continue. What is good for Wall Street is clearly not good for the rest of the US.

Let the bankers go and gamble with their own money and leave everyone else out of it. We don't need more socialism for the 1%.
US central bank chief Ben Bernanke sparked a surge in share values on Friday after he signalled his willingness to embark on a third phase of money creation to boost the US economy.

The Dow Jones industrial average closed the day with a gain of 90 points after the chairman of the Federal Reserve gave a robust defence of past central bank interventions, which, traders said, prepared the ground for a third round of quantitative easing should the economic picture worsen. France's CAC and the German DAX closed up 1%.

In his much anticipated a speech in Jackson Hole, Wyoming, Bernanke described the current economic situation as "far from satisfactory". He said that high rates of unemployment were a "grave concern, not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for years".

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