Monday, July 13, 2009

Richard Shelby has Candid Discussion about the Fed Chair on Fox Business

For the vast majority of Americans, being told that we are having a "jobless recovery" is the same as saying we are having no recovery at all. "Recovery" means employment, job growth, opportunity, job security (even if it is not the one you are in, it is the knowledge that there are plenty available). "Recovery" without jobs, means prosperity only for the "haves" in an economy. This is something that seems to persist no matter what is going on in the larger picture.

In a startling interview on the Fox Business Network, Sen. Richard Shelby (R-AL), the ranking Republican on the Senate Banking Committee, stated that he was informed by Federal Reserve Chairman Ben Bernanke that we might be dealing with a "jobless recovery."

Here are excerpts from the interview with Sen. Shelby on his very candid discussion with Chairman Bernanke:

What does Chairman Bernanke say about the recovery? "He thinks when there will be a recovery—basically his words—it will be a jobless recovery, and that’s not good for America.” Again, for the vast majority of Americans, this is no recovery at all.

What about giving the Federal Reserve more regulatory power? “We talked about the regulatory structure that we will be debating this year up here, and the Fed basically as a regulator failed the American people. Why should we give them more power now? That’s the question I asked. He didn’t say they didn’t fail. He didn’t admit it, but he didn’t say otherwise.” Alas, we have seen how much the shift in power to the Federal Reserve has "benefited" the larger economy to date. No wonder many members of Congress are skeptical.

What about the pace of an economic turn around? “The answer was basically muddle… He was very careful with what he was saying even to me, a member of the banking committee.” I find the word "even" to be a little humorous. Seeing the insane things that have happened from this Administration and the total lack of transparency of those that are governing, you would almost think Sen. Shelby would say "especially to me." The last thing the Fed wants is more accountability, in my opinion.

Has the economy made a turn around the corner? “He couldn’t really answer that. He thinks some of our financial crisis has stabilized, but it’s not over.” I guess one of the "jobs saved" so far is Bernanke's. That is a sign of recovery, isn't it?

As I have said before, being hungry is crucial, no matter what business you are in, including cable news. Consistently, Fox Business, even with its relationship with the largest name in cable news, Fox News, demonstrates a desire to beat others to the most important business news stories of the day, as seen in this breaking news story on Shelby. I don't mean to sound like Neal Cavuto, but if you don't get Fox Business, make sure you contact your cable provider. In the mean time, you might consider regularly visiting FoxBusiness.com for the latest in videos and other information.

Kevin Price is Host of the Price of Business, the longest running show on AM 650 (M-F at 11 am) in Houston, Texas and on AOL Radio. His articles often appear in Chicago Sun Times, Reuters, USA Today, and other national media. Steve Moore of the Wall Street Journal calls Price the “best business talk show host in the country.” Find out why and visit his blog at www.BizPlusBlog.com and his show site at www.PriceofBusiness.com. You can also find Price on Strategy Room at FoxNews.com.

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