Bernanke proposes no new steps to boost economy

[WestVirginiaRebel]

Yahoo News:

JACKSON HOLE, Wyo. (AP) -- Federal Reserve Chairman Ben Bernanke has a message for Congress: Do more to stimulate hiring and growth -- or risk delaying the economy's return to full health.

Bernanke held out the prospect Friday that the Fed may take further steps later to help the economy. But he offered no new plans for now.

At a time when Congress has focused on shrinking budget deficits, Bernanke agreed that doing so is important for the long term. But he warned lawmakers not to "disregard the fragility of the current economic recovery."

Investors had hoped Bernanke would use his much-anticipated speech at an economic conference in Jackson Hole to unveil some aggressive measure to jolt the economy.

He didn't. But he did say the Fed's September policy meeting will be extended to two days, instead of the scheduled one, to permit a "fuller discussion" of the central bank's options.

"He appears to be saying that the Fed has largely played its part and that the politicians need to step up their game," said Paul Dales, senior U.S. economist at Capital Economics.
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Team Obama wants to have Congress on hand to blame as Bernanke passes the buck...