Tuesday, March 1, 2011

Crapo Disputes Bernanke's Optimism on Economy

Posted By on Tue, Mar 1, 2011 at 11:20 AM

After listening to Ben Bernanke's optimistic testimony on Capitol Hill this morning, U.S. Senator Mike Crapo told Citydesk the Federal Reserve Chairman's outlook is "very short term."

"He's predicting that by pumping more money at the problem, that we'll maintain a little bit of economic strength," said Crapo. "He wants to push another $600 billion, having the treasury purchase more U.S. debt."

The Fed chief defended his stimulus program, saying that it was playing a crucial role in a recovery.

"We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold," Bernanke told the Senate Banking Committee. Crapo, Idaho's senior senator, is a member of the committee.

"In the short term, Bernanke's actions will forestall the ultimate consequences of spending our way into a stronger economy with borrowed money," said Crapo. "The bottom line is we can't continue to do that."

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