""More ominously, some Fed officials fear the central bank is already "pushing on a string" and does not have the means to revive the economy. Whether or not they are right, this comes as a psychological shock for investors schooled by the "Greenspan Put' into thinking that there is a deus ex machina in the wings. [snip] ""This has been one of the most interesting days in finance ever," said Andrew Roberts, head of credit at RBS. "We are right at the tipping point. Yields are about to collapse even further, equities are about to turn over. The end game approaches, probably in next few weeks."

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7962825/Hard-nosed-Fed-sends-global-markets-reeling.html

There is a serious problem though. Two months out and there isn't a plan. Alot of rhetoric of what is "wrong" but no discernable direction on how to get where is "right".

Don't repeal the Bush tax cuts. Fine, but where are you getting money to pay for deficit.

Repeal Obamacare. Fine, but what are you going to do about the underlying issues with the costs of healthcare?

Two wars and trillions spent fighting terror...are we any safer? Funding on that level is unsustainable. What is the plan, Stan?

Jobs. Where exactly are they coming from again? To hear tell the current woes laid out by the Republican talking heads, if we get rid of the illegals, there will be pleanty of jobs. Tell that to the Steel Belt. We don't need that much landscaping, and there certainly isn't a huge need for new housing construction with 12.5 months of existing homes.

If memory srves me correctly, this time in '94 they were telling us what was wrong and how they were going to fix it. Well I'm hearing alot of what is wrong and diddly squat on how to fix it. "Hope and Change" was undefined and vapid, but it worked because it was positive and at least aspired to move the ball forward. Right now the republican platform is missing that. Regan was succesful for two reasons...1) He believed in strong conservative principals, and 2) He could charismatically convey that message to the people on the fence.

News flash. Boehner isn't Regan. Boehner isn't even Newt circa '94. Two years from now, the repubs will have fracked up this chance, misinterpreted the publics mood as further right than it actually is, and will potentially squader the election.

House Minority Leader John Boehner, R-Ohio is full of crap. IF BUSHCO had not killed the economy and 11 million jobs the new president would NOT need to devote so much time and tax dollars securing employment for 11 million workers.

Yes in the first two years of BUSHCO more than 2 million jobs simply disappeared and never returned. So much for those tax breaks for the wealthiest 1%.

Then at the end of BUSHCO over 8 million jobs went up in smoke.

Twice within 30 years republicans took the economy down the tubes,17.8 million jobs lost and tons of retirement plans simply disappeared.

What exactly does this say? Never vote republican ever again!

How is it that america goes to hell when republicans control the government?

Boehner vs. Geithner.... it's hard to say which is a bigger proponent of failed economic policies.

The Bush and Obama plans have left us worse off. Where's our third option?

I do agree with Bozo that Summers,Geitner and the federal reserve chair should hit the road.

But House Minority Leader John Boehner, R-Ohio is from one of the most economic reckless political parties on the planet ever. He wants to distract from those Reagan,Bush and Bush years that produced recessions and mammoth job losses.

Again in the past 30 years each time a recession has surfaced,financial institutions have gone down the tubes,retirement ventures have gone down the tubes and millions of job losses have taken place there is a republican admin on the scene.

BTW I'm all for filling job vacancies within the government. The IRS needs to be able to track down wealthy tax evaders so that I do not pay more.

I'm all for more humans being hired to watch the border aka border patrol.

I'm all for government putting people to work rather than having people collect unemployment. This money comes back to communities as it should. Fill the USDA inspectors vacancy to protect form meat poisoning,EPA/environmental investigators,NOT CORRUPT building inspectors,more prosecutors in the Justice Department and less promotion of war.

WE need public investment to create new economic growth. I say invest in sidewalk rehab throughout the nation and provide seed money for small business ventures that economies can absorb. Invest tax dollars in clean energy. After all it was tons of public investment during WWll and shortly thereafter that made the USA the wealthiest country ever. Then outsourcing and BS tax breaks shot all of that progress straight to hell.

Preferential upper 1% tax treatment wrecks the economy AND jobs. Not only that it increases taxes of sorts on the upper middle class,middle class and the poor.

BTW all Greenspan is calling for revoking all of those Bush tax cuts that continue to raise taxes on the upper middle class,middle class and the poor. At least he finally has seen the light. In his opinion the gov't needs the revenue.

Yes Mr Greenspan and USA workers need jobs. YOUR tax breaks did not bring new industry,new jobs or new wealth for the USA.

I would say to read :

Two books written by David Cay Johnston - a republican investigative journalist for the New York Times who has become among the few experts on tax dollars. In reading one will begin to discover how much our elected officials do not know about our tax dollars and the system in general. AND how much we do not know. Stunned might be the word. The upper middle class,middle class and the poor are supporting tons of new wealth for the upper 1%.

"Perfectly Legal"

"Nickle Dimed"

I am convinced this would help us in our battles immensely and get good economics back on track.

What I don't get about this little performance is that I haven't heard a dang thing from Boehner about how Obama's economic policy is different from what Bush's response would have been. There are only so many tools in the government toolbox to handle the economy, and Obama (and pretty much any other President) is using them all.

If there really was a way to have unlimited prosperity, does anyone here actually think the word "recession" let alone "depression" would actually exist?

What I don't get about this little performance is that I haven't heard a dang thing from Boehner about how Obama's economic policy is different from what Bush's response would have been. There are only so many tools in the government toolbox to handle the economy, and Obama (and pretty much any other President) is using them all.

If there really was a way to have unlimited prosperity, does anyone here actually think the word "recession" let alone "depression" would actually exist?

Tom, I also think extending the Bush Tax cuts is the right thing to do. My question is that if the extension of the tax cuts for the upper class is ok, why isn't it ok to extend unemployment benefits for the unemployed?

Why would the upper income folks be more deserving than the unemployed?

Just curious, what hands on experience in creating jobs did McCain have? I don't mean hiring house cleaners for his many abodes, but actually creating jobs? Republicans had an opportunity to nominate someone with job-creating experience, and they chose not to. Now it is an issue? That is simple hypocrisy, any way you slice it.

Anyone who expected an economic turn around in just two years is fooling themselves. Nobody could have done it. Nobody.

We are at a crossroads. Obama made the decision for the quick fix, spent and printed money, and go into heavy debt, hoping the recovery afterwards would pay down the debt. We had a small recovery, but no job creation. So what do we do? Go into debt more or raise taxes? Both have a major consequences.

Don't forget how bad the economy was between September 2008 and March 2009. How quick can you bounce back from near Armageddon?

Remember how, way back in 2008 and 2009, every problem was Bush's fault and every solution involved the words "smart" and "responsible?" We have had 19 months of so-called smart and responsible fiscal policy, executive orders, democrat cram downs and unchecked spending. What have we got to show for it? An economy in shambles. An administration that is touting the new normal of 10 percent unemployment and permanenet funemployment benefits for millions of Americans.

You can't fix "smart."

Boehner did not offer one idea on how the Republicans can create jobs or do anything differently than President Obama. If stimulus is not the answer there are not many tools that the federal government can do other than:

1) Tax cuts - This might help, but businesses are most interested in consumer demand. By the way, Obama is offering many small business tax credits in his jobs bill. 2) Lower Fed Reserve interest rates 3) Trade protectionism

Do the Republicans have any ideas? I know Obama has been in office for two years. While stimulus has not created many jobs, it has been somewhat of a safety net and prevented the economy from plunging to rock bottom. It has also helped support many State budgets which has kept those employees hired for an additional year,

Right now, the Republicans are behaving just as they did during FDR's 2nd term. That was when the economy plunged into a double dip depression in 1937. Some claim this was due to reversing many of FDR's initiatives and job programs. It was terrible that it took wartime production (ie technically classified as a government endeavor) to get the US out of the depression for good. The GI bill following the war, was also helpful.

So if we follow the Republicans advice (tho they are not saying much), be prepared for less stimulus and incidentally, higher unemployment until the market will correct itself. This is risky, because higher unemployment will lead to even less tax revenue and add to our debt as well.

Stimulating the economy will require major steps:

• ending the mideast invasion/occupation. The world does not accept this concept and USA citizens cannot afford $5 trillion dollar wars

• Stop electing the PNAC Republican war machine to elected positions : a. http://www.ecapc.org/pnac.asp b. http://www.oldamericancentury.org/pnac.htm c. http://www.informationclearinghouse.info/article1665.htm d. all incumbent republican candidates subscribe to PNAC e. the world has no respect for the republican PNAC war machine

Next: * New industry/ jobs that cannot be outsourced

• Demand National Health Insurance - this will save tons of money for 95% of citizens and create 2.6 million jobs. Citizens will realize more expendable cash for other important matters.

• Increase expenditures in public education and Vocational Technical Training

• revoke all Bush tax breaks. Tax breaks have not created new jobs or new industry

• Stop bailing out Wall Street - That money would be better spent on National Health Insurance or Vocational-Technical education

*Stop the corporate american welfare free lunch program. Local taxpayers get burned : http://www.democracynow.org/2008/1/18/free_lunch_how_the_wealthiest_americans

Corporate american free lunch money would be better spent on National Health Insurance,Public Education and Vocational-Technical education