Bernanke: Fed Not Out of Ammo Yet

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Ben Bernanke told Congress today that the economy is still pretty shaky, and the Fed will take action if it turns down:

Bernanke said that the Fed could start new purchases of securities….his clearest indication to date that a third round of so-called “quantitative easing” is in the realm of possibility. Another option would be to provide “more explicit guidance” about how long the Fed’s current policy of ultra-low interest rates will remain in place….The Fed chief also said that the central bank could lower the rate it pays banks to park money at the Fed, currently 0.25 percent.

That’s reassuring, I guess. In related news, Cate Long reports that Ron Paul continues to be a gold bug:

Ron Paul to Bernanke: “Is gold money?” Bernanke: “No it’s a precious metal”. Paul: “Why do central banks hold it?” Bernanke: “Tradition.”

Roger that. Time to grow up, Ron.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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