BERNANKE SPEAKS

"If early and meaningful action is not taken, the U.S. economy could be seriously weakened," Bernanke said in testimony to the Senate Budget Committee.
It marked the Fed chief's most extensive comments to date on the challenges facing the United States with the looming retirement of 78 million baby boomers, the oldest of whom will start retiring next year.
This huge wave of retirees will hit the U.S. budget as well as the economy, he said.
Absent policy changes by Congress and the White House, rising budget deficits are likely in the years ahead to increase the amount of federal debt outstanding to unprecedented levels, Bernanke said.
That could propel interest rates for consumers and businesses upward, which would be a worrisome development, he said.
"Thus a vicious cycle may develop in which large deficits lead to rapid growth in debt and interest payments, which in turn adds to subsequent deficits," he said.

THIS IS POLITICAL SUICIDE, NO ONE WANTS TO DEAL WITH THE $TRILLIONS OF UNFUNDED LIABILITIES NEAR $70 TRILLION, THIS CAN'T BE PUT OFF FOREVER.

2007 mild? 2008 BAMM!!!