From Bloomberg: "The budget deficit is projected to increase to $1.85 trillion in the year ending Sept. 30, equivalent to 13 percent of the nation’s economy, according to the nonpartisan Congressional Budget Office."

Why do they not understand that a deficit 13% of GDP is in reality more like 20%. This is because real GDP has collapsed when the effects of MEW, HELOC and securitization (ergo – loose lending standards)are removed. GDP figures are artificially high – which means the new trillion dollar deficits are a far greater percentage than first apparent.

skippy, total double speak, benefits sure, but to whom and at what cost to the over all financial sector/economy.

“Borrowers have more choices and greater access to credit; lenders and investors are better able to measure and manage risk; and, because of the dispersion of financial risks to those more willing and able to bear them, the economy and the financial system are more resilient,” Bernanke said, according to a transcript of his speech

skippy…Which is Bernanke real strength, economics or salesmanship and who else besides me is over this idea that all Americans understand lending law and the finer points of finance in general. Hell most people don't even have a clue to the total pay out cost over the life of the loan.

Also I for one would like all party's coming before us to bring some form of material to back up their claims, rather than I'll get back to you later, after we have time to bodge up some garbage.

I can not think of any logical or rational reasoning behind any of this lending frenzy fiasco. The 2%soultion, trapping credit card holders and god awful home loans just can not be explained any other way than criminal.