federal reserve chairman ben bernanke
Manuel Balce Ceneta/AP Federal Reserve Chairman Ben Bernanke

WASHINGTON -- Federal Reserve Chairman Ben Bernanke said on Friday that despite improvements in the U.S. economy overall, the country's lower-income communities continue to face hard times.

"While employment and housing show signs of improving for the nation as a whole, conditions in lower-income neighborhoods remain difficult by many measures," Bernanke said in prepared remarks that made no direct reference to monetary policy.

In a speech to a Fed community affairs conference, the chairman also stressed the vital role played by local leaders in revitalizing lower income communities, citing research by the Boston Fed of towns that had managed to turn things around.

"Substantial coordination and dedication are needed to break through silos to simultaneously improve housing, connect residents to jobs, and help ensure access to adequate nutrition, health care, education, and day care,' Bernanke said.

The 2008 collapse of the U.S. housing market and subsequent deep recession has deepened the plight of many lower-income communities, where unemployment has soared far above national levels, particularly for young people and minorities.

Reporting By Alister Bull; editing by Neil Stempleman.



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Warren

The problem is our local leaders have failed to create markets for human activity. One example, Steve Wozniak invented, and engineered the Apple computer, but Steve Jobs created the market for the Apple to channel the flow of creativity into a population hungry for this machine.

Currently our local leaders are unable to think of ways to package, market and destribute human activity to a population of people hungry for the fruits of such activity. There is enough of everything in the world, some areas are short of it, other areas are blessed with a surplus.

For example, a desert is short of water. The ocean is full of water. An effective leader could obtain sea water, transform it into something useful for the desert and make it available for desert use. Steve Jobs could take material abundant in the minds of people like Steve Wosniak and make it available to people thursty for the advantages such technology could provide.

Politicians can not do this. Local creative market makers can. Bernanke is not advising us to fund more politicians, but to allow Entrepreneures to assemble the factors of Land, Labor, and Capital for the production of human activity. This means it is time for each community to allow the local creative Jobs and Wozniaks of the world to produce satisfactions for human wants and needs.

April 14 2013 at 8:11 AM Report abuse rate up rate down Reply
scottee

there is no recovery as long as Ben is printing and diluting our dollar....as long as he is holding down interest rates artificially. we are a country of liars and debtors and we need to be a country of savers and investors. but we cannot invest when the government changes the rules daily and The Fed manipulates interest rates, stock prices and gold prices. we just can't.

April 14 2013 at 7:43 AM Report abuse +1 rate up rate down Reply
David & Patty

Five years of bailouts, increased taxation, redistribution of wealth, humongous increase in spending for welfare, disability payments, unemployment insurance (plus extensions like never before), and food stamps, and there are still left-behinds of Obama's "FAIRSHARE DOCTRINE" and his "BAILOUTS"?

April 14 2013 at 7:31 AM Report abuse +1 rate up rate down Reply
1 reply to David & Patty's comment
shurtcircuit

George Bush was the Bailout King

April 14 2013 at 8:07 AM Report abuse rate up rate down Reply
1 reply to shurtcircuit's comment
Rickrak

Give us some examples shurt, and we can compare.
Right now, most Americans would give an arm to have Bush back. Oh, man......gas $2.00 a gallon! Hamburger $1.99 pound and my business was making money.

April 14 2013 at 8:29 AM Report abuse rate up rate down
beth422

Recovery, what recovery? Bernanke prints $85 billion a month devaluing our dollar, causing inflation. What jobs will lower income residents get connected to? Retail, hardly, retail just laid off 24,000 employess, fast food on average pays $7.50 (my area) to start. Where's Obamacare, I thought Obamacare was supposed to take care of the medical issue, they just have to wait like the rest of us.

Here we go again, I heard a report that Obama is promoting easier financial requirements for potential homeowners, isn't that why we're in this mess because the housing market blew up in our faces.

I'm pretty much sick and tired of these people who haven't a clue what's going on or how to improve it or are simply adhering to their agendas of breaking our country.

April 14 2013 at 6:31 AM Report abuse +1 rate up rate down Reply
kmcc895370

Part two - The sad part of all this is that any solution that might work to turn things around will never be discussed. Temp agencies should be banned so companies have to hire on people themselves rather than use 'throwaways'. 11 million illegal immigrants must be shut off both from jobs and social services. Companies that hire them must be heavily prosecuted. Economic Terrorism laws should be enacted to punish companies who move to take advantage of cheaper labor, lay off and/or cut hours to thwart healthcare laws, bust unions or rotate workers so they never have a steady job. There are many more ways but space here is not unlimited. I will close by saying that as long as everybody keeps fighting politically among themselves instead of taking our government to task we will continue to spiral down toward 3rd world status. the Washington gang needs to be frightened by their employers which are US.

April 14 2013 at 6:17 AM Report abuse rate up rate down Reply
kmcc895370

The situation today is an out of control cancer that began when the first jobs were taken out of the country. Before that anyone who could learn a relatively simple production or manufacturing job could work and have a family and buy consumer products. Once the greedy companies decided to shut down here and move to a foreign country the economy's doom was sealed. No longer can a man just get a job and earn a living wage. Now, unless a person has degrees coming out of every bodily oriface they must work 2 or 3 jobs to make what a working man made back then. Throw in temp agencies that help companies NOT hire employees and companies doing their best to thwart any well meaning laws about health care and you have the terminal condition of our economy today. This is part one. see my next post for the rest(unless HP screws me because they don't like what I'm saying)

April 14 2013 at 5:58 AM Report abuse rate up rate down Reply
Bexarpaw

Ben has been BSing his way through this whole financial bailout/restructure/economyjobs cess pool just like our faux President. Sorry folks but you voted for a President to lead this country out of the mindless spending of Bush era......and you elected a Comunity Organizer. Ben should be at some community college teaching economics 101!

Ben was just doing what the President and the Progressive Party wanted done, so he is not really at fault. Had he come up with some shred of brillance, he undoubltedly would not been able to put it forward. Unfortunately the President appoints the head of the Fed and once again we did not get what we voted for!

April 14 2013 at 1:19 AM Report abuse +1 rate up rate down Reply
frank1946

Ben is taking Chinese Language Lessons.

Save Face.....................Lie !

April 13 2013 at 11:54 PM Report abuse rate up rate down Reply
Escalonz

Reporting By Alister Bull......................That's a lot of bull................sorry, I couldn't resist.............the devil made me do it

April 13 2013 at 10:47 PM Report abuse rate up rate down Reply
YourFtr

The middle class and poor; having no where else to go, are trying to get into Disability.

April 13 2013 at 10:38 PM Report abuse +1 rate up rate down Reply
1 reply to YourFtr's comment
Bexarpaw

They are just creating the opportunity for everyone to become wards of the Government. We now work for the politicians and they are the rulers now and for them to stay in power we must be controled and the best way to do that was just as we did to the American Indian. Take his way of life away and make him totally dependent on a Government that was just out to rob him.........Just as Obama has done to the American people!

April 14 2013 at 1:24 AM Report abuse rate up rate down Reply