Fed Chairman Bernanke to Congress: We Will All Drop Dead

Bert Bernanke, chairman of the Fed, testified before the US Congress yesterday. Apparently there is some kind of crisis in the sub-prime mortgage market, and the massive infusions of cash and interest rate cuts aren't doing anything to help.

While Bernanke stopped short of saying that we are diving headfirst into a recesiion, he did say that growth in the US economy could be expected to slow dramatically through the remainder of '07 and at elast into early '08. Here's a quote from the new big cheese: "Quite frankly, I think we are at a moment of economic crisis stemming from four key areas: falling housing prices, lack of confidence in credit-worthiness, the weak dollar and high oil prices."

Really, this whole economic crisis has little practical effect on me. I have almost no assets, and my wilderness survival skills should be good enough to keep me alive in a post-industrial, post-apocolyptic United States. For those of you that actually own things, or didn't learn wilderness survival skills in the Boy Scouts, I wish you the best of luck.