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\f0\b\fs26 \cf0 \cb2 BY CHRISTINA HARTMAN \f1\b0\fs24 \
\ \
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\f0\fs26 \cf0 A dire warning for lawmakers Tuesday \'97 admittedly the same message they\'92ve
been hearing for a year now \'97 but when you\'92re Fed Chairman Ben Bernanke, marke{\field{\*\fldinst{HYPERLINK
"http://www.wjla.com/"}}{\fldrslt ts t}}end to listen.
\f1\fs24 \ \
\pard\pardeftab720 {\field{\*\fldinst{HYPERLINK "http://www.wjla.com/"}}{\fldrslt
\f0\b\fs26 \cf3 WJLA}} \f0\b\fs26 : \'93Bernanke urged Congress to
take action... Bernanke says that if the economy goes off the fiscal cliff, that the fed doesn't
have the tools to offset that.\'94 \f1\b0\fs24 \
\ \pard\pardeftab720
\f0\fs26 \cf0 Specifically, Bernanke told a gathering at the Economic Club of New York
that the looming so-called \'93fiscal cliff\'94 poses a \'93substantial threat to the recovery.\'94
(PHOTO {\field{\*\fldinst{HYPERLINK "http://commons.wikimedia.org/wiki/File:Ben_Bernanke_official_portrait.jpg"}}{\fldrslt \cf3 VIA U.S. FEDERAL RESERVE}})
\f1\fs24 \ \
\pard\pardeftab720 {\field{\*\fldinst{HYPERLINK "http://www.foxbusiness.com/economy/2012/11/20/bernanke-fiscal-cliff-poses-substantial-threat-to-economy/"}}{\fldrslt
\f0\b\fs26 \cf3 FOX BUSINESS}} \f0\b\fs26 : \'93You want more cold water?
Fed chairman Ben Bernanke splashed the markets with it.\'94
\f1\b0\fs24 \ \
\pard\pardeftab720 {\field{\*\fldinst{HYPERLINK "http://www.bloomberg.com/news/2012-11-20/bernanke-says-fiscal-cliff-fix-may-bring-very-good-year.html"}}{\fldrslt
\f0\b\fs26 \cf3 BLOOMBERG}} \f0\b\fs26 : \'93The S&P 500 is down about
1/4 of 1%. The Dow Jones Industrials down 1/3. The Nasdaq composite index is down a
quarter of 1%.\'94 \f1\b0\fs24 \
\ \pard\pardeftab720
\f0\fs26 \cf0 In January, a combination of brutal tax increases and spending cuts will
begin to take effect \'97 that is \'97 unless Congress can come up with a deal that not
only avoids it, but replaces it with a different deal that reduces the deficit. Nothing Bernanke
said Tuesday changes that, except to reiterate the need to get that deal done.
\f1\fs24 \ \
\f0\fs26 But as Alexander Abad-Santos for {\field{\*\fldinst{HYPERLINK "http://www.theatlanticwire.com/politics/2012/11/bernanke-promises-very-good-2013-if-fiscal-cliff-solved/59193/"}}{\fldrslt
\cf3 The Atlantic Wire writes}}, \b \'93Now, of course, we're sorta depending
on everyone who isn't Ben Bernanke to listen.\'94 \f1\b0\fs24 \
\
\f0\fs26 That \'93everybody\'94 who really needs to listen is Congress \'97 who carved
out the cliff in the first place. Leaders from both sides are reportedly in closed-door
negotiations with the White House, and {\field{\*\fldinst{HYPERLINK "http://www.nbcnews.com/business/economywatch/despite-slow-recovery-bernanke-says-no-new-stimulus-1C7179651"}}{\fldrslt
\cf3 NBC\'92s Luke Russert reports}}... \f1\fs24 \
\ \pard\pardeftab720
\f0\b\fs26 \cf0 \'93What the goal is from folks that I have spoken to that is by perhaps
mid december, they can reach some sort of agreement in terms of what the overall number
would be for a fiscal cliff deal.\'94 \f1\b0\fs24 \
\ \pard\pardeftab720
\f0\fs26 \cf0 Lawmakers are back in Washington Tuesday for the last few weeks of this session
\'97 a lame duck session that traditionally doesn\'92t see a whole lot of business done.
There is, however, a bit of a silver lining in Bernanke\'92s remarks, {\field{\*\fldinst{HYPERLINK
"http://www.cnbc.com/id/49903386"}}{\fldrslt \cf3 as a CNBC panelist points out}}:
\f1\fs24 \ \
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\f0\b\fs26 \cf0 \'93...Bernanke did say, if we can solve the fiscal cliff problem... He
said exactly \'912013 could be a very good year.\'92 That potential is out there.\'94}