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Keyword: bernanke

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  • Bernanke: Wall St execs should have gone to jail for crisis

    10/04/2015 2:44:39 PM PDT · by VinL · 26 replies
    Kans.City.com ^ | 10/4/15 | staff
    Former Federal Reserve Chairman Ben Bernanke says some Wall Street executives should have gone to jail for their roles in the financial crisis that gripped the country in 2008 and triggered the Great Recession. Billions of dollars in fines have been levied against major banks and brokerage firms in the wake of the economic meltdown that was in large part triggered by reckless lending and shady securities dealings that blew up a housing bubble. But in an interview with USA Today published Sunday, Bernanke said he thinks that in addition to the corporations, individuals should have been held more accountable....
  • John Galt Hates Ben Bernanke

    04/25/2015 10:24:41 PM PDT · by nickcarraway · 4 replies
    New York Times ^ | APRIL 3, 2015 | Paul Krugman
    Ah: I see that there was a Twitter exchange among Brad DeLong, James Pethokoukis, and others over why Republicans don’t acknowledge that Ben Bernanke helped the economy, and claim credit. Pethokoukis — who presumably gets to talk to quite a few Republicans from his perch at AEI — offers a fairly amazing explanation: B/c many view BB as enabling Obama’s spending and artificially propping up debt-heavy economy in need of Mellon-esque liquidation Yep: that dastardly Bernanke was preventing us from having a financial crisis, curse him. Actually, there’s a lot of evidence that this was an important part of the...
  • Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, "Buy Gold"

    10/29/2014 11:47:09 AM PDT · by Rusty0604 · 17 replies
    Zerohedge ^ | 10/29/2014 | Tyler Durden
    It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed's bond-buying program fell short of its goals, and had a lot more to add. Mr. Greenspan’s comments to the Council on Foreign Relations came as Fed officials were meeting in Washington, D.C., and expected to announce within hours an end to the bond purchases. He said the bond-buying program was ultimately a mixed bag. He said that the purchases of Treasury and...
  • Tight Credit? Why Ben Bernanke Couldn’t Refinance His Mortgage

    10/03/2014 12:28:19 PM PDT · by right-wing agnostic · 15 replies
    The Wall Street Journal ^ | October 2, 2014 | NICK TIMIRAOS
    Just how inflexible are lending standards these days? Ben Bernanke said at a conference Thursday that he’d been unable recently to refinance his mortgage. “It’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said at a conference in Chicago, according to Bloomberg News. But wait. Surely a man with high income, lots of equity in his home, good credit and a solid net worth must be able to get a mortgage. Mr. Bernanke stepped down as the chairman of the Federal Reserve in January and joined the Brookings Institution as a...
  • Ben Bernanke turned down for mortgage refinancing

    10/03/2014 6:23:04 AM PDT · by HereInTheHeartland · 13 replies
    CNBC ^ | CNBC
    Excerpt: "Despite having served as one of the most central figures in the global economy, even Ben Bernanke has difficulty refinancing his mortgage. "
  • Bernanke’s ‘humble brag’: 2008 crisis worse than Great Depression

    08/27/2014 1:07:06 PM PDT · by RckyRaCoCo · 28 replies
    Yahoo Finance ^ | 08/27/2014 | Yahoo Finance
    The world finally knows how former Federal Reserve Chairman Ben Bernanke views the 2008 financial crisis. “September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” said Bernanke in a document filed Aug. 22 with the U.S. Court of Federal Claims, reports The Wall Street Journal. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
  • GCC 'Millionaire' Caught Begging in Saudi Arabia

    07/22/2014 4:38:20 PM PDT · by nickcarraway · 6 replies
    Emirates 24/7 ^ | Tuesday, July 22, 2014
    Police found bank deposits receipts worth Dh1.2m and expensive four-wheel car with himSaudi police arrested an Arab man for begging although he had in excess of SR1.2 million (Dh1.2 million) and an expensive four-wheel vehicle. Police said the unnamed man, a resident of a nearby Gulf country, is visiting the Gulf kingdom on a tourist visa with his wife and three children, adding that he was found to be staying in a luxury furnished apartment in the Western Saudi port of Yanbu. “We found large sums of cash with him and receipts for bank deposits…he had a total of more...
  • Ben Bernanke charging $200,00/hour to talk to bankers on the speaking circuit (Getting his cut)

    06/01/2014 7:52:48 PM PDT · by equalator · 8 replies
    Daily Mail UK ^ | 5-24-2014 | Staff
    Bernanke used to make $200,000 a year during his eight years as Chairman of the Federal Reserve. He can make that in a single hour now on the international speaking circuit. He left office in February. By March, he was making up to three stops a week around the world. Bernanke is walking a well-worn path of former policy makers who leave power. Former presidents, former cabinet officials and former members of Congress have all turned their experience in public service into millions.
  • Einhorn Finds Dinner Chat With Bernanke ‘Frightening’

    05/06/2014 3:37:20 PM PDT · by Red in Blue PA · 7 replies
    David Einhorn, manager of the $10 billion Greenlight Capital Inc., said he found a recent dinner conversation with former Federal Reserve Chairman Ben S. Bernanke scary. "I got to ask him all these questions that had been on my mind for a long time," Einhorn said in an interview today with Erik Schatzker and Stephanie Ruhle on Bloomberg Television, referring to a March 26 dinner with Bernanke. "It was sort of frightening because the answers were not better than I thought they would be." Einhorn, 45, has been critical of Bernanke's willingness to leave interest rates near zero for more...
  • Growing gap between the financial markets and the real economy

    03/09/2014 7:32:57 AM PDT · by Starboard · 11 replies
    Aero Hedge ^ | 03/08/2014 | Seth Klarman
    Article based on excerpts from Baupost Group's Seth Klarman letter. "there is a growing gap between the financial markets and the real economy...and the overall picture is one of growing risk and inadequate potential return almost everywhere one looks..."
  • Bernanke Leaves Fed with Record Balance Sheet of $4,102,138,000,000

    02/01/2014 2:01:10 AM PST · by Olog-hai · 17 replies
    Cybercast News Service ^ | January 31, 2014 - 4:21 PM | Ali Meyer
    Retiring Federal Reserve Chairman Ben Bernanke, who was replaced by Janet Yellen as of today, is leaving the Federal Reserve with an unprecedented $4,102,138,000,000 in total assets on its balance sheet, up 391 percent from the $834,663,000,000 in total assets the Fed showed on its balance sheet when Bernanke took over as chairman in February 2006. Much of the increase in the Fed’s assets has come in the form of U.S. Treasury securities and Freddie Mac and Fannie Mae mortgage-backed securities that the Fed purchased over the last five years in its attempts to stimulate the economy. …
  • Why Bernanke Should Be Thanked

    01/31/2014 6:38:36 AM PST · by SeekAndFind · 18 replies
    New York Times ^ | 01/30/2014 | Steve Rattner
    Ben S. Bernanke ascended to the chairmanship of the Federal Reserve eight years ago as a little-known — albeit distinguished — Princeton economics professor who had notched just three years of federal public service. When he takes his leave this week, having presided over his final meeting of the Fed’s policy-making committee, he will depart as one of the finest chairmen in the institution’s hundred year history, having played a central role in averting a financial meltdown and lifting the nation out of recession.
  • Obama vs. Obama

    01/20/2014 9:36:27 AM PST · by afraidfortherepublic · 3 replies
    The American Thinker ^ | 1-20-14 | J. R. Dunn
    A major peculiarity of Obama's recent promises involving his upcoming "Year of Action" is that the chief enemy he's sworn to overcome is none other than... Barack Obama. Consider "income inequality." As far as this can be said to actually exist, it's a function of certain sectors of the financial industry reaping massive windfalls over the past few years while the rest of the country has stagnated under the burden of the recession. So who is responsible for this state of affairs? Consider the trillion and a half dollars handed over to the banks and other financial institutions shortly after...
  • Why are my Chicken Thighs suddenly So Expensive?

    12/21/2013 6:42:24 PM PST · by lee martell · 142 replies
    Dec. 21 2013 | Lee Martell
    Today I went to a local supermarket in the Terra Linda area of Marin County, a little north of San Francisco. This large grocery store is but one of many belonging to a very popular grocery retailer. So, I bought six pounds, and eight ounces of chicken thighs at $1.79 per pound. After a little walk around comparison, I see most are within this price range. I end up paying $10.88, minus $1.21 with my Club Card, that equals a grand sum total of $9.67 out of pocket. The store is a great place to shop. The areas are clean....
  • Dow, S&P end at record highs after Fed's stimulus cut

    12/18/2013 1:16:37 PM PST · by NormsRevenge · 36 replies
    Yahoo Finance ^ | 12/18/13 | Angela Moon - Reuters
    NEW YORK (Reuters) - The Dow and the S&P 500 closed at all-time highs on Wednesday after the Federal Reserve announced a small reduction in its stimulus program, confirming that the U.S. economy was on firm footing.
  • Taper Tantrum: The Fed, Inflation, Unemployment and House Prices

    12/15/2013 1:22:49 PM PST · by whitedog57 · 6 replies
    Confounded Interest ^ | 12/15/2013 | Anthony B. Sanders
    The Federal Reserve Open Market Committee meets on Tuesday and Wednesday of this week. To taper or not to taper, that is the question. Hamlet-to-be-or-not-to-be3 Let’s take a look at inflation thus far. Since 1947, there have been only three periods of deflation where the consumer price index (CPI) has fallen for consecutive months: 1949-1950, 1954-1955 and most recently, 2009. inflationcpi121413 Notice that inflation (as defined by year–over-year changes in the consumer price index) has been declining since September 1981 when inflation hit 11%. The latest measure of inflation is 0.9% YoY for October 2013. At the same time, house...
  • The Bernankeburg Omen: The Hindenburg, Elliott Wave And The Fed Balance Sheet

    12/06/2013 4:55:54 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/06/2013 | Anthony B. Sanders
    The S&P 500 stock market index rose a blistering +1.12% today on positive economic news, albeit much of it seasonal. The run up in stock prices following the collapse in 2008 (both stock market and house prices) has fueled speculation of another Hindenburg Omen event. That is, another stock market correction. But with Ben Bernanke and The Fed supporting asset bubbles with the expansion of The Fed’s Balance Sheet (green dotted line), investors continue to roll the dice on the stock market rising. Likewise, the Elliott Wave is being sustained by The Fed’s Balance Sheet. Let’s see what happens when...
  • Yellen Approved By Senate Banking Panel, Philly Fed Index Plunges To 6.5

    11/21/2013 8:31:15 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/21/2013 | Anthony B. Sanders
    Janet Yellen has been approved as Federal Reserve Chair by the US Senate Banking Panel. And the Philadelphia Fed Index plunged to 6.5 in November from 19.8 in October. Economists were expecting a read of 15. Philly Fed Nov More troubling in the Philadelphia Fed report is the decline in average employee workweek. Philly Fed Details Oct Of course, Janet Yellen being approved by the Senate Banking Panel has nothing to do with the Philly Fed Index plunge. Or does it? Yellen has been on the Bernanke QE team and we know that it has not been successful restoring life...
  • The Fed's Forward (Mis)Guidance - Muddy Water Clarity On QE

    11/20/2013 6:03:26 PM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 11/20/2013 | Anthony B. Sanders
    The Federal Reserve released the minutes of the most recent meeting today. The prognosis? Clear as a muddied lake. As clear as smog-covered sky of a thermal inversion summer. In other words, total confusion. The Federal Reserve of Chicago’s Charles Evan tweeted yesterday his opinion: #CharlesLEvans our purchases will continue to be open ended. We may need to purchase 1.5 trillion in assets until January 2015. Now for the minutes and the possibility of a taper: “During this general discussion of policy strategy and tactics, participants reviewed issues specific to the Committee’s asset purchase program. They generally expected that the...
  • Yellen Strikes Out

    11/16/2013 8:37:31 AM PST · by george76 · 11 replies
    The New York Sun ^ | November 14, 2013
    Vice Chairman Yellen’s testimony before the Senate this morning moves us to oppose her confirmation to succeed Chairman Bernanke at the Federal Reserve. We don’t mind saying it’s an odd position for us, since we have great regard for her capacity as a forecaster, her character, and her comportment. She displays none of condescension that Mr. Bernanke so often allowed to show (we once expressed surprise that he wasn’t held in contempt). What transports us into the opposition is Mrs. Yellen’s truculence on the issue of auditing the Fed. ... Senator Vitter .. speaks for a faction in the upper...