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Keyword: bernanke

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  • David Stockman: "The Capital Markets Are Simply A Branch Casino Of The Central Bank" - Must Read

    07/25/2012 10:49:27 AM PDT · by mojito · 10 replies
    ZeroHedge ^ | 7/24/2012 | David Stockman and Alex Daley
    David Stockman:....I don't think we are at the beginning of the recovery. I think we are at the end of a disastrous debt supercycle that has gone on for the last thirty or forty years, really. It started when Nixon defaulted on our obligations under Bretton Woods and closed the gold window. Incrementally, year after year since then, we have been going in a direction of extremely unsound money, of massive borrowing in both the private and the public sector. We now have an economy that is saturated with debt: $54 trillion or $53 trillion – 3.5 times the GDP...
  • Here Come The Fed: Home Sales Drop More Than Expected, Mortgage Purchase Applications Drop Too

    07/25/2012 8:07:56 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 07/25/2012 | Anthony B. Sanders
    For June, home purchases decreased to a 350,000 annual rate, down 8.4 percent from the prior month and the weakest since January, the Commerce Department reported today in Washington. The forecast was for 372,000 units, a big swing and a miss. The decline was led by a record 60 percent plunge in the Northeast. And 350,000 units is down from the upwardly revised number of 382,000 for May. The Mortgage Bankers Association released their weekly mortgage application indices this morning. As I mentioned to Lori Rothman on Fox Business last week, the MBA Purchase Index is an important index to...
  • Democrats warn Rep. Paul's 'audit the Fed' bill will politicize monetary policy

    07/24/2012 4:29:25 PM PDT · by markomalley · 36 replies
    The Hill ^ | 07/24/12 | Pete Kasperowicz
    Several senior House Democrats warned that passing a bill from Rep. Ron Paul (R-Texas) requiring a full audit of the Federal Reserve Board's monetary policy decisions will allow Congress greater leverage to put political pressure on these decisions, which they said would cause serious problems in the U.S. and global financial markets. The Federal Reserve Transparency Act, H.R. 459, was expected to come up for a vote Wednesday, and seemed poised for passage given its 270 co-sponsors, including nearly four dozen Democrats. Nonetheless, many Democrats used the Tuesday floor debate to warn about the chances that Congress might use the...
  • Market Reactions to Bernanke's Report to U.S. Senate (Bernanke Does E.F. Hutton Impression)

    07/17/2012 8:56:22 AM PDT · by whitedog57
    Confounded Interest ^ | 07/17/2012 | Anthony B. Sanders
    Like the old E.F. Hutton ads, “When Ben Bernanke speaks, people listen.” The Euro: Gold: US Treasury 10 year yield: The reaction to Bernanke’s speech is less than enthusiastic. Apparently, the market wanted a more firm statement on more quantitative easing (and Senator Schumer from New York said so in the Senate hearing). In Bernanke’s defense (which no Senator acknowledged), M2 Money Velocity is falling below levels not seen in modern times. If you watch Bernanke’s Senate presentation, Senators Toomey (PA) and Corker (TN) win the award for best observations and questions. No one expressed the sentiment that The Fed...
  • More QE Will Be Needed As More People Go On The Dole Than Become Employed

    07/13/2012 6:09:27 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 07/13/2012 | Anthony B. Sanders
    I’m glad that Mr. Lockhart sees a step-up in output and employment growth by the end of the year. But how will driving interest rates lower help when they haven’t helped yet? The Fed’s balance sheet hovers around $3 trillion and the Fed Funds Target Rate is at a pitiful 0.25%. Yet, no ignition so far. M2 Money Velocity has declined below any point since the end of World War II. And mortgage lending (with the exception of Wells Fargo) has not really rebounded since it peaked in 2008. Employment still stinks as more and more people go on the...
  • ECONOMIC REPORT CARD – FAIL

    07/08/2012 9:19:04 PM PDT · by Errant · 7 replies
    We are now three and one half years into Barack Obama’s presidency. I thought a few pertinent charts would help us assess the success of his economic policies. Upon his election he demanded an $800 billion stimulus package in order to keep the unemployment rate from surpassing 8%. The $800 billion was to be spent over two years we were told and then government spending would be scaled back to pre-stimulus levels. There were 145 million Americans employed when Obama was elected. There are 9 million more working age Americans today than there were in 2008. There are now 142.4...
  • Bernanke Twists Again Like He Did Last Summer ($267B) – But Will It Help?

    06/20/2012 12:44:03 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 06/20/2012 | Anthony B. Sanders
    Today, Fed Chairman Ben Bernanke peeked around the corner and sang “Let’s Twist Again Like We Did Last Summer. Oh, let’s Twist again, Twisting time is here.” Not really of course. But The Fed did announced that they are extending Operation Twist until the end of the year. And Twist will be increased to $267 billion. No MBS stimulus either, so Agency MBS slumped today. Federal Reserve Bank of Richmond President Jeffrey Lacker voted against the committee’s action on Wednesday because he “opposed continuation of the maturity extension program,” according to the statement. Lacker has dissented at all four FOMC...
  • Top Customer: Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%

    06/10/2012 8:41:41 PM PDT · by Beave Meister · 33 replies
    CNSNews.com ^ | 6/7/2012 | Terence P. Jeffrey
    (CNSNews.com) - Since President Barack Obama was inaugurated in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled, according to the Fed’s official monthly balance sheet. On Jan. 28, 2009, a week after Obama’s nomination, the Fed owned $302 billion in U.S. Treasury securities. On April 25, 2012, the latest date reported, the Fed owned five and a half time that much in U.S. Treasury securities--$1.668 trillion. That is an increase from January 2009 of $1.366 trillion—or 452 percent. Under Obama, the Federal Reserve has become the single largest owner of U.S. government debt. When Obama entered...
  • The Fed's Dilemma - To QE or Not to QE - That is the Question

    06/09/2012 9:33:53 AM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 06/09/2012 | Anthony B. Sanders
    The Federal Reserve Board faces a myriad of interesting questions, but the one of most of the world’s mind is … to QE or not to QE. That IS the question. Chairman Bernanke’s statement to Congress this past week did not say much except that The Fed is standing by in case things get worse. But I will take a wager that QE3 is coming at the next meeting of the Fed’s Open Market Committee (FOMC). But I am not willing to make a big wager, because there are some sound arguments NOT to do any additional quantitative easing. So,...
  • Fed Chairman Ben Bernanke warns of 'fiscal cliff' risks

    06/07/2012 7:18:21 PM PDT · by bd476 · 12 replies
    Excerpt from Los Angeles Times ^ | June 7, 2012 | By Don Lee
    WASHINGTON — Fears about a looming fiscal crisis at the end of the year are starting to pinch job growth and threatening to undercut the nation's fragile recovery, a growing number of economists and employers say. Federal Reserve Chairman Ben S. Bernanke, in testimony Thursday before Congress, repeatedly warned about the so-called fiscal cliff — a reference to the expiration of tax cuts Dec. 31 and the imposition of automatic spending reductions Jan. 1. By some accounts, the U.S. economy could see an unprecedented fiscal hit of as much as $720 billion if the slated changes take effect. They would...
  • Wall St boosts QE3 expectations after May jobs data

    06/02/2012 6:32:33 AM PDT · by TigerLikesRooster · 22 replies
    Reuters ^ | 06/02/12 | Chris Reese
    Wall St boosts QE3 expectations after May jobs data By Chris Reese NEW YORK | Sat Jun 2, 2012 7:49am IST (Reuters) - Wall Street economists see an increased chance the Federal Reserve will launch another round of monetary stimulus to support the U.S. economy, following data showing jobs growth slowed markedly for a third straight month in May. The median of forecasts from 15 primary dealers - the large financial institutions that do business directly with the Fed - gave a 50-percent chance the central bank would eventually launch another round of quantitative easing, known as QE3. A similar...
  • The Time Has Come Mr. Bernanke For More Stimulus!

    06/02/2012 5:52:11 PM PDT · by blam · 19 replies
    TMO ^ | 6-2-2012 | Sy Harding
    The Time Has Come Mr. Bernanke For More Stimulus! Stock-Markets / Economic Stimulus Jun 02, 2012 - 02:26 PM By: Sy Harding For several months Fed Chairman Ben Bernanke has been assuring Congress and by extension, investors, that the Fed stands ready with ammunition to re-stimulate the economy “if it becomes necessary.” It has become necessary. In each of the last two summers the Fed waited until the economic recovery had stumbled near the point of sliding into recession, and the stock market correction was close to crossing the 20% line into a bear market, before coming to the rescue...
  • The New "Spanish Prisoner": Spain Raises Budget Deficit to 8.9% of GDP

    05/19/2012 5:08:44 PM PDT · by whitedog57
    Confounded Interest ^ | 05/19/2012 | Anthony B. Sanders
    The Spanish Prisoner is a confidence trick originating in the late 19th century. The con artist tells “the mark” that a wealthy person is being held captive and that money needs to be raised to release the wealthy person from the jailers. Allegedly, when the prisoner is released, the mark will receive a handsome reward. Needless to say, something always goes wrong with the negotiations and the mark is asked for more and more money until there is nothing left. Spain, coincidentally, just claimed to find a pile of unpaid bills and needed to raise their budget deficit to 8.9%...
  • Freddie Mac: Mortgage Rates Drop (Again) – Thank Greece, Portugal and Spain!

    According to Freddie Mac, mortgage rates in the U.S. fell to a record for a third straight week. The average rate for a 30-year fixed loan dropped to 3.79 percent in the week ended today from 3.83 percent. Fannie Mae 30 year current coupons (the rate on Fannie Mae MBS) fell as well, but not to the lowest point in recent months.\ As Europe continues to experience a financial crisis, investors continue to invest in our Treasury market (driving down yields). 30 year mortgage rates follow the 10 year Treasury yield. Greece, Portugal and Spain continue to experience problems with...
  • The Mortgage Minute

    05/14/2012 7:58:04 AM PDT · by neverbluffer · 11 replies
    VANITY | 05/14/2012 | NEVERBLUFFER
    Bond yields are of 7/32 this morning in early trading. Mortgage rates continue to plummet to almost all time low points. The gift from the European fiasco is the gift that keeps on giving if you are in the market for a mortgage for purchasing or refinancing.
  • Why Aren’t Banks Lending to Small Business? Ask Bernanke.

    05/03/2012 6:23:59 AM PDT · by SeekAndFind · 8 replies
    The American ^ | 05/03/2012 | Scott Shane
    Banks profit by making loans, not refusing them. So why are banks making fewer loans to small business these days? On March 29, at a lecture at George Washington University, Federal Reserve Chairman Ben Bernanke innocuously remarked that lately “small businesses have … found it difficult to get credit.” Too bad that none of the students at the lecture thought to ask him why. A case can be made that the Fed is partially responsible. Bankers, small business owners, and policymakers all agree that small business lending has declined substantially since before the financial crisis and Great Recession. Business loans...
  • Bernanke Calls Krugman "Reckless"

    04/27/2012 9:21:26 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | April 27, 2012 | Mike Shedlock
    Paul Krugman is now so far into outer space with ridiculous economic proposals that even Helicopter Ben Bernanke recognizes Krugman's proposals as "reckless". Bloomberg reports Bernanke Takes On Krugman’s Criticism Ignoring Own Advice
  • Bernanke: Fed Could Act Again to Stimulate Economy

    04/26/2012 3:25:28 AM PDT · by Son House · 19 replies
    ABC News ^ | April 25, 2012 | MARTIN CRUTSINGER
    After its bond-buying programs expired, the Fed in September began a $400 billion program dubbed Operation Twist. Under that program, the Fed is not expanding its portfolio but instead selling shorter-term securities it owns and buying longer-term bonds to keep their rates down. The program is scheduled to end in June. On Friday, the government will issue its first estimate of economic growth for the January-March quarter. Many economists are predicting an annual growth rate of 2.5 percent — better than they had expected when the year began. Ben Bernanke AP Federal Reserve Chairman Ben Bernanke... View Full Caption But...
  • Yellen Announces No Fed Tightening After Twist - Europe Rebels Against Austerity

    04/23/2012 8:26:03 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 04/23/2012 | Anthony B. Sanders
    According to Bloomberg, The Netherlands is experiencing backlash against austerity, France is seeing Sarkozy possibly losing to a Socialist and Merkel’s austerity policies are coming under increased attack. This, of course, is no surprise. No one wants to pay for the massive entitlement and government spending programs. So, the answer is … print more money. Fed Vice Chair Janet Yellen said today that there will be no monetary tightening after Operation Twist expires. On it’s own, expiring Twist will in the 10 year rising about 25 basis points. Notice that the U.S. Treasury 10 year yield dropped this morning while...
  • Did Bernanke Prevent Another Great Depression?

    04/22/2012 11:06:22 AM PDT · by blam · 36 replies
    TMO ^ | 4-22-2012 | Frank Shostak
    Did Bernanke Prevent Another Great Depression? Politics / US Economy April 22, 2012 - 07:02 AM By: Frank Shostak In a lecture given at George Washington University on March 27, 2012, the chairman of the Fed said that the US central bank's aggressive response to the 2007–2009 financial crisis and recession helped prevent a worldwide catastrophe. Various economic indicators were showing ominous signs at the time. After closing at 3.1 percent in September 2007, the yearly rate of growth of industrial production fell to minus 14.8 percent by June 2009. The yearly rate of growth of housing starts fell from...
  • Existing Home Sales Drop 2.6% – West Struggling with -7.38% – Bernanke Smells QE3 In The Morning

    04/19/2012 1:17:22 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 04/19/2012 | Anthony B. Sanders
    April 19 (Bloomberg) — Sales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market. Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported today in Washington. The median forecast of economists in a Bloomberg News survey called for an increase to 4.61 million. In January, sales at a 4.63 million rate were the strongest since May 2010. And The West is not the best. Down 7.38%. But at least median house...
  • Bernanke says financial stability a work in progress

    04/09/2012 5:27:10 PM PDT · by John W · 8 replies
    Reuters via Yahoo News ^ | April 9, 2012 | Pedro Nicolaci da Costa
    STONE MOUNTAIN, Georgia (Reuters) - The U.S. economy has yet to fully recover from the effects of the financial crisis, and regulators must continue to find new ways to strengthen the banking system, Federal Reserve Chairman Ben Bernanke said on Monday. "The heavy human and economic costs of the crisis underscore the importance of taking all necessary steps to avoid a repeat of the events of the past few years," Bernanke told a group of economists and finance experts at a conference sponsored by the Federal Reserve Bank of Atlanta.
  • Bernanke Warns Of Risks In Money-Market Funds

    04/09/2012 8:32:37 PM PDT · by advance_copy · 13 replies
    Wall Street Journal ^ | 4/9/12 | Kristina Peterson and Michael S. Derby
    More regulatory action may be needed to safeguard the money-market mutual-fund industry, Federal Reserve Chairman Ben Bernanke said in remarks prepared for a speech on Monday night, putting his weight behind other officials who want to toughen oversight of the $2.7 trillion industry. In an address largely focused on scrutinizing murky corners of the financial system, the shadow banking system, Bernanke emphasized the need to establish regulations that protect the system as a whole from the risks that threatened it during the financial crisis. The money-market mutual-fund industry remains prone to destabilizing panics even with new regulations already in place,...
  • FHFA's DeMarco: Decision on GSE Principal Reductions This Month

    04/05/2012 5:29:58 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/05/2012 | Anthony B. Sanders
    At a speech in Boston yesterday, FHFA's Acting Director Ed DeMarco once again brought up the topic of principal reductions for homeowners. In the speech, he discussed FHFA's reasoning for their preference of forbearance over principal reductions as a tool to help distressed homeowners. The fundamental point of a loan modification is to adjust the borrower’s monthly payment to an affordable level. We have seen repeatedly that what matters most in successfully helping borrowers is a meaningful reduction in the monthly payment to an amount that helps stabilize the family’s finances. Indeed, we have found that payment reduction, not loan-to-value,...
  • US futures tumble as Fed backs away from stimulus

    04/04/2012 11:48:36 AM PDT · by NormsRevenge · 10 replies
    Yahoo ^ | 4/4/12 | AP
    NEW YORK (AP) -- Stock futures tumbled Wednesday after economic policymakers signaled that they may be less willing to fund more economic growth through bond purchases. The Dow Jones industrial average futures fell 112 points to 13,020. The Standard & Poor's 500 index futures fell 12.1 points to 1,396.7. The Nasdaq composite futures slipped 21.25 points to 2,757.75. The Institute for Supply Management will release its services index at 10 a.m. Eastern time and economists expect it to show that growth has cooled compared to February, which came in at the highest growth in a year. But it was the...
  • Six Things Bernanke is Clueless About

    03/27/2012 6:52:39 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | March 27, 2012 | Mike Shedlock
    Bernanke's blind faith in empirical formulas over common sense is again in play with his speech today on Recent Developments in the Labor Market. In any given month, a large number of workers are being hired or are leaving their current jobs, illustrating the dynamism of the U.S. labor market. For example, between 2001 and 2007, private employers hired nearly 5 million people, on average, each month. Total separations, on average, were only slightly smaller. Taking the difference between gross hires and separations, the net monthly change in payrolls during this period was, on average, less than 100,000 jobs per...
  • What Does Bernanke Know? {The Guy Rate of unemployment - 25% unemployed}

    03/27/2012 5:46:48 AM PDT · by shove_it · 3 replies
    Smart Money ^ | 26 Mar 2012 | BRETT ARENDS
    Arends: Forget the Labor Department's jobs numbers. For a true picture of the bleak employment picture, use the Guy Rate. ~snip~ There are many reasons to distrust the unemployment figures. The most obvious is that those who give up looking for work no longer count among the official "unemployment." (Extraordinary, but true.) But we know Ben Bernanke looks at the raw data. What is he seeing? ~snip~ As you can see -- and as Ben Bernanke surely sees -- the picture remains grim. Just 75% of these guys are in full-time work -- or, to put it another way, one...
  • Bernanke: Obama Unemployment Numbers 'Out of Sync'

    03/28/2012 8:02:45 AM PDT · by NMRed · 18 replies
    American Thinker ^ | 3/28/2012 | William Tate
    Declining jobless numbers, sprouting lately from the Obama administration like so many spring crocuses, have left even the Chairman of the Federal Reserve puzzled over figures that are "out of sync" with the overall economy.
  • Bernanke Decries Gold, Defends Fed's Make-It-Up System

    03/23/2012 6:34:22 AM PDT · by SeekAndFind · 6 replies · 1+ views
    Forbes ^ | 03/23/2012 | Nathan Lewis
    “First they ignore you. Then they laugh at you. Then they fight you. Then you win.” –Mahatma Gandhi Ben Bernanke did something odd this week – he made some meaningful comments about the gold standard system, which is the only sensible alternative to the Ben-Bernanke-makes-it-up system we have today. He did this, I would say, because of increasing pressure, especially from the conservative grassroots in the U.S., which is translating into constant criticism of Bernanke’s super-easy-money actions at the Fed from U.S. conservative politicians. I would say that we are well beyond the “ignore you” stage, and are in fact...
  • BERNANKE BELIEVES ‘MONOPOLY MONEY’ IS MORE VALUABLE THAN GOLD! Grumbles how he can’t Adjust Gold

    03/22/2012 1:05:10 PM PDT · by geraldmcg · 11 replies
    WebToday ^ | 3-22-12 | WebToday
    Federal Reserve Chairman Ben Bernanke is giving lectures on the University Circuit attacking the proposal for the U.S. to return to a gold standard. In his contempt for honest money, Bernanke argued that government monopoly money is more valuable than gold! In his incredulous argument Bernanke said that the strength of a gold standard is its greatest weakness because if the money supply is determined by the supply of gold, it cannot be ‘adjusted’ (a.k.a. manipulated by the Fed and politicians) in response to changing economic conditions." That’s the whole point! Our founding fathers intentionally implicitly mandated that money had...
  • BERNANKE BELIEVES ‘MONOPOLY MONEY’ IS MORE VALUABLE THAN GOLD! Grumbles how he can’t Adjust Gold

    03/22/2012 12:36:57 PM PDT · by geraldmcg · 2 replies
    SpecialGuests.com ^ | 3-22-11 | Special Guests
    Federal Reserve Chairman Ben Bernanke is giving lectures on the University Circuit attacking the proposal for the U.S. to return to a gold standard. In his contempt for honest money, Bernanke argued that government monopoly money is more valuable than gold! In his incredulous argument Bernanke said that the strength of a gold standard is its greatest weakness because if the money supply is determined by the supply of gold, it cannot be ‘adjusted’ (a.k.a. manipulated by the Fed and politicians) in response to changing economic conditions." That’s the whole point! Our founding fathers intentionally implicitly mandated that money had...
  • Commentary on the BERNANKE/GEITHNER CONGRESSIONAL TESTIMONY: It's all about gold.

    03/22/2012 8:27:28 AM PDT · by geraldmcg · 4 replies
    www.webToday.tv ^ | 03/22/2012 | webtoday.tv
    Swiss America Chairman Craig R. Smith comments on the Bernanke/Geithner testimony to Congress: While watching the testimony of U.S. Treasury Secretary Geithner and Fed Chairman Bernanke today, I was struck by several answers provided by the witnesses. One answer stood out amongst them all. In answering questions about funding of the IMF for the financial needs in the Eurozone, the U.S. Treasury Secretary said the chance of a default by the IMF, or any of its borrowers of money provided by the U.S. is extremely low. Why? Because the loans are all "backed by IMF gold"! ...
  • Bernanke, as Professor, Tries to Buff Fed’s Image (Why Gold Standard is bad)

    03/21/2012 6:32:30 AM PDT · by C19fan · 16 replies
    New York Times ^ | March 20, 2012 | Binyamin Applebaum
    The Federal Reserve’s chairman, Ben S. Bernanke, spent the better part of an hour Tuesday afternoon carefully explaining to a class of college students why the United States abandoned the gold standard in the 1930s. “Unfortunately gold standards are far from perfect monetary systems,” he told the class of 30 undergraduates at George Washington University. Tying the supply of money to the supply of a precious metal limits a government’s ability to address economic problems, Mr. Bernanke explained.
  • Fed Funds Announcement: Gold, Housing, Stocks, Inflation, Unemployment and the Taylor Rule

    03/13/2012 11:44:46 AM PDT · by whitedog57
    Confounded Interest ^ | 03/11/2012 | Anthony B. Sanders
    The Federal Reserve Board’s Open Market Committee will announce this afternoon whether it is keeping the Fed Funds target at current levels or doing something else. Update: as expected, no changes. Housing One asset class that has weighed heavily on The Fed’s mind is the housing market. The Fed Funds Target rate fell off the cliff in January 2008 and fallen steadily to virtually zero. But notice that home prices (as measured by FNC’s 20 Metro house price index) has continued its downward path despite historically low Fed Funds Target rate and mortgage rates. Stock Market On the other hand,...
  • Bernanke warns of slow progress ahead on jobs

    03/01/2012 2:09:34 AM PST · by U-238 · 7 replies · 2+ views
    Reuters ^ | 3/1/2012 | Mark Felsenthal and Pedro da Costa
    Federal Reserve Chairman Ben Bernanke on Wednesday offered a tempered view of the U.S. economy, pouring cold water on the notion that recent upbeat signs herald a stronger recovery. Bernanke told Congress that unless growth accelerated, the unacceptably high U.S. unemployment rate would not keep dropping. But he stopped short of signaling further Fed bond purchases, dashing the hopes of some traders in financial markets who were betting on more monetary stimulus. "The job market is far from normal," Bernanke said. "Continued improvement ... is likely to require stronger growth in final demand and production." The swift decline in the...
  • Bernanke warns lawmakers nation headed for 'massive fiscal cliff" (Pot, meet kettle)

    02/29/2012 2:28:04 PM PST · by Signalman · 13 replies · 1+ views
    Hill.com ^ | 2/29/12 | Peter Schroeder
    Federal Reserve Chairman Ben Bernanke warned Congress Wednesday it risked taking the nation over a "massive fiscal cliff" at the end of the year. The central bank’s boss warned expiring tax cuts and spending cuts set to be triggered at the end of the year could hurt the economic recovery. “Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. "I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having...
  • Ron Paul To Ben Bernanke: "People Lose Trust In The Government Because You Lie To Them About...

    02/29/2012 8:55:52 AM PST · by Aquamarine · 19 replies
    zerohedge.com ^ | 2/29/12 | Tyler Durden
    Anytime Ron Paul sits across from Ben Bernanke you know sparks will fly. Sure enough, they did: starting 50 seconds into the clip below, Ron Paul, guns blazing, asks the Chairman if he does his own shopping, if he is aware of what true inflation is, and if he knows that Americans don't trust the government because they are being lied to about inflation. And it only gets better, once Paul starts brandishing a silver coin. The punchline: "The Fed will self-destruct anyway when the money is gone" - amen. And ironically letting the Fed keep on doing what it...
  • On Gas, Cars And Bernanke ($5 Gas, Anything Can Happen)

    02/26/2012 8:31:17 AM PST · by blam · 11 replies
    My Take On Financial Events ^ | 2-25-2012 | Bruce Krastering
    On Gas, Cars And BernankeBruce KrasteringFebuary 25, 2012 Everyone is talking about gas this past week, and for good reason. The price at the pump has been tearing higher. According to the papers this morning the national average price for regular gas is $3.65. Unfortunately for me, the price the media is spouting has nothing to do with my cost. As of this morning, my local gas guy is charging $4.85 for premium fuel, and that’s the stuff my car uses. I doubt the numbers being bandied about regarding prices at the pump actually reflect the real economic consequences. I'll...
  • Where are the jobs?

    02/18/2012 7:03:08 AM PST · by Kaslin · 44 replies
    Townhall.com ^ | February 18, 2012 | Bob Beauprez
    Three years ago yesterday Barack Obama signed his $800 billion Stimulus into law in Denver, Colorado.  He said would save or create 4 million jobs and that the unemployment rate would be below 6% by now.  He failed.Obama’s spending didn’t stop with the Stimulus of course.   In fact he’s piled up more than $4 trillion of new debt during his first three years with more than a trillion of additional red ink expected this year.  Still the question remains, where are the jobs?  Today more than 13 million Americans that want a job can’t find one.   Another 4 million Americans have...
  • Did Bernanke See His Shadow?

    02/06/2012 10:22:13 AM PST · by 92nina · 3 replies
    ATR ^ | 2012-02-03 | Alexander McArthy
    While many Americans celebrated Groundhog Day [last Thurs]day, lawmakers in Washington were participating in a more regular tradition: debating the state of the economy. Federal Reserve Chairman Ben Bernanke took the stand before the House Budget Committee to defend the central bank’s recent policy decisions, a performance that mirrored the pomp and circumstance of the activities in Punxsutawney. Bernanke’s repetition of poor policy prescriptions was a fitting way to celebrate the national holiday. Once again, he insisted that interest rates will remain low without affecting inflation, and that government spending will increase job growth. In fact, Bernanke warned lawmakers ahead...
  • Fed chief Bernanke issues debt warning (the rookie Hussein piles on another TRILLION dollar$)

    02/02/2012 5:13:46 PM PST · by Libloather · 6 replies
    Yahoo ^ | 2/03/12 | Jill Colgan
    Fed chief Bernanke issues debt warningBy North America correspondent Jill Colgan, ABC February 3, 2012, 11:08 am United States Federal Reserve Chairman Ben Bernanke has warned that the US economy could face the same fate as troubled European countries if it fails to curb its growing debt. Mr Bernanke delivered a sobering assessment of the economy that defies recent attempts by the Obama administration to talk up the economic turnaround. Testifying before a House Budget Committee, he said the pace of recovery had been "frustratingly slow". He urged lawmakers to be more aggressive in reducing the nation's $15 trillion debt...
  • Fed Chair Bernanke Addresses Congress, Admits Savers Being Hurt, Gold/Silver Prices Jump Up

    02/02/2012 9:20:29 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 02/02/2012 | Anthony B. Sanders
    Federal Reserve Chairman Ben Bernanke is giving a presentation to the House Budget Committee on “The State of The U.S. Economy.” Here is the CSPAN link. In summary, he says the economy is growing, Europe is still a problem (and will continue to be so for a long-time). His Q&A with the committee is very interesting. 1. He will do everything possible to protect the U.S. from Europe (he has already stated that The Fed will likely keep interest rates at near zero through at least late 2014). 2. He talked about the unsustainable fiscal condition in the U.S. (trillion...
  • U.S. Economy Waist Deep In The Big Muddy (Peter Schiff)

    01/28/2012 7:21:04 AM PST · by blam · 22 replies · 1+ views
    The Market Oracle ^ | 1-28-2012 | Peter Schiff
    U.S. Economy Waist Deep In The Big Muddy Economics / US Economy Jan 28, 2012 - 02:50 AM By: Peter Schiff With its announcement this week that it will keep interest rates near zero until at least late 2014, the Federal Reserve has put another large crack into the foundations underlying the US dollar. In a misguided attempt to provide clarity and transparency, Ben Bernanke has instead laid out a simple road map for economists and investors to follow. The signposts are easily understood: the Fed will stop at nothing in pursuing its goals of creating phantom GDP growth, holding...
  • Bernanke Goes All In

    01/26/2012 8:32:21 PM PST · by quicksilver123 · 6 replies
    These New Times Blog ^ | 1/26/2012 | Bruce Krasting
    Well, we got an inflation target from the Fed. Basically, thinking at the Fed has been eliminated. The process has been automated. Bernanke has convinced the Fed board to adopt Core PCE as a determinate of monetary policy. So long as CPCE stays below 2%, Ben is going to have his foot planted on the monetary metal. It’s “full speed ahead” according to the Chairman. He’s pushed things off until 2014 – a very long time from now. My question: “Why is the Fed using CPCE versus another measure of inflation?” The very good news is that there is answer,...
  • The Fed Is Worried -- And You Should Be Too

    01/26/2012 7:06:00 PM PST · by blam · 17 replies · 1+ views
    TBI - Comstock Partners ^ | 1-26-2012 | Comstock Partners
    The Fed Is Worried -- And You Should Be Too Comstock Partners January 26, 2012The Fed is worried, and you should be too. That is the major take-away from yesterday's FOMC statement, combined with its release of updated projections and Bernanke's press conference. Despite the market's cheering of the promise of a near-zero fed funds rate until late 2014 and the prospect of QE3, the Fed is fighting a lonely battle against severe economic headwinds----and they know it. In answering a reporter's question, Bernanke made it crystal-clear that he does not believe that the recently optimistic economic releases are sustainable....
  • Bernanke has "finger on trigger" for new bond buys (raising expectations for QE3)

    01/26/2012 6:35:50 AM PST · by SeekAndFind · 4 replies
    Reuters ^ | 01/26/2012 | By Ann Saphir and Jonathan Spicer
    The Federal Reserve has moved closer to embarking on a new round of its controversial money-pumping after the central bank and its chairman Ben Bernanke highlighted a grim outlook for the U.S. economy. Bernanke on Wednesday opened the door a bit wider for the Fed to return to buying securities in the months ahead to buttress a weak recovery and keep inflation from slipping too far below its newly adopted 2-percent target. "It sounds like the finger is on the trigger," said Thomas Simons, a money market economist at Jefferies & Co. The Fed's announcement that it was unlikely to...
  • Under Obama, Price of Gas Has Jumped 83 Percent, Ground Beef 24 Percent, Bacon 22 Percent

    01/24/2012 4:25:59 PM PST · by OPS4 · 41 replies
    CNS news ^ | 1/24/12 | Christopher Goins
    So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics. (AP Photo) During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent. When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon,...
  • The political impact of the Fed's FOMC statement tomorrow and in November

    01/24/2012 2:59:16 PM PST · by packback
    Milwaukee Story ^ | 11.24.11 | Shaun Booth
    Looking at the Federal Reserve's FOMC meeting schedule for the rest of the year one meeting looms politically large, the meeting on October 23-24 (September 12th a close second). This meeting takes place just two weeks before the November 6th Presidential election. A Fed decides to make a dovish move at this meeting, thereby rallying the markets just weeks before the election, there is no question it would have a psychological effect on voters in favor of the Obama administration.
  • In Fed Officials’2006 Meetings,No Deep Worry on Housing[Elegant as Eiffel Tower, Paris or Vegas]

    01/12/2012 5:56:10 PM PST · by fight_truth_decay · 6 replies · 2+ views
    NYTimes ^ | January 12, 2012 | BINYAMIN APPELBAUM
    WASHINGTON – The desperation of homebuilders was a running joke among top Federal Reserve officials during the waning phase of the housing bubble in 2006, according to transcripts released Thursday. They laughed about the cars that builders were giving to buyers. They laughed about efforts to make empty homes look occupied. They laughed at a report that one builder said inventory was rising “through the roof.”
  • Fed says expand Fannie, Freddie role to aid housing

    01/05/2012 9:25:34 AM PST · by mojito · 19 replies
    Reuters ^ | 1/5/2012 | Mark Felsenthal and Margaret Chadbourn
    The U.S. government-run mortgage finance firms Fannie Mae and Freddie Mac could play a bigger role in turning around the battered U.S. housing market, the Federal Reserve told Congress, a call that looks set to run into stiff political opposition. The Fed, in a paper sent to lawmakers on Wednesday, outlined an array of steps that could be taken to help the housing sector, including allowing Fannie and Freddie to provide cheaper mortgages to a broader pool of homeowners. The two companies, the biggest sources of U.S. mortgage funding, were seized by the government in 2008 when they were on...