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02 Dec 2009 23:34

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U.S.: Ben just got Bernanke’d by Bernie Sanders. Ouch.

  • bernanke1202
  • Yeah … Our boy’s gonna have trouble getting a second term. Ben Bernanke’s first term as Federal Reserve chair was marked by a whole bunch of crazy bank failures, financial market distress, bailouts, and pissed-off tea partiers who probably want to hurt him. On the eve of a second confirmation hearing, one independent senator has said “enough.” Bernie Sanders plans to put a hold on Bernanke’s nomination, which means he might be able to filibuster easily. He’s pretty much screwed. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Oct 2009 10:54

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Politics: Ron Paul talks more of his crazy mumbo-jumbo

  • While I would like nothing more than to see the Federal Reserve abolished, it is not absolutely necessary to do so with direct legislation.
  • Ron Paul • In a column on CNN where he argues that more transparency – and less spending – is needed at the Federal Reserve. But it’s all veiled – he would rather the Fed go away entirely. The uber-libertarian 2008 presidential candidate, last seen in Sacha Baron Cohen’s “Bruno” trying to fend off a gay guy, recently released a book, “Going Rogue” “End the Fed,” arguing just that. We tried to continue reading what Paul was saying, but it made our brains hurt. • source
Posted by Ernie Smith • 0 Comments • Permalink

18 Sep 2009 12:04

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Biz: Daily poll: Changing regulations on employee pay at banks

Posted by Ernie Smith • 0 Comments • Permalink

25 Aug 2009 10:06

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Biz, U.S.: Obama’s got Fed Reserve Chair Ben Bernanke’s back

  • As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another.
  • President Barack Obama • In a speech this morning confirming that Bernanke would be reappointed to his post as Federal Reserve Chairman. It’s notable in one way – Bernanke’s a Republican, which means Obama’s got a bipartisan feather in his hat – but considering Bernanke’s predecessor, Alan Greenspan, stuck around for multiple administrations, maybe it’s not. But then again, Greenspan didn’t have the mess that Bernanke’s dealing with. Either way, go Ben! • source
Posted by Ernie Smith • 0 Comments • Permalink

17 Aug 2009 22:29

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Biz, Politics: Alan Greenspan thinks the economic recovery is fleeting

  • I think we’re OK for the next six months. We are getting a recovery in (housing) starts and motor vehicles, but the process doesn’t have legs to it.
  • Former Federal Reserve Chairman Alan Greenspan • Giving his prognosis for the economy. Greenspan spent 18 years chairing the reserve, and he knows what he’s talking about. Greenspan’s tenure has been attacked by some critics who say that the housing bubble burst on his dime, but he defends what he did during the time there. One interesting factoid that came out of this: Greenspan says the auto market is oversaturated, with 20 percent more vehicles on the road than licensed drivers. What’s wrong with that? Everyone needs a car AND a truck! • source
Posted by Ernie Smith • 0 Comments • Permalink

12 Aug 2009 21:34

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Biz, U.S.: The Federal Reserve thinks the economy’s back on track

  • This is a vote of confidence that the credit markets and economic outlook has improved and will show even further improvement down the road.
  • Bank of Tokyo-Mitsubishi UFJ Ltd. CFO Christopher Rupkey • Discussing what the Federal Reserve’s decision to slow down the buying of U.S. Treasuries. This is very good news for the economy, and the economy responded accordingly, with stocks up today. They still plan to continue the $300 billion program, but with an end date of October instead of September. • source
Posted by Ernie Smith • 0 Comments • Permalink

16 Jun 2009 23:25

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Biz, U.S.: What Obama’s doing to fix flaws in financial oversight

  • Cutting back As predicted a couple of weeks ago, the Office of Thrift Supervision, which supervises savings and loan programs and allowed the AIG fiasco, is going away completely, along with the charter that allows savings and loans to exist. source
  • Cutting back As predicted a couple of weeks ago, the Office of Thrift Supervision, which supervises savings and loan programs and allowed the AIG fiasco, is going away completely, along with the charter that allows savings and loans to exist.
  • Streamlining In an effort to prevent future financial crises while allowing breathing room for financial firms, the Federal Reserve will have more oversight over wide-scale economic risks that require longer-term planning to avoid. source
  • Cutting back As predicted a couple of weeks ago, the Office of Thrift Supervision, which supervises savings and loan programs and allowed the AIG fiasco, is going away completely, along with the charter that allows savings and loans to exist.
  • Streamlining In an effort to prevent future financial crises while allowing breathing room for financial firms, the Federal Reserve will have more oversight over wide-scale economic risks that require longer-term planning to avoid.
  • Obama’s take “Whether it’s on the consumer protection side, the investor protection side, the systemic risks … It’s going to be a much more effectively integrated system than previously,” he said. Congress needs to weigh in, BTW. source
Posted by Ernie Smith • 0 Comments • Permalink
 

05 May 2009 10:36

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Biz, U.S.: Here’s a Cinco de Mayo quote worth celebrating from Ben Bernanke

  • We expect economic activity to bottom out, then to turn up later this year.
  • Federal Reserve chair Ben Bernanke • On his forecast for the economic recovery, which he says should be coming soon. Hoo-ray! • source
Posted by Ernie Smith • 0 Comments • Permalink

18 Mar 2009 22:07

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Biz, U.S.: Another attempt to jumpstart the economy by the Federal Reserve

  • Chairman Ben Bernanke said the Federal Reserve would buy back up to $300 billion in long-term government bonds. source
  • Bernanke also announced a plan to buy back up to $750 billion in bad mortgages. Together, that’s over $1 trillion. Whoa. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Mar 2009 09:34

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Biz, U.S.: Ben Bernanke: We COULD be out of the woods by late ’09

  • We’ve seen some progress in the financial markets, absolutely. But until we get that stabilized and working normally, we’re not going to see recovery.
  • Federal Reserve chairman Ben Bernanke • On the recession and the biggest problem – the clogged up credit and financial markets. Bernanke said that if things ease up, the recession could end this year. Also, he was on “60 Minutes” last night, where he mentioned he’s “slammed the phone more than a few times on discussing AIG.” • source
Posted by Ernie Smith • 0 Comments • Permalink
 
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