A week ago Ron Paul asked Ben Bernanke a series of questions, which the Chairman and pundits immediately dismissed as "bizarre" and an indication that the potential presidential candidate has finally lost it (among these was a very nuanced question whether or not the Fed is buying sovereign debt , something which Bernanke disclosed in 2002 is a distinct possibility and an action the Fed is permitted to do). Chief among these were queries arising from the work of U of T professor Robert Auerbach, and specifically his book " Deception and Abuse at the Fed " ( not available on Kindle), which seek information on whether the Fed was involved in the Watergate scandal and, subsequently, in Iraqi weapons purchases.
With Geoffrey Batt With everyone's attention drawn to each and every step the IMF takes, while contemplating the imminent Greek bailout, which without exception and with the grace of a drunk 3-ton bull in a China store, leaves nothing but annihilation and currency boards in its wake, is the popular opinion once again getting the Houdini treatment courtesy of the mainstream media? One thing learned over the past year is that everything is a distraction for something else, and that something else, quite usually without failure, ends up being the Marriner Eccles building on Constitution Avenue in D.C
Originally posted in the Princeton Journal For High-Brow Finance The U.S.
Tracy Alloway at FT Alphaville has caught what has got to be a glitch in the Bernanke matrix. The Federal Reserve, in what one can assume is likely a very critical resource for bank directors, says that while newly appointed Bank Directors may have such mission critical skills as "basic management experience and skills, an inquisitive attitude, and a willingness to commit time and energy to bank matters" they likely miss "a basic knowledge of banking and what to consider in overseeing a bank." Well thank goodness the Fed is there with this critical 5-minute guide in providing bank directors with all the information they need on how to to run a bank
The Bernanke debate in the senate has started. Readers can watch it live on CSPAN .
A mere three hours before the Bernanke cloture vote, America just got permission to hit 100% Debt/GDP.
First, watch the below video. Note Senator Bunning's agreement with Zero Hedge on who the proposed head of the Fed should be (i.e., John Taylor). But that's irrelevant.
It appears the Senate majority leader Harry Reid has succeeded in ensuring at least 4 more years of asset bubble prices in America, by forcing enough Senators to vote for the architect of the single greatest episode of household wealth destruction (first of many) in 80 years. To wit from Dow Jones: Senate Majority Leader Harry Reid (D., Nev.) said he hopes the Senate can vote Thursday or Friday on the nomination of Federal Reserve Chairman Ben Bernanke for a second term
Most recent Bernanke reconfirmation vote tally: Yes - 35; No - 17; Undecided - 29;
Samuelson: China's $2.4 trillion global grip ( RCM ) Game over Tishman Speyer: look for CRE CMBS numbers to plunge next month ( Bloomberg , WSJ ) More Bernanke-fail threats for the peasantry: fire and brimstone, Geithner edition ( Politico ) Obama's bank plan could level high-frequency field ( Reuters ) UBS tax ruling by Swiss court may prompt new U.S. legal battle ( Bloomberg ) Goldman to cap London partners' compensation at 1 million pounds ( Bloomberg ) FTW: Krugman "I favor Bernanke's reappointment" ( NYT ) FTW 2 : Salmon's musings on Krugman as Fed chairman ( Reuters ) Expectation for decline in existing home sales: conensus -9/8% (Goldman -15%) For our German-speaking readers: Ben Bernanke - Mr.
Thursday, March 4, 2010
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