Author Topic: The Bernanke Brief  (Read 190104 times)

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Offline Monkeypox

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Re: Bernanke: Recession may end in '09 - Stocks climb
« Reply #160 on: February 24, 2009, 03:19:47 pm »
What a joke.  All he said that it MAY end in 2009, and stocks climb.

Of course it MAY end in 2009 - or it MAY get worse, or the world MAY end.
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Offline Revolt426

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Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #161 on: February 25, 2009, 02:18:06 am »
http://www.usatoday.com/money/industries/banking/2009-02-24-bank-rescue-plan-bernanke_N.htm
 
   Bernanke reveals 3-step plan to fix, not nationalize, banks
 
Ben Bernanke, chairman of the Federal Reserve, testifies before the Senate Banking Committee in Washington on Tuesday. 
 
By John Waggoner and Barbara Hagenbaugh, USA TODAY
Federal Reserve Chairman Ben Bernanke said Tuesday the government did not plan to nationalize major U.S. banks, describing instead a "public-private partnership" under which the government would recapitalize ailing institutions to bolster the financial sector, a crucial step for the economic recovery.
Bernanke, amplifying comments this month by Treasury Secretary Tim Geithner, says the plan doesn't mean nationalizing the nation's biggest banks. But others aren't so sure that the government hasn't already moved in that direction.

"It's a form of creeping nationalization," says Sen. Bob Corker, R-Tenn.

That might not be such a bad idea, others say.

"You have to go in there, take over giant institutions that are in trouble, and clean them up," says Paul Miller of FBR Capital Markets.

Treasury Secretary Tim Geithner
A big part of the discussion depends on what "nationalization" means. In the strictest sense, the government routinely nationalizes banks when they fail, as it did with IndyMac Bank last year, which cost the Federal Deposit Insurance Corp. $8.9 billion. And if the government chooses to take common stock in repayment for its bailout money, it also would get voting rights as a shareholder. In some cases, the government could be the majority shareholder — in effect, controlling the company.

To date, the Treasury has spent $196 billion to buy preferred bank stock in its Troubled Asset Relief Program, while spending billions more for American International Group and auto lenders. The Federal Reserve has vastly increased its lending facilities, including the Term Auction Facility, which offers $150 billion in secured loans to banks per auction.

The stock market — and bank stocks particularly — rallied sharply on Bernanke's description, with the Dow Jones industrial average gaining 236 points Tuesday.

The plan entails close scrutiny of the nation's 19 largest financial institutions, propping them up, and hoping to recoup taxpayer money when they return to health. It's a big, complex undertaking, and the health of the financial system depends on it.

"If we don't stabilize the financial system, we're going to founder for some time," Bernanke said Tuesday.

Completing the rescue will likely take more than the $700 billion that Congress set aside last year, President Obama warned in his speech Tuesday night.

"I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade. That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen," Obama said.

The plan

How will the government stabilize the banking system? Normally, when a bank fails, the government has two options.

In most cases, it arranges a merger with a healthy bank, sometimes taking the bank's worst loans and riskiest assets to make the merger more attractive. Sometimes, however, the government liquidates the bank outright, wiping out shareholders and paying off insured depositors. So far this year, 14 banks have failed, but only one has been an outright liquidation.

Many of the banks currently under scrutiny, however, have huge deposit bases, so an outright liquidation would be far too costly for the government. And few institutions are in the market to buy vast, troubled banks. These 19 banks have more than $5 trillion in assets combined, according to Institutional Risk Analytics, and any failures could have serious economic consequences.

The government's plan for the largest, most troubled institutions has three major steps:

•Stress test. Although the Treasury has yet to reveal the details of its stress test, it's clear that the government will take a hard look at the financial health of the 19 largest banks to see if they can survive a severe economic downturn. Bernanke said that when regulators begin conducting stress tests today, the goal won't be to issue a pass-or-fail grade. Instead, regulators will determine how much capital each bank needs from the government, if any, to give them a cushion while they restructure.

•Recapitalization. In many cases, the Treasury will get preferred or convertible preferred stock for the money it gives to banks. These shares typically don't have voting rights, possibly to give more of a hands-off appearance to the government, says Jerry Webman, chief economist for Oppenheimer Funds. In addition, preferred stock is a bit safer than common stock. Typically, common stock gets wiped out before preferred stock does, so this would give the government — and taxpayers — more protection in case of a meltdown.

•Exit. Eventually, when troubled banks are strong enough to operate without help, they can repay the government and raise private capital. "That's the end game," Bernanke said. "When private money will start coming back in. And I'm sure it will happen. The sooner, the better." There's no guarantee, but in a best-case scenario, the government could make money on its investments.

Is this nationalization?

Critics of the government's plan charge that it will, in essence, nationalize the banking system — or at least take a big step toward doing so. Bernanke went to great lengths to assure lawmakers that the Fed wasn't, in fact, planning on doing that.

"It's not nationalization, because the banks would not be wholly owned or probably not even majority owned by the government," he told the Senate Banking Committee. "The government will be a shareholder along with private shareholders."

Furthermore, Bernanke said, the government has plenty of regulatory powers over banks without exercising a vote in corporate meetings.

Skeptics abound.

Sen. Corker, for example, doesn't think that the Fed should say that liquidation is not an option. "There are lots of unintended consequences when you say upfront that the public will provide any and all capital necessary to keep them afloat," he says. "It's difficult to imagine a scenario where private-sector money returns to those institutions."

And Miller thinks that more forceful action might be needed. One proposal is a good bank/bad bank plan, in which the government would take over a bank, retain its toxic assets for later disposal, and sell off the good parts of the bank. Under that scenario, however, taxpayers would get very little return on their money, if any. "The people would end up with the bad bank," he says.

Outright nationalization might not be the worst thing for the most stressed banks, some say. Christian Menegatti, a managing editor at the economics blog RGE Monitor, calls bank takeovers the "most efficient way of cleaning up the mess in the credit markets."

And despite the government's hesitance to nationalize banks, if it ends up holding a majority stake in Citigroup, for example, it will effectively have taken over the bank, Menegatti adds.

Citigroup, the third-largest bank by assets, is in talks with the government about increasing its stake in the bank. The government already holds $45 billion of preferred shares and has agreed to share losses on $301 billion of troubled bank assets.

But one option now being discussed involves converting some of the government's preferred shares in Citigroup to common stock. This action would boost a key measure of Citigroup's financial health and could give the government the largest single stake in the bank.

At least for now, the government's caution seems to be appreciated on Wall Street. Stocks of major banks soared Tuesday. Citigroup was up 21.5%, or 46 cents, to $2.60.

Depositors' confidence is crucial and so far, the government's actions have prevented another run on the bank, as when IndyMac collapsed.

After all, the world doesn't end with Citigroup stock below $5 a share. "The real meltdown is when depositors won't keep money in the bank," Webman says.
 
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline Revolt426

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Re: Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #162 on: February 25, 2009, 02:19:24 am »
BTW the above is equivalent to Mouslini Corperatism aka Fascist Economics.
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline Revolt426

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Re: Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #163 on: February 25, 2009, 02:21:23 am »
http://www.larouchepac.com/news/2009/02/24/we-dont-need-mussolini-response-banking-breakdown.html

We Don't Need A Mussolini Response To The Banking Breakdown!

Feb. 24, 2009 (LPAC)--Will we nationalize the banks, or won't we? That is the debate dominating much of the financial discussion these days, and like most financial discussions, it is a fraud. Nationalization, the way it is being presented, is just another form of bailout, so the "will we or won't we" discussion is really a debate over what form the escalation of the bailout should take. Do we shoot ourselves in the head, or do we take a fatal dose of poison?

Either way, the bailout process will lead inevitably to fascism, because only under a fascist police state can the austerity measures which will result from the combination of soaring tax demands and collapsing income, be implemented. Think about it. The government, first under Bush and now under Obama, is spending trillions of dollars to bail out speculators, and sticking the taxpayers with the bill. That means, inevitably, higher tax bills, as well as cuts in government services, at all levels of government. We are already facing record Federal deficits, as well as soaring deficits at state and local governments, as the combined effects of the drops in real estate values, slowdowns in business activity, cuts in employment and declines in income work their way through the economy. The results are already beginning to be seen, with cuts in the social safety net, cuts in protective services, cuts in education, health care and other essentials. As our economy collapses, we will be faced with a series of Hobbesian choices: who do we save, and who do we abandon? Who do we protect, and who do we sacrifice? Who lives, and who dies?

The financiers have already made their choice clear, preferring to sacrifice the people in order to save themselves, putting their filthy lucre ahead of humanity. They have experience in this, and in fact developed a political system which uses the mechanism of the state to enforce rule by private financial interests and their corporate cartels. That political system is called corporatism, or fascism, and was imposed by the Anglo-Dutch Liberal financial oligarchy upon Italy in the 1920s, through the person of Benito Mussolini, and then again in Germany in the 1930s under Adolf Hitler. Now this same oligarchy wants to impose fascism in the U.S., under the guise of solving our financial crisis.

The bailout itself is a fascist, corporatist policy, protecting a small group of rich parasites while condemning the general population to a brutal existence. The creatures of the Brutish Empire know the people will eventually rebel against such measures, which is why they have been so busy in recent years pushing the creation of a Big Brother-style police-state and surveillance society. They want to be able to quickly identify and remove the leaders who might spur the population into a rebellion to restore the Constitution, and keep the rest of the population cowed. The target is not terrorism--the target of this police state apparatus is the American people.

We can stop all of this immediately, though the adoption of the principles laid out by Lyndon LaRouche, beginning with putting the parasites themselves through bankruptcy, and taking steps to protect the general population while re rebuild our economy. The parasites created this mess, and we should let them take the hit. We don't need another Mussolini, We need another FDR.
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline Revolt426

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Re: Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #164 on: February 25, 2009, 03:08:43 am »
Screw the banks, take the invisible hand out the market and let em crash.
Take the Governmnet hand and put them into Bankruptcy because they are insolvent
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

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Re: Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #165 on: February 25, 2009, 03:39:11 am »
Just watched Bernanke say the economy will rebound by 2010 and then the news guy said later that stocks had risen because of his comments.
Surely the sheeple and the markets are smarter than that.
Hell,the only reason I can see that Bernanke even has the job he presently has is because he's not qualified to work at (Wall) Chinamart as a night stocker.

Offline Revolt426

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Re: Bernanke : Don't Nationalize Banks, just Nationalize their Toxic Assets
« Reply #166 on: February 25, 2009, 03:41:01 am »
Same shit different asshole:


“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.”
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline Revolt426

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Bernanke Rejects Bank Nationalization in Favor of Fascism
« Reply #167 on: February 25, 2009, 04:55:25 pm »
This is essetially the definition of Corporatism:

http://www.bloomberg.com/apps/news?pid=20601087&sid=ag90BlBRlQ68&refer=home

Bernanke Rejects ‘Anything Like’ Bank Nationalization (Update4)

By Craig Torres and Bradley Keoun

Feb. 25 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said while the U.S. government may take “substantial” stakes in Citigroup Inc. and other banks, it doesn’t plan a full- scale nationalization that wipes out stockholders.

Nationalization is when the government “seizes” a company, “zeroes out the shareholders and begins to manage and run the bank, and we don’t plan anything like that,” Bernanke told lawmakers in Washington today.

The Fed chief’s remarks were more specific than yesterday, when he spurned outright federal control of banks in favor of a public-private partnership that the government would eventually exit. Bank stocks have fallen this month amid concern among some investors that Treasury Secretary Timothy Geithner’s financial- rescue plan could lead to nationalization of some lenders.

Bernanke, at a House Financial Services Committee hearing today, continued to draw a distinction between nationalization and a government minority interest with strict oversight and supervision.

Some banks won’t need new injections of government funds after regulators complete stress tests to determine if they have enough capital to weather a deeper economic slump, Bernanke also said today.

Bernanke told the committee that a $200 billion joint Fed- Treasury program designed to jumpstart consumer lending is likely to provide “substantial support” to auto lending, and the central bank may revisit terms of the program if needed.

‘Layers of Seniority’

While the Fed is restricting its Term Asset-Backed Securities Loan Facility to supporting AAA rated securities, Bernanke said such securities “can be a senior tranche of a security which has different layers of seniority.”

The chairman was responding to questions from Representative Thaddeus McCotter, a Michigan Republican, who asked Bernanke to “assuage” his fears that the TALF would fail to help auto dealers get financing for cars.

Regulators set a six-month deadline for the biggest 19 U.S. banks to raise any new capital deemed necessary after a review of their balance sheets. The regulators will complete their so- called stress tests by the end of next month, the Treasury said today in a statement in Washington.

The Treasury said banks will have a choice of raising private capital or accepting taxpayer funds from the Treasury. Any new government money will come in the form of convertible preferred securities, which would acquire voting rights if converted into common stock.

Substantial Share

In the case of Citigroup Inc., the government may end up with a “substantial” share of the lender’s stock, he said. Oversight of the company would be accomplished through regulators and by exerting “shareholder rights,” Bernanke said.

“It may be the case that the government will have a substantial minority share in Citi or other banks, but again we have the tools between supervisory oversight, shareholder rights, and other tools to make sure that we get the good results we want in terms of improved performance,” he said.

Such a path might avoid “all the negative impacts of going through a bankruptcy process or some kind of seizure, which would be I think disruptive to the markets,” Bernanke said.

Bernanke said regulators can exert significant influence on banks even if they have minority stakes.

“If we had a 40 percent position of a bank, we would obviously have a great deal of influence on management, on the board, on policies, on capital structure, all of those elements,” Bernanke told Representative Michael Capuano, a Massachusetts Democrat. “It will not be a case of giving the money and going away.”

Diluting Value

Officials in recent days have been grappling with how much more help they can provide Citigroup without diluting the value of shares held by investors too much, a person familiar with their deliberations said earlier this week.

The Treasury Department, Federal Reserve and other banking regulators said in a joint statement on Feb. 23 that they stood ready to pump more capital into banks, or convert some of the government’s outstanding preferred shares into common, to prevent their failures. The stress tests are scheduled to begin today, according to that statement.

“We will see how their test works out, and we will see what evolves,” Bernanke said. “If in fact they have to convert even the existing preferred into common, then there could be a more substantial share of ownership of Citi by the U.S. government.”

Plunging Price

Citigroup had to sell $52 billion of preferred stock to the government after the bank’s plunging stock price fed concerns that its failure might trigger a market collapse. Bank of America Corp. also had to get $45 billion of bailout funds.

Some members of the House and Senate congressional leadership, including House Speaker Nancy Pelosi, say they don’t want the government to be a long-term owner of banks.

Senator Charles Schumer of New York, the No. 3 Democratic leader and a member of the Senate Banking Committee, said today that a “federal takeover of the banks should be avoided at all costs.”

“No one intends, ever, to have the government running these banks or insurance companies for a long period of time,” Schumer told reporters. “To come in, clean them out, take out the bad assets, put in new management -- that’s what’s in mind.”

The scenario that Bernanke describes, where the government is a shareholder and closely supervises management, might not be inviting to private investors, analysts said.

Investors will be confident to buy bank stocks only when “fairly convinced that the government’s embrace is going to end,” said Andrew Laperriere, managing director at International Strategy and Investment Group in Washington. Most investors “would have reluctance with the government making strategic decisions for big companies.”
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline DCUBED

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US banks may need more bail-outs, says Ben Bernanke
« Reply #168 on: March 03, 2009, 05:58:35 pm »
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4934220/US-banks-may-need-more-bail-outs-says-Ben-Bernanke.html

US banks may need more bail-outs, says Ben Bernanke

Stock markets across the world suffered a second day of turbulence as the Chairman of the Federal Reserve warned that the US Government may have to pour even more cash into the twin bail-outs of its financial and economic systems.

Ben Bernanke said the White House would have to consider increasing the scope of its $750bn banking rescue package, as well as readying further aggressive measures to shore up the world's biggest economy. His warning to Congress came as shares in London slid to a new six-year low amid disquiet about the stability of Britain's banks following Monday's cash calls from HSBC and AIG.

The Fed Chairman also remarked that although the government had little choice but to rescue AIG with a further $30bn cash injection, the episode had made him "more angry" than any other episode in the past 18 months.

Until the financial system had been repaired the economy would not recover, he said, adding: "Without a reasonable degree of financial stability, a sustainable recovery will not occur. Although progress has been made on the financial front since last fall, more needs to be done."

The comments indicate that the US Treasury, which has put its weight behind a asset insurance scheme for bad assets much like the UK's asset protection scheme, will have to spend more than originally anticipated on rescuing the banks. The Obama administration has slated for up to $750bn in new support to be spent on the banking bail-out in its first budget.

"We are better off moving aggressively today to solve our economic problems; the alternative could be a prolonged episode of stagnation," he said.

The comments saw the benchmark Dow Jones index of leading US stocks to drop 30 points, having dropped beneath the 7,000 mark on Monday for the first time in 12 years. It finished the day down 37.27 points, or 0.55pc, at 6726.02.

The FTSE 100 index closed down 113.74 points, or 3.14pc, at 3512.09.

A CBI study nevertheless showed that British companies were slightly more optimistic about their ability to obtain credit over the next three months in February. Their ability to place corporate paper also improved.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”  - Arthur Conan Doyle

"The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists." J. Edgar Hoover

Offline Revolt426

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Regional FED Cheifs break with Bernanke and warn of Inflation / Contraction
« Reply #169 on: March 04, 2009, 09:54:49 pm »
The Guardian has added alot of spin to this but the Regional FED Cheifs obviously do not share the same optimistic views of Bernanke

http://www.guardian.co.uk/business/feedarticle/8387009

MIAMI, March 4 (Reuters) - The battered U.S. economy will continue to weaken over the coming months, with unemployment rising, top Federal Reserve officials said on Wednesday, though they remain confident that forceful policy action will help end the more than year-long recession.

Dennis Lockhart, president of the Atlanta Federal Reserve Bank, said it was hard to "be upbeat about the immediate future."

Richard Fisher, president of the Dallas Fed, said indicators show the economy to be on track for a decline in the first quarter roughly equal to the 6.2 percent annual rate of contraction seen in the 2008 fourth quarter.

Fisher, who characterized himself as the most pessimistic of all of his colleagues on the Fed's policy-setting Federal Open Market Committee (FOMC), said he fears the country might suffer two years of recession.


The current recession started in December 2007.

Lockhart, however, said he still expects the economy to begin a modest recovery in the second half of the year.
That said, Lockhart painted a gloomy picture near-term.
"Looking broadly at the national economy, the recent numbers have been discouraging," Lockhart told the Greater Miami Chamber of Commerce.
"Other incoming data give little reason to be upbeat about the immediate future. Unemployment continues to rise," said Lockhart, who is a voting member of the Federal Open Market Committee this year.

He later said he was apprehensive about the government's February jobs report, which is due on Friday.
"I'm concerned that this, too, will show some job destruction, substantial job destruction and the unemployment rate will rise,"
Lockhart told public television's "Nightly Business Report."
Analysts polled by Reuters expect a loss of 648,000 jobs last month, compared with a 598,000 loss in January, with the U.S. unemployment rate rising to 7.9 percent from 7.6 percent.

OUTLOOK UNCLEAR
Lockhart said the outlook was more unclear than usual and deteriorating financing conditions for the commercial real estate sector could add to the strain on battered banks.
"Problems in residential real estate are well known. But, with continued economic weakness, I'm increasingly paying attention to commercial real estate," he said.
"Declining commercial real estate markets could put further pressure on already strained financial institutions and markets. And overcoming problems in the financial sector is central to achieving economic recovery," he said.

Fisher, speaking in Fort Worth, Texas, called 2008 "an annus horribilis -- a truly horrible year that only a sadist could look back upon with pleasure.
"We might call this the Godzilla economy -- it presents a monstrous challenge," said Fisher, who is not a voting member of the FOMC this year.
Noting the economy's decline at a 6.2 percent annual rate in the fourth quarter, he said: "All indicators thus far point to our economy being on track for a decline of roughly the same magnitude in the first quarter of 2009."
The Fed has cut interest rates to almost zero and more than doubled the size of its balance sheet to around $2 trillion through programs to support private lending in a bid to prevent the downturn from steepening.

Lockhart stressed that Fed moves to steady the ability of households to tap credit markets have gained traction and said the Fed would do what it takes to restore U.S. growth.
"I want to assure you that the Fed has the capacity to act, even with the federal funds rate near zero, with the aim of returning the country as quickly as possible to its enormous potential for growth and prosperity," Lockhart said.

Fisher also found notes of optimism in discussing the potential impact of the Fed's new Term Asset-Backed Loan Facility, which is designed to revive lending to consumers and small businesses. He said there is already an improved "tone" to many of the asset-backed securities markets that will reside under the TALF umbrella.
Some economists, however, worry that the hefty expansion of the U.S. monetary base will be inflationary at some point, and this concern is shared by hawks on the Fed's top policy committee.

Kansas City Fed President Thomas Hoenig cautioned the massive stimulus would require the Fed to tighten monetary policy well before the next economic expansion was fully under way, to prevent a powerful inflation from taking root.
Waiting until a recovery is obvious would mean that the monetary policy reaction was already lagging.
"Once you know there's a recovery -- you're convinced of it -- it's probably too late to really avoid the future inflationary or whatever speculative bubble might be coming our way," Hoenig, a voting member of the Fed's policy committee next year, told Market News International.
However, most economists see the debate about raising Fed rates as a luxury that can wait until next year at the earliest, and the Fed has stressed it will hold its overnight funds rate benchmark near zero for "some time".

Indeed, U.S. economic conditions worsened in January and February and businesses do not expect improvement until late this year or early 2010, the Fed said in its Beige Book economic summary gathered from districts around the country.

The rapid decline in U.S. growth is already the worst since the early 1980s and there is no recovery yet at hand. (Additional reporting by Ros Krasny in Fort Worth, Texas and Mark Felsenthal in Washington; Editing by Leslie Adler)
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline DCUBED

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Bernanke will "forcefully" use every resource of the Fed
« Reply #170 on: March 08, 2009, 12:49:12 am »
http://www.bloomberg.com/apps/news?pid=20601087&sid=avh2kzovFhBc&refer=home

Bernanke Says Fed to ‘Deploy All Tools’ for Economic Revival

 March 7 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the central bank will “forcefully” use every resource to restore financial-market stability and revive U.S. economic growth.

“We will continue to forcefully deploy all the tools at our disposal as long as necessary to support the restoration of financial stability and the resumption of healthy economic growth,” Bernanke said in prepared remarks for an event today in Dillon, South Carolina. The Fed chief returned to his hometown to attend a ceremony naming a highway interchange after him.

Bernanke didn’t comment on specific Fed policies in his remarks. He said he was aware Dillon now “faces challenges” with the economy in a recession.

“I learned how very hard people in small towns like Dillon, and in communities large and small all across the United States, have to work to support themselves and their families and to offer opportunities to their children,” the Fed chairman said.

Bernanke, 55, was born in Augusta, Georgia, in December 1953 and grew up in Dillon, a textile-and-farm town in a poor part of one of the nation’s poorest states. His father, Philip, owned a drugstore, Jay Bee Drugs, with his uncle. His mother, Edna, was a schoolteacher.

He recalled in his speech how worked at the family’s pharmacy, spent a summer as a construction worker building the Saint Eugene Hospital and waited on tables at South of the Border, a restaurant and amusement park off Interstate 95.

The unemployment rate in Dillon County in December was 14.2 percent, compared with 9.5 percent for South Carolina, according to the state’s Employment Security Commission. The U.S. unemployment rate jumped in February to 8.1 percent, the highest level in more than a quarter century, the government reported yesterday.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”  - Arthur Conan Doyle

"The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists." J. Edgar Hoover

Offline Revolt426

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #171 on: March 08, 2009, 01:03:51 am »
The new FED Term Asset facility is leaning cheap currency to speculators to buy toxic assets and if the assets lose value the government is liable.
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline Noel Degrassi

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #172 on: March 08, 2009, 01:44:19 am »
Is there not one person in our government with the authority to have these assholes arrested and tried for fraud/theft/treason/gopherbeards?

Offline America2

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #173 on: March 08, 2009, 01:45:27 am »
Is there not one person in our government with the authority to have these assholes arrested and tried for fraud/theft/treason/gopherbeards?

But en yet, it's a CRIME to be *anti-government*(or whatever that means). >:(

Offline Noel Degrassi

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #174 on: March 08, 2009, 01:47:01 am »
But en yet, it's a CRIME to be *anti-government*(or whatever that means). >:(

Only in an Orwellian Society will "anti-government" be considered a BAD thing.

Offline Revolt426

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #175 on: March 08, 2009, 01:48:08 am »
Dont forget the FED is a private bank owned by the most powerful international speculators in the world.


They've assassinated politicians many times.
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system..." - Andrew Mellon, Secretary of Treasury, 1929.

Offline America2

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #176 on: March 08, 2009, 01:55:27 am »
Dont forget the FED is a private bank owned by the most powerful international speculators in the world.

I tried to tell my dad this the other day, and even tried to show him a video of Dennis Kucinich criticizing it as well...his response was, "Why do you even waste your time with these conspiracy theories?", and being pretty upset.


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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #177 on: March 08, 2009, 01:58:13 am »
Is there not one person in our government with the authority to have these assholes arrested and tried for fraud/theft/treason/gopherbeards?

There is not. Not one. In the whole damn government. Truth.

Offline Noel Degrassi

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #178 on: March 08, 2009, 03:20:02 am »
Maybe if we threw a friggin' baseball cap on Bernanke will they then threaten jailtime............

Offline Ford Falcon

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #179 on: March 08, 2009, 03:42:37 am »
It's like people who work for big oil companies. They make so much money, their morals are long gone. Money may not be the root of all evil, but it sure is a good excuse.

Offline Noel Degrassi

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #180 on: March 08, 2009, 04:57:47 am »
It's like people who work for big oil companies. They make so much money, their morals are long gone. Money may not be the root of all evil, but it sure is a good excuse.


It's certainly the fertilizer of all evil......

Offline Noel Degrassi

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #181 on: March 08, 2009, 05:05:02 am »
I tried to tell my dad this the other day, and even tried to show him a video of Dennis Kucinich criticizing it as well...his response was, "Why do you even waste your time with these conspiracy theories?", and being pretty upset.



I talked to my Dad the other day (I'm 40, he's about 66....lost count years ago...) and he used to be a Fox News brainwashee, but now he's waking up pretty quickly (Finally! THankfully! WHew!). He told me "Kevin (my younger brother, 3 yrs my junior) told me that you had been going on constantly about all this conspiracy stuff for years and he said 'Dad....He was RIGHT! It's all coming true right before our eyes'". So, I'm relieved my Dad is finally getting it. Sad it took a voucher from my younger brother, but whatever works, I don't care (I've always been the Black Sheep, so my Dad-cred isn't very high......oh it is NOW, but it wasn't before). So, persist, because it's important. And my Dad is full blood Korean, and you just don't change a Korean man's mind. It's just not that easy. Trust me.



Offline Monkeypox

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #182 on: March 08, 2009, 05:18:16 am »
Is there not one person in our government with the authority to have these assholes arrested and tried for fraud/theft/treason/gopherbeards?

Nope.
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


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Offline Monkeypox

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #183 on: March 08, 2009, 05:19:48 am »
But en yet, it's a CRIME to be *anti-government*(or whatever that means). >:(

Our forefathers gave us the right, actually the DUTY, to overthrow a government that became tyrannical. 
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


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Offline Kilika

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #184 on: March 08, 2009, 09:19:54 am »

It's certainly the fertilizer of all evil......

Well, actually the origin of that statement is...

"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." 1 Timothy 6:10 (KJV)
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline DireWolf

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #185 on: March 08, 2009, 09:40:47 am »
Bernanke`s statement is a warning to the likes of you and me that they will not tolerate any interference in their bid to achieve global banking and thus creating the NWO that has been sought for so long. "To forcefully deploy apply the tools necessary" includes any and all military options. It would appear this is their big push and should we fail to respond in a manner sufficient to derail them we will find ourselves in a sorrowful state indeed.
Freedom and Liberty, or slavery and death, your choice, choose wisely.

Offline Dig

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #186 on: March 08, 2009, 10:31:00 am »
Bernanke can go f**k himself!

Golman Saches ass-clown piece of shit!

STOP STEALING OUR GRANDCHILDREN'S WEALTH YOU TURD!

Tell your Rothschild/Rockefeller masters that we know what is going on you occupying treasonous feudalistic greedy psycopaths!
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline Kilika

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Re: Bernanke will "forcefully" use every resource of the Fed
« Reply #187 on: March 08, 2009, 10:40:14 am »
Quote
Bernanke`s statement is a warning to the likes of you and me that they will not tolerate any interference in their bid to achieve global banking

Exactly. The names and faces may change, but their plan WILL be implemented, by force, if necessary. Just don't look for any complete total collapse as they need something left to feed their lusts for worldly pleasures. It'll get alot worse regardless. These thugs will make sure of that.
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline jflack

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Bernanke Speaks to CFR
« Reply #188 on: March 10, 2009, 10:49:37 am »
Maybe some of you can pick this apart better than I.  Let me just point out the following from his speech.

1.  He equates the Federal Reserve as "authorities"
2.  He admits that the Federal Reserve is a central bank  (I've never heard him or Greenspan admit that before)
3.  He says that the Federal Reserve was established by the Congress in 1913 largely as a means of
addressing the problem of recurring financial panics.  (He's joking right?  We all know the truth on that one.  Why would he say that to the CFR?)

Here's the PDF of the speech

http://www.cfr.org/content/publications/attachments/031009_CFR.pdf


Here's the news story

http://money.cnn.com/news/newsfeeds/articles/djf500/200903101121DOWJONESDJONLINE000511_FORTUNE5.htm

THE FED: Big Banks Will Not Be Allowed To Fail, Bernanke Says
 
March 10, 2009: 11:21 AM ET


WASHINGTON (Dow Jones) -- Federal Reserve Board Chairman Ben Bernanke stressed Tuesday that major financial institutions would not be allowed to fail given the fragile state of financial markets and the global economy.

In a speech in Washington, Bernanke repeated that a sustainable economic recovery will "remain out of reach" until the banking sector is stabilized.

A recovery later this year is not out of the question, Bernanke said.

If efforts by the Fed and the Obama administration can get the banks back to being reasonably stable, "then I think there is a good chance the recession will end later this year and 2010 will be a period of growth," he said.

In the end, the economy is bound to recover, he said. The only question is how quick.

The central bank is not anticipating deflation, he said.

But Bernanke zeroed in on the question of big banks, the fate of which has been hovering over financial markets.

The continued viability of systemically-important financial institutions is " vital" to the recovery, Bernanke said in a speech to the Council of Foreign Relations.

"We have reiterated the U.S. government's determination to ensure that systemically important financial institutions continue to be able to meet their commitments," Bernanke said.

Some senior Republican members of Congress, including 2008 Republican presidential candidate John McCain, and even one president of a regional Fed bank, have recently called for the government to pull back from assisting large financial institutions.

They are worried that the government is throwing good money after bad in propping up these troubled institutions, including Citigroup and American International Group (AIG).

"Close them down, get them out of business. We've got to bury some big ones and send a strong message to the market," Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, said on ABC News over the weekend.

Bernanke's comments could be viewed as a forceful rebuttal to Shelby and McCain, analysts said.

Bernanke said he hopes the view that the market can handle the failure of a systemically important firm is "no longer seriously maintained" given the power of the financial crisis in the wake of the collapse of Lehman Brothers and the government takeover of Fannie Mae and Freddie Mac last September.

"It was the...collapse of banks and other institutions in late 1930 and early 1931 that made the Great Depression great," he said.

Increasing the oversight

The Treasury and Fed are not sitting still, but instead are stepping up oversight of critical firms, Bernanke said.

"We are already beginning significant work in terms of strengthening the systemically-critical firms," Bernanke said.

There was a sense of regret from Bernanke that some firms have become too interconnected to fail but also a sense that the government had no choice.

The money that has gone into banks has already had "beneficial results," Bernanke said.

Bernanke met with President Obama and his top economic advisors on Monday behind closed doors to discuss the economic outlook and the financial market crisis. The Obama team has yet to spell out important details of how a public- private partnership will remove toxic assets, primarily mortgage securities, off the balance sheets of banks.

Administration officials said the details could come within a few weeks.

White House spokesman Robert Gibbs said Obama is pleased with the coordination between Treasury and the Fed in response to the crisis. Bernanke said he didn't expect any "major disagreements" with Treasury over the repair of the financial system.

The bulk of Bernanke's address included a summary of his thinking about how to improve the regulation of financial markets. He spent some time describing the idea of one systemic regulator to oversee the entire financial market looking for signs of stress.

Many members of Congress want the Fed to take that new role but Bernanke played it coy and said the issue would have to be solved down the road and depended on what Congress had in mind.

Bernanke said the U.S. regulators failed in their duty to maintain a stable financial system leading up to the crisis, but added that the "details of the story are complex."

Bernanke said Congress should give the Fed authority over critical Wall Street payment-and-settlement systems.

The Fed chairman suggested that regulators need to examine mark-to-market accounting during financial crises, but rejected calls for immediate suspension of the rules.

Mark-to-market requires banks to set their holdings at market prices. Critics argue that this is impossible when some markets dry up.

In general, it is a good idea for banks to use mark-to-market, he said. However, in periods of crisis, this accounting treatment can be misleading, he said.

Offline DCUBED

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Bernanke To CFR: New Financial Authority Is Needed
« Reply #189 on: March 10, 2009, 04:25:14 pm »
http://www.infowars.net/articles/march2009/100309Bernanke.htm

Bernanke To CFR: New Financial Authority Is Needed

Reform of financial regulation and supervision should be coordinated internationally to the greatest extent possible."

Federal Reserve Chairman Ben Bernanke has told an elite gathering that a new overarching financial authority should be created by the government and empowered with sweeping new regulatory responsibilities.

Bernanke also coyly indicted to the renowned globalist group that he believes a new international order could be fomented out of the crisis.

"We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components," Bernanke said in a speech to the Council on Foreign Relations.

"We should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing." he added.

Large firms will require “especially close” oversight in the future, Bernanke noted, adding that regulators need the authority to seize such firms.

"Some of the policies I propose can be implemented and developed under the existing authorities of financial regulators, indeed we are in the process now of doing just that. But in other cases, Congressional action will be necessary to create the requisite authorities and responsibilities." Bernanke said.

While he didn't specify which regulator should take that job, he noted that the Fed was first formed to address banking panics and said the initiative would “require” some role for the central bank.

"Effectively identifying and addressing systemic risks would seem to require the involvement of the Federal Reserve in some capacity, even if not in the lead role," Bernanke said.

“Given how important robust payment and settlement systems are to financial stability, a good case can be made for granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems,” he added.

Essentially Bernanke suggested that even more power be granted to the Federal Reserve, a private banking institution that has already failed as a regulatory body and led us into the current crisis through it's engineered inflation of the credit bubble under Alan Greenspan.

Bernanke's suggestions echo those of Paul Volcker, an Obama adviser and former Fed chairman, who called for a similar regulatory crackdown in January, along with other members of the elite Group of Thirty.

Much to the delight of globalist CFR members, Bernanke also spoke of the international implications of the economic crisis during his speech.

"I also will not say much about the international dimensions of the issue but will take as self-evident that, in light of the global nature of financial institutions and markets, the reform of financial regulation and supervision should be coordinated internationally to the greatest extent possible." he said.

Bernanke expanded on these comments in a revealing question-and-answer session after the speech.

Commenting on the upcoming meeting of financial heads of the G20 in London, Bernanke stated:

"From the perspective of the G20, the focus should be on the International aspects, obviously, of this crisis. I talked today primarily of what the United States can do and I left implicit, perhaps I shouldn't have in front of the Council On Foreign Relations, the fact that this is very much an international problem, and it requires international solutions."

"We need to begin to establish a framework... The better goal for a meeting of leaders would be as much as possible to establish some principles that would guide reforms around the world... they need to work for institutions and for markets that cross borders. We have banks and insurance companies that have subsidiaries in 100 or 120 countries, and there are so many jurisdictions, that dealing with problems in one of those companies is extraordinarily complicated. In order to do that successfully, we need to have agreements, conventions, that will help us work across jurisdictions in an effective and cooperative way."

The CFR was keen to highlight these comments in it's write up of Bernanke's visit.

Watch video of the question and answer session:
http://www.youtube.com/watch?v=V2U1H_EOQNA&eurl=http://www.infowars.net/articles/march2009/100309Bernanke.htm
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”  - Arthur Conan Doyle

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Offline CaptainFreedom09

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Bernanke calls for powerful regulator -- world bank here we come !!
« Reply #190 on: March 10, 2009, 11:59:28 pm »
By Alan Beattie and Sarah O’Connor in Washington

Published: March 10 2009 13:30 | Last updated: March 10 2009 22:49

The US needs an overarching regulatory authority to prevent a repeat of risks building up unchecked across the financial system and exploding into economic crisis, Ben Bernanke said on Tuesday.

In remarks that echo calls on Capitol Hill for a powerful co-ordinating regulator in the US, the Federal Reserve chairman said the central bank would need to be involved in such a body, if not take the lead role itself.

EDITOR’S CHOICE
Bernanke speech: Full text - Mar-10Summers backs state action - Mar-08Obama urged to let banks fail - Mar-08In depth: US downturn - Feb-24He said the financial crisis, which had seen huge risks building up in lightly regulated institutions, had revealed the weakness of fragmented regulation.

“This crisis has revealed some rather shocking gaps,” he said. “Who was overseeing the subprime lenders, for example? Who was overseeing AIG? There simply wasn’t enough adequate oversight in those cases.”

Mr Bernanke said a range of fixes were being ­proposed or implemented, including consolidated supervision for financial holding companies, tighter restrictions on the investments made by money ­market mutual funds and reviewing capital adequacy standards for banks to moderate their incentives to lend too much in booms and too little in recessions. The US also needed a new way to resolve crises in large non-bank financial institutions rather than threatening the whole system by forcing them into bankruptcy, such as a government agency taking temporary control.

But Mr Bernanke said that a broader approach was also needed. “We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” he said. “In particular, strong and effective regulation and supervision of banking institutions, although necessary for reducing systemic risk, are not sufficient by themselves to achieve this aim.”
He called for a more explicitly “macroprudential” approach, which took into account the risks to the financial system as a whole. “One way would be for the Congress to direct and empower a governmental authority to monitor, assess and, if necessary, address potential systemic risks.”

The question of who would exercise this authority has been contentious on Capitol Hill. Barney Frank, chairman of the House of Representatives financial services committee, has called for the Fed itself to take the role. Chris Dodd, his counterpart on the Senate banking committee, has been more sceptical. Officials say that while Mr Dodd has ruled no one out for a systemic risk regulator, he has expressed reservations about giving the Fed additional authority given the amount of responsibilities already on its plate and the need to maintain the independence of its monetary policy function.

But Mr Frank recently told the Financial Times there was a growing consensus that the Fed was the only body with the reach and knowledge. “There’s no other institution that can do it, and you couldn’t possibly think we could create a new institution to do this.”

Mr Bernanke said that the Fed would almost certainly have to be involved, but that the authority to act on its warnings would remain with individual regulators and Congress.

A stream of bad economic data including a rise in the unemployment rate to 8.1 per cent, the highest for a quarter of a century, has increased pressure on policymakers. Mr Bernanke said that an unemployment rate averaging more than 10 per cent – part of a more pessimistic economic scenario with which the US Treasury is “stress-testing” the balance sheets of the big banks – was “certainly well within the realm of possibility”.

Nancy Pelosi, speaker of the House of Representatives, on Tuesday held out the prospect of a second stimulus package to follow the $787bn emergency fiscal stimulus signed into law by Barack Obama last month. “I don’t think we’re done,” she said after meeting economists. “I think we’re going to need more efforts to shore up the job market, the financial system and the housing market. And to do that, let me see, I think we need to be extraordinarily bold.”


Offline JonTheSavage

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Re: Bernanke calls for powerful regulator -- world bank here we come !!
« Reply #191 on: March 11, 2009, 12:16:53 am »
Heh. I call for Bernake to be sent over to China in a crate without food and water on a Chicom-Mart boat.

Offline Infoninja

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An instant classic!

This guy is one of the fine folks at WeAreChangeColorado.

Also see he has a new book coming out soon called "Stick It To The Man".

Hear it for yourself.

http://ronaldlewis.com/federal-reserve-ignores-plea-for-transparency-during-recent-call/

 
 
 
 

Offline Infoninja

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bump!

Offline Matt Hatter

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Awesome!

Offline plantop14

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Great stuff!!!!!! :) They'll never fess up though, they are damn criminals!!!! >:(
AK47, Glock23 & Mossy590 is my family's Life Insurance policy, what is yours?

Offline Gruntled Employee

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Bernanke going TV's 60 Minutes
« Reply #196 on: March 12, 2009, 07:39:24 pm »
http://ctv2.theglobeandmail.com/servlet/story/RTGAM.20090312.wBernankeTV0312/business/Business/businessBN/ctv-business


 
Ben Bernanke
 
Bernanke turns to TV to get message out
JEANNINE AVERSA,  The Associated Press


 

WASHINGTON — With the financial crisis deepening and public anger about bailouts growing, Federal Reserve Chairman Ben Bernanke is taking a rare step to get his message out: a TV interview.

Mr. Bernanke, in a taped interview with CBS' 60 Minutes, will discuss the financial crisis, the recession and what the Fed is doing to help fix them. The segment will air Sunday. It's rare for a sitting Fed chief to grant an interview — whether for broadcast or in print.

Earlier this week, Treasury Secretary Timothy Geithner appeared on PBS' “The Charlie Rose Show,” where he talked about the financial crisis and the Obama administration's efforts to provide relief.

The government has put billions of taxpayers' dollars at risk with bailouts of financial institutions. Those that have been thrown lifelines include American International Group Inc., Citigroup Inc., Bank of America Corp., mortgage giants Fannie Mae and Freddie Mac and others.

In Congress, the Fed has come under fire by both Republicans and Democrats for not being more open about its rescue operations, which are usually decided in closed-door deliberations.

Some lawmakers have demanded that the Fed, among other things, identify the companies drawing emergency Fed loans or other assistance. Mr. Bernanke has resisted, saying such public information could cause a run on the financial institution or erode confidence in it, defeating the purpose of the Fed's programs.

In the past few weeks, Mr. Bernanke has warned, in appearances on Capitol Hill and in speeches, that financial markets need to be bolstered before any economic recovery will take hold.

And Mr. Bernanke said this week that the nation's financial rule book must be rewritten to prevent a repeat of the economic crisis gripping the United States and other countries.

He offered new details on how to bolster mutual funds and a program that insures bank deposits. He also stressed the need for regulators to make sure financial companies have a sufficient capital cushion against potential losses.

And he called on Congress to set up a system to handle the collapse of a major financial institution, to minimize any financial damage.


This might be of interest.

Offline Overcast

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Re: Bernanke going TV's 60 Minutes
« Reply #197 on: March 12, 2009, 07:40:54 pm »
Wonder if his first name is Benedict?
And dying in your beds, many years from now, would you be willin' to trade ALL the days, from this day to that, for one chance, just one chance, to come back here and tell our enemies that they may take our lives, but they'll never take... OUR FREEDOM!

Offline Noel Degrassi

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Ben Bernanke Interview w/ 60 Minutes
« Reply #198 on: March 15, 2009, 06:07:50 pm »
LYING F**KIN! LIAR!!!! LIAR!!!!!!!!!!!!!!!!!!!!!!!!!!!ARRRGGGHH!!!!

Offline Travinyle1

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Re: Ben Bernanke Interview w/ 60 Minutes
« Reply #199 on: March 15, 2009, 06:10:41 pm »
yeah i wonder if he will ask him the simple question of who you answer to.

not that anyone will care its noone