asterisk2a + benbernanke   127

(1928) Keiser Report: Financialized Economy (E1088) - YouTube
All the Plenary’s Men // tbtf is a protection racket!!! (FSB, SFO, systemic relevant banks) & laws - immunity from protection - protects people from prosecution. ... tbtf "global banking cartel" - they can to no wrong. more powerful than the gov. sovereign power.
HSBC  money  laundering  London  GFC  compliance  oversight  self-regulation  regulation  regulators  George  Osborne  benbernanke  FSB  BIS  BOE  centralbanks  SFO  fraud  UK  USA  ECB  systemic  White-collar  crime  banking  TBTF  toobigtofail  bank  bailout  Transparency  accountability  Russia  War  on  Drugs  corruption  lobby  tax  evasion  avoidance  terrorism  terror  ethics  governance  abuse  Military–industrial  complex 
june 2017 by asterisk2a
Ben Bernanke urges punishment of individual bankers - BBC News
>> Privatisation where and when it is needed. No, only if it suits their ideology and agenda. // regulatory failure. - youtu.be/Yx1P5Wz2iX4 - Ben Bernanke, John Mack Reflect on 2008 Financial Crisis >> NINJA Loan, homeownership, subprime, ... //&! Ben Bernanke on Lehman Crisis: "We Agreed to Be Vague" (Oct. 6, 2015) | Charlie Rose - youtu.be/EYGbtxzIkvw - 'lehman brothers was a sink hole. money put in from gov in a saving attempt would have resulted in being pulled out by its counterparties and creditors. and had not enough collateral and assets.'
too  big  to  jail  regulators  morality  Justice  System  injustice  Law  &  Justice  white-collar  crime  corporate  scandal  accounting  scandal  mis-selling  CDO  CDS  Interestrateswap  benbernanke  book  TBTF  too  big  to  bail  GFC  trickle-down  economics  economic  history  Super  Rich  1%  bank  bailout  banking  crisis  investment  banking  bank  crisis  retail  banking  CEO  pay  CEO  Abacus  subprime  car  loan  NINJA  fairness  Generationengerechtigkeit  austerity  budget  deficit  Student  Bubble  Wall  Street  profit  maximisation  shareholder  value  free  market  Privatisation  MervynKing  George  Osborne  David  Cameron  self-regulation  regulation  deregulation  Career  Politicians  No  Representation  revolving  door  inequality  Gini  coefficient  income  distribution  oligarchy  democracy  social  contract  political  theory  timgeithner  UK  USA  ideology  dogma  lehmanbrothers 
october 2015 by asterisk2a
Nomi Prins-Federal Reserve Transition to Destruction - YouTube
via - http://schiffgold.com/interviews/former-wall-street-insider-some-form-of-bank-bail-ins-will-come-to-us-video/ ||&! QE and ZIRP bad policy, bank and market cuddeling. no mainstreet recovery! trickle-down failed. Private sector can not carry existing minimal momentum forward. policy has not helped people on the ground. // many bubbles created: junk bond/zombie corps, car loans, student loans, property, ... // transition to destruction, volatility is first sign. // market manipulation! // inflated financial system // rise in NPL! where how will they cover that? another bailout? or bail-in. taking depositors haircut. FDIC can't cover that all.
ZIRP  NIRP  book  QE  reflate  reflation  equity  bubble  credit  bubble  Taper  Richard  Koo  BRIC  China  2015  junk  bond  trickle-down  economics  Super  Rich  1%  property  bubble  household  debt  UK  USA  BOE  Fed  mandate  Fed  Janet  Yellen  Mark  Carney  MPC  monetary  policy  monetary  transmission  mechanism  excess  reserves  retail  banking  secular  stagnation  wage  stagnation  disposable  income  income  distribution  income  inequality  Gini  coefficient  inequality  squeezed  middle  class  job  creation  job  market  labour  market  Niedriglohnsektor  Service  Sector  Jobs  recovery  GFC  benbernanke  alangreenspan  dot.com  speculative  bubbles  bank  bailout  banking  crisis  leverage  margin  trading  Super  Cycle  debt  servitude  private  debt  debt  monetization  debt  monetisation  fiscal  policy  austerity  consumer  debt  credit  card  credit  card  debt  car  loan  debtoverhang  economic  history  zombie  banks  zombie  corporations  zombie  consumer  mainstreet.org  Wall  Street  profit  maximisation  shareholder  value  crony  capitalism  corporate  debt  bubbles  asset  bubble  correction  mortgage  market  libor  rigging  scandal  trust  Career  Politicians  neoliberalism  neoliberal  FX  reserves  hot-money  currency-war  currency  debasement  currency  war  balance  sheet  recession  Niall  Ferguson  financial  repression  distortion  Pr 
october 2015 by asterisk2a
Richard Duncan: The Real Risk Of A Coming Multi-Decade Global Depression - YouTube
50 year long debt super cycle & credit bubble up-held. Put. // hasnt created inflation because of Globalisation = deflationary! [3bn ppl living on $2/day] Collapse of marginal cost of labour, offsetting inflation pressure of QE/NIRP/credit creation last decades. // Will eventually haunt people back once globalisation has run its way in ~100-75 years & the world is actually flat. energy cost 0, marginal cost 0, economics of abundance. // // min 23 AND because of this deflationary pressure of globalisation, excess capacity, etc lead to wage stagnation & or pressure to work 4 less (Contractor, Werkvertrag, Zeitarbeit, self-employment, Zero Hour Contract, outsourcing) and longer, in western world. Leads inevitably 2 being pushed into recession & avoiding that authorities always pushed button 4 more credit. Credit growth prevented western world not 2 be pushed into recession in last decades. 2010 Private Sector cant drive recovery! Massive Gov stimulus needed +10 years, not austerity!
debt  bubble  Super  Cycle  Greenspan-Put  Ben  Bernanke  fiat  currency  debt  monetisation  debt  monetization  deflationary  deflation  secular  stagnation  Abenomics  globalization  globalisation  Fed  centralbanks  BIS  economic  history  QE  ZIRP  NIRP  GFC  recovery  western  world  technological  progress  commodity  business  commoditization  economics  of  abundance  marginal  cost  Janet  Yellen  benbernanke  ECB  BOE  BOJ  monetary  policy  Zero  Hour  Contract  neoliberalism  neoliberal  Contractor  Zeitarbeit  Werkvertrag  self-employment  freelancing  freelance  wage  stagnation  wage  growth  disposable  income  discretionary  spending  dot.com  outsourcing  flat  world  credit  bubble  debt  servitude  consumer  debt  student  loan  debt  debtoverhang  sovereign  debt  crisis  student  debt  household  debt  private  debt  fiscal  policy  austerity  Richard  Koo  Mark  Blyth  Joseph  Stiglitz  Robert  Reich  productive  investment  underinvestment  infrastructure  investment  Paul  Krugman  shared  economic  interest  Industrial  Revolution  2.0  Smart  Grid  STEM  education  policy  value  creation  added  value  Manufacturing  3D  printing  energy  price  energy  policy  competitive  competition  competitiveness  competitive  advantage  R&D  Research  Public  Partnership  world  fiscal  d 
september 2015 by asterisk2a
The real truth about the 2008 financial crisis | Brian S. Wesbury | TEDxCountyLineRoad - YouTube
bankers are greedy & excess speculation, is the story. Fed controls short-term interest rate through interest rate setting/Fed meetings based on fundy of American economy, // NIRP (greenspan put) post dot.com, distorts market, decision makers decisions. housing bubble w help of NIRP after dot.com & home-ownership campaign in bush years (fiscal stimulus/subsidies) 2 push that "asset." Not "home" to live in. // banks got too big to fail (their balance sheet/lending book) as liabilities (toxic assets - real downside unknown (due to complexity and day to day changes during crisis years), like CDO/CDS etc) overtook book, overall, value. Banking being actually insolvent, but how insolvent one doesn't know. Thus bad bank idea. ACCOUNTING. // Paul Volker raised rates ... was able, because USA (private household, banks, corporates) were not in a balance sheet recession. Problem was endogenous. // Deregulation + Lax accounting contributed to GFC greatly, unable to value banks books.
GFC  economic  history  fractional  reserve  banking  financial  crisis  monetary  theory  systemicrisk  Greenspan-Put  NIRP  ZIRP  negative  real  interest  rate  interestrate  dot.com  reflation  reflate  balance  sheet  recession  deleveraging  debtoverhang  savings  rate  leverage  alangreenspan  greenspan  Ben  Bernanke  benbernanke  distortion  housing  market  accounting  too  big  to  jail  toobigtofail  TBTF  financial  market  financial  incentive  speculative  bubbles  speculative  speculation  hunt  for  yield  asset  allocation  asset  bubble  TARP  subprime  QE  stresstest  timgeithner  henrypaulson  economic  model  economic  damage  macroeconomic  policy  fiscal  policy  monetary  policy  history  paulvolcker  complexity  incomplete  information  business  confidence  consumer  confidence  confidence  banking  crisis  zombie  banks  mark-to-market  Janet  Yellen 
july 2015 by asterisk2a
Staatsverschuldung als Problem der Generationengerechtigkeit | Lars P. Feld | SWR Tele-Akademie - YouTube
henry paulson and tim geithner said they are in a moral hazard. put it the way to either nationalise (aka the end of American Dream, Failure part of capitalism) or bailout (gov loans and co like TARP). Rather the moral hazard was to either put current and future unborn generation in debt servitude they had nothing to do with and keep criminals private with all its benefits. Or really give a warning shot a privatise banks and end the profligacy of crony capitalism and Wall Streets shareholder value creation only and profit maximisation - without consequences. // and Europe looks towards USA and did the same; made banks whole again (because they were really - TBTF - and would pushed some EU countries into Great Depression/Insolvency. especially France & Belgium where bank liabilities were too big for public balance sheet) and took some of the debt onto its public balance sheet (and gave bailout loans) to be served by current & future unborn generation.
Generationengerechtigkeit  austerity  bailout  sovereign  debt  crisis  economic  history  Failure  zombie  banks  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  fiscal  policy  academia  academic  moralhazard  morality  American  Dream  GFC  policy  folly  policy  error  World  Bank  IBS  IMF  liberal  economic  reform  neoliberal  neoliberalism  PIIGSFB  PIGS  Greece  Grexit  UK  fiscal  sovereignty  Pact  Schuldenbremse  Career  Politicians  No  Representation  democracy  banking  crisis  history  henrypaulson  timgeithner  benbernanke  Ben  Bernanke  Makers  lobbyist  lobby  Lobbying  ideology  dogma  populism  fairness  manufactured  consent  propaganda  financialcrisis  FinancialCrisisInquiryCommission  media  conglomerate  corporate  state  European  Union  fiscal  transferunion  European  Eurobond  currency  Agenda  2010  hartz-iv  Stability  and  Growth  Pact  generational  conflict  social  tension  social  cohesion  Verteilungskonflikt 
july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
John Ralston Saul: The Collapse of Globalism - YouTube
the source of legitimacy is economics and only one source/type of economic thinking // TTIP & Co erase governments! // globalisation hailed promises, empty promises. // the more they say its inevitable, the more you know its the way out. // bailout for one side of society, and austerity for the others // no shared economic interest !!! rootless tax evaders global corporations are not stakeholders in country X // where does the power go? decision and policy making? to those with money and influence and network! - thus not the citizens // "we are in a post-globalist world" really? why is there then TTIP? Austerity is currently taking over the vacuum! // neoliberalism pouted and propagandated by fear induced monologues by Career Politicians (GFC) // money has no moral limits nor conscience !!! // great moderation and unfettered globalisation & financial realm (masters of the universe) - Alan Greenspan & Ben Bernanke >> extremes (ideology) break down (GFC) // austerity doesn't work!
globalisation  globalization  economic  history  GFC  recovery  austerity  liberal  economic  reform  book  democracy  human  capital  deregulation  lobbyist  lobby  Lobbying  No  Representation  Career  Politicians  economic  model  trickle-down  economics  borderless  TTIP  flat  world  income  growth  western  world  Gini  coefficient  Consumer  Protection  CETA  NAFTA  USA  social  cohesion  social  contract  social  tension  crony  capitalism  Wall  Street  profit  maximisation  shareholder  value  Davos  1%  Super  Rich  Thomas  Piketty  Robert  Reich  Joseph  Stiglitz  Paul  Krugman  bailout  too  big  to  jail  toobigtofail  TBTF  PIGS  IMF  Bank  education  policy  vocational  education  underinvestment  productive  investment  Industrial  Revolution  2.0  Future  of  Work  tax  evasion  tax  avoidance  tax  code  stakeholder  Margaret  Thatcher  Angela  Merkel  David  Cameron  George  Osborne  neoliberal  neoliberalism  academia  academic  alangreenspan  Ben  Bernanke  benbernanke  Great  Moderation  zombie  banks  ideology  individuality  sociology  society  psychology  gesellschaft  western  society  capital  gains  self-regulation  regulation  regulators  Bank  Oversight  revolving  door 
may 2015 by asterisk2a
Warren Buffett 20 September 2013 Federal Reserve greatest hedge fund | ForexLive
Says Warren Buffett: “The Fed is the greatest hedge fund in history” It’s generating “$80 billion or $90 billion a year probably” in revenue for the U.S. government [...] The Fed “is under no pressure, none whatsoever to have to deleverage,” Buffett said. “So it can pick its time, and if you have somebody wise there — and I think Bernanke is wise, and I certainly expect his successor to be — it can be handled. But it is something that’s never quite been done on this scale. It will be interesting to watch.”
ZIRP  QE  Taper  unknown  unkown  monetary  policy  Fed  complexity  benbernanke  unintended  consequences  warrenbuffet 
september 2013 by asterisk2a
Five Years After Lehman, BIS Ex-Chief Economist Warns "It's Worse This Time" | Zero Hedge
The share of "leveraged loans" or extreme forms of credit risk, used by the poorest corporate borrowers, has soared to an all-time high of 45% - 10 percentage points higher than at the peak of the crisis in 2007. + http://www.zerohedge.com/news/2013-09-14/record-high-grade-leverage-means-pik-toggle-lbo-debt-back-and-worse-ever // The Bank Of International Settlements Warns The Monetary Kool-Aid Party Is Over www.zerohedge.com/news/2013-06-23/bank-international-settlements-warns-monetary-kool-aid-party-over ""central banks must head for the exit and stop trying to spur a global economic recovery... cheap and plentiful central bank money had merely bought time, warning that more bond buying would retard the global economy’s return to health by delaying adjustments to governments’ and households’ balance sheets." http://www.telegraph.co.uk/finance/10310598/BIS-veteran-says-global-credit-excess-worse-than-pre-Lehman.html
unemployment  employment  monetary  policy  Mark  Carney  ope  reflation  zombie  banks  monetary  transmission  mechanism  BOE  banking  crisis  carmenreinhart  BOJ  LBO  balancesheet  policy  folly  QE  liquidity  2013  fiscal  policy  UK  debt  monetisation  political  error  unknown  unkown  greatdepression  zombie  consumer  deleveraging  debt  monetization  Richardkoo  centralbanks  liberal  economic  reform  faultlines  GFC  monetary  theory  exuberance  MarioDraghi  unintended  consequences  global  economy  monetary  stimulus  Help  to  Buy  Scheme  liquidity-trap  zombie  corporations  ECB  monetary  system  political  folly  benbernanke  bank  crisis  Abenomics  rebalancing  China  greatrecession  policy  error  productivity  LTRO  NIRP  OMT  Fed  communication  economic  history  Super  Cycle  stagflation  leverage  KennethRogoff  sovereign  debt  crisis  recovery  unconventional  monetary  policy  ZIRP  USA  BIS  POMO  Funding  for  Lending  Scheme  corporate  governance  fiscal  deficit 
september 2013 by asterisk2a
Economists in Jackson Hole Say QE Less Potent Than Fed Believes - Businessweek
‘Economists in Jackson Hole Say QE Less Potent Than Fed Believes’ – Bloomberg This is some great Monday morning quarterbacking from the economists in academia. The wonks have now decided, with the Fed balance sheet at $3.65 trillion and nearly at its peak that maybe this wasn’t such a great idea.
currency  debasement  monetary  policy  currency  war  complexity  asset  bubble  monetary  theory  modern  monetary  theory  reflation  unintended  consequences  global  economy  monetary  transmission  mechanism  liquidity-trap  BOE  ECB  monetary  system  benbernanke  debtoverhang  QE  NIRP  Fed  financial  repression  economic  history  Debt  Super  Cycle  fiscal  policy  stagflation  UK  devaluation  creditcrunch  bubble  structural  imbalance  sovereign  crisis  unconventional  monetary  policy  ZIRP  Taper  deleveraging  Richardkoo  faultlines  balance  sheet  recession 
august 2013 by asterisk2a
The Federal Reserve in a Time for Doves by Kenneth Rogoff - Project Syndicate
The importance of technical competence in monetary policy has been proved repeatedly by central banks around the world. [...] the quality of monetary policy depends critically on whether central bankers have a clear and nuanced understanding of policy making and inflation. The 1920’s, 1930’s, and 1970’s are replete with examples of central bankers who did not understand the basics, and whose economies paid the price. What this means is not just competence in setting interest rates, but also competence in regulatory policy. [...] For the past 25 years, the mantra of “inflation targeting” (introduced in my 1985 paper) has served as a mechanism for containing inflation expectations by reassuring the public of the central bank’s intentions. But excessive emphasis on low inflation targets can be counterproductive in the aftermath of the worst financial crisis in 75 years. Rather than worrying about inflation, central bankers should focus on reflating the economy.
Donald  Kohn  Larry  Summers  unemployment  2013  monetary  policy  2014  Fed  financial  repression  inflation  targeting  Debt  Super  Cycle  monetary  theory  reflation  sovereign  crisis  New  Normal  Janet  Yellen  deflation  nominal  GDP  targeting  monetary  system  long-term  unemployment  benbernanke  deflationary  inflation  centralbanks 
august 2013 by asterisk2a
Bernanke - what was so dovish about his Q&A? | ForexLive
He recognised that the unemployment rate understates weakness in employment market. This was a good point from Bernanke and emphasises that its not just the unemployment rate that the fed looks at for a guide to the health of the labor market, the unemployment rate is just a broad summary.
participation  rate  Taper  USA  employment  unemployment  2013  monetary  policy  Fed  inflation  targeting  economic  history  benbernanke  recovery 
july 2013 by asterisk2a
Mark Carney wastes no time in stamping his authority - Telegraph
Osborne fiscal plan of austerity till 2015/16 Rates don't go up beyond 2015 If market rates go up and make it more expensive for gov to borrow during tough times - will do QE - artificially lower the price again. >>> "Carney’s “not warranted” comment was tantamount to saying he expects rates to remain at 0.5pc until at least 2015. The vogue for “communication” is catching. In Australia, the central bank governor, Glenn Stevens, demonstrated how not to do it, after a “joke” backfired earlier this week, crashing the currency until his deputy calmed things down. [...] At the European Central Bank, president Mario Draghi was more successful. In a break with protocol, he said rates would be at current or lower levels “for an extended period of time”, delighting stock markets on the continent as they interpreted it to mean 2016 at the earliest."
currency  debasement  unemployment  monetary  policy  currency  war  Mark  Carney  modern  monetary  theory  Europe  MarioDraghi  output-gap  foreignexchange  BOE  ECB  benbernanke  greatrecession  QE  NIRP  2013  Fed  communication  PIGS  UK  debt  monetisation  sovereign  debt  crisis  youth  unemployment  forward  guidance  unconventional  monetary  policy  austerity  ZIRP  participation  rate  Taper  PIIGS  greatdepression  deleveraging  RBA  GeorgeOsborne  debt  monetization  centralbanks  balance  sheet  recession 
july 2013 by asterisk2a
Breaking Bad Habits by Stephen S. Roach - Project Syndicate
Unable to facilitate balance-sheet repair or stimulate real economic activity, QE has, instead, become a dangerous source of instability in global financial markets. [...] There is good reason to believe that China’s new leaders are now determined to wean the economy off ever-mounting (and destabilizing) debt – especially in its rapidly expanding “shadow banking” system. [...] Financial markets are having a hard time coming to grips with the new policy mindset in the world’s two largest economies. [...] Breaking bad habits is hardly a painless experience for liquidity-addicted investors.
monetary  policy  GFC  unintended  consequences  New  Normal  monetary  transmission  mechanism  banking  crisis  monetary  system  addiction  benbernanke  bank  crisis  creditcrisis  greatrecession  China  QE  NIRP  2013  Fed  Greenspan-Put  alangreenspan  shadowbanking  financial  repression  stephenroach  creditcrunch  bubble  ZIRP  Taper  USA  greatdepression  deleveraging  toobigtofail  PBOC  balance  sheet  recession 
july 2013 by asterisk2a
Shorting The Market On These March Days Will Be Hazardous To Your Health | Zero Hedge
send the S&P higher by 5-15 point in minutes on, well, absolutely no news, except for the usual deluge of between $1 and $5 billion in additional purchasing handed over by Chairman Ben to the banks because, you see, they need the money. And sooner or later it will trickle down on everyone else.
ZIRP  QE  2013  monetary  policy  Fed  economic  history  benbernanke  POMO  equilibrium  market  intervention  market  dynamics 
march 2013 by asterisk2a
Stephen Roach Mops Floor With Keynesianism And Former Fed Governor Larry Meyer | ZeroHedge
ex Fed member Larry Meyer:
'we do models, to do forecasts ... otherwise we don't know'

Roach replies: your models don't work, and thus your forecasts - because they use empirical (the past) data.

Your models are not based on science, what you (the Fed) is doing is working with assumptions.

-

Fed models / assumptions do not account deleveraging, debt overhang, outcome of financial crisis etc etc. disrupting and distorting the entire monetary system - which they build.

Because this is a different kind of gargantuan crisis than ever before.

One can only think about it that the system is broken (monetary system) - it may take 10-20 years to fully recover. Now one as to admit to that, that it is broken beyond patch work repair (QE, ZIRP and Co). And start think a new, and consider a debt jubilee. Basically a cold reset for the monetary system.
keynes  miltonfriedman  Europe  sovereign  debt  crisis  debt  jubilee  monetary  theory  monetary  policy  creditcrunch  deleveraging  debtoverhang  NPL  zombie  banks  Japan  UK  USA  lostdecade  greatdepression  GFC  greatrecession  benbernanke  paulkrugman  KennethRogoff  carmenreinhart  economic  history  economic-thought  economic  model  Fed  richardkoo  stephenroach 
august 2012 by asterisk2a
Regional Fed chiefs 'a drag' on Bernanke policy: Rep. Frank - YouTube
Why when you are not under a 'electorate' ... stupid.

Sept. 15 - U.S. Rep. Barney Frank, ranking member of the House Financial Services Committee, says regional fed Presidents often dissent, favoring high interest rates, and are "a drag" on Bernanke's ability to help the U.S. economy.

remove dissenters, remove plurality
- giving even more wrong medicine to the economy, and global economy
- Fed can not better employment, stupid.
barneyfrank  Fed  benbernanke  monetary  policy  error  folly  FOMC  inflation  interestrate  unemployment  politics  2011  mandate  dual-mandate 
september 2011 by asterisk2a
Blanchflower Calls Krueger `Fantastic' Pick by Obama - YouTube
David Blanchflower, economics professor at Dartmouth College and Bloomberg Television contributing editor, talks about President Barack Obama's nomination of economist Alan Krueger to head the White House Council of Economic Advisers. The nomination is subject to Senate confirmation. Krueger, who returned to Princeton University last November after serving as the Treasury Department's chief economist for two years, would replace Austan Goolsbee. (Source: Bloomberg)
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presidency  barackobama  AlanKrueger  unemployment  employment  economics  2011  recovery  greatrecession  JacksonHole  benbernanke  August  monetary  policy  fiscal  politics 
august 2011 by asterisk2a
Ben Bernanke realised printing yet more money would look desperate - Telegraph
The reality is QE has already done an awful lot of damage. America has expanded its base money supply three-fold in two and a half years – from 6pc to 18pc of national income. But even this jaw-dropping measure hasn't led to much of an expansion in monetary measures, such as M2 that include bank lending, precisely because the banks, for all the propaganda to the contrary, are still determined not to lend. They can make more money simply channelling QE money into stocks and other investments.Crucially, the banks also remain petrified of counter-party risk in the inter-bank market. Many of them, disgracefully, are still concealing vast sub-prime losses in off-balance-sheet vehicles. So they assume other banks are doing the same. Such mistrust between the banks – "we're lying, so they must be lying" – gums up the wheels of finance and starves even creditworthy firms of the funds needed to invest and create jobs.

zombi banks - same as japan +10 years ago.
transparency  Fed  benbernanke  2011  JacksonHole  QE  QE3  QE2  quantitative  easing  ZIRP  M2  moneysupply  monetary  policy  inflation  deflation  USA  UK  monetarybase  interbank  LIBOR  trust  confidence  toxicassets  subprime  zombi  banks  company  capitalism  fiatmoney  politics  barackobama  presidency  GeorgeOsborne  davidcameron  greatrecession  recovery  lostdecade  Japan  balancesheet  recession  richardkoo  deleveraging  debtoverhang  sovereign  debt  crisis  centralbanks  trichet 
august 2011 by asterisk2a
Morgan Stanley at Brink Got $107B From Fed - Bloomberg
http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending

Hedge Funds pulled money out ... out of banks who facilitate their trades.
Prime brokers facilitate short trades, the sale of borrowed stock in the hope of buying it back later at a lower price. They also make margin loans to finance stock purchases. In exchange, hedge funds usually keep their cash and stock in accounts at the prime-brokerage companies.

“So if clients pulled their money out, the view was that money had not been lent out, so the cash would have been sitting there able to hand over. It turns out that that was not entirely correct.”

In reality, “prime brokers were able to reuse clients’ assets to raise cash for their own activities,” the financial crisis commission wrote in its final report, published in January. Azarchs said that in her years covering Morgan Stanley for S&P she never heard executives discuss the risk that the funding might evaporate.
Fed  meltdown  fiancial  crisis  discountwindow  2008  jpmorgan  morganstanley  interbank  liquidity  freeze  emergency-lending  operation  benbernanke  henrypaulson  hedgefunds  panic  FinancialCrisisInquiryCommission  banking  lehmanbrothers  history  goldmansachs  broker  service  lesson  financialcrisis  PrimaryDealerCreditFacility  lenderoflastresort  PDCF  JimChanos  JohnMack  TermSecuritiesLendingFacility  TSLF  TARP  POMO  counterpartyrisk  toobigtofail 
august 2011 by asterisk2a
Relax, central banks can still save us - Telegraph
Military demobilisation allowed an instant cut in the US budget deficit. Today the rot is structural, a failure to stop health care and ageing costs spiralling out of control.

The eurozone obviously needs looser money. M3 broad money is stagnant and real M1 deposits have turned negative, even in Germany and Holland. Real M1 is contracting at an alarming pace in Italy. EMU growth has wilted, five countries are spinning towards default, and the banking system is seizing up. This cries out for a change of course, yet the European Central Bank is still tightening.
USA  debtoverhang  deleveraging  balancesheet  recession  greatrecession  GFC  depression  history  paulkrugman  sovereign  debt  crisis  ECB  monetary  policy  supply  M1  M3  velocity  money  creditcrunch  error  folly  benbernanke  trichet  2011  August  JacksonHole  lesson  greatdepression  fiscal  austerity  europe  UK  presidency  barackobama  davidcameron  angelamerkel  sarkozy  GeorgeOsborne 
august 2011 by asterisk2a
BofA Warns Upcoming "Desperate Measures" By Authorities Will Result In Another 2008 Market Collapse | ZeroHedge
 "rather than a repeat of 2010, when the Fed saved the day with QE2, we think we are moving closer to a repeat of 2008, when major policy errors devastated the economy." For once we actually agree with Bank of America: "In our view, the pressure to “do something” is now far more likely to result in more desperate or radical measures, even if it is bad policy." Does this mean that we are looking at a TARP "vote down" market reaction this Friday if indeed the chairman disappoints? We will know for sure in about 100 hours, which just may be the longest 100 hours for bulls since the start of the artificial and solely QE inspired bear market levitation in March of 2009. 
The environment has become too overwhelmed by uncertainty, particularly on the policy front. In our view, the pressure to “do something” is now far more likely to result in more desperate or radical measures, even if it is bad policy.
QE2  QE3  August  JacksonHole  Fed  benbernanke  2011  market  expectations  monetary  politics  error  mistake  uncertainty  ZIRP  easing  quantitative  quantitative-easing 
august 2011 by asterisk2a
Goodfriend Says Fed Should Resist Pressure for More QE - YouTube
USA in stagnation. Fed probably thinking next QE outside the box.
Consumer disposable income = flat since GFC
QE  Fed  2011  monetary  policy  stagnation  economy  USA  greatrecession  GFC  recovery  debtoverhang  deleveraging  politics  fiscal  presidency  barackobama  benbernanke  disposable  income  consumer  government 
august 2011 by asterisk2a
Currency Intervention Revived as Fed May Ease - Bloomberg
Just eight months ago, Brazilian Finance Minister Guido Mantega declared a “truce” in competitive currency devaluations. Now, Japanese and Swiss moves to weaken the yen and the franc show reviving tension in foreign-exchange markets as the deteriorating U.S. economy weighs on the dollar.
Fed  QE3  unintended  consequences  global  stability  Dollar  reserve  currency  hot-money  ZIRP  growth  greatrecession  recovery  2011  monetary  policy  easing  QE  BOJ  SNB  RBA  RBNZ  BOE  ECB  benbernanke  quantitative  intervention 
august 2011 by asterisk2a
Hilsenrath: Fed's Kohn Says Will Give "Very Serious Consideration" To QE3 | ZeroHedge
If that's the case--and inflation is coming down--then he would give "very serious consideration" to a new round of bond purchases,

In an exclusive interview this week with The Wall Street Journal, Donald Kohn, Vincent Reinhart and Brian Madigan--the last three directors of the Fed's powerful monetary affairs committee--put the risk of a new economic contraction at between 20% and 40%. Madigan and Kohn said the Fed should consider a third round of bond purchases only if inflation slows from recent elevated levels and if the economy continues to underperform. But they cautioned a new purchase program, dubbed QE3, wouldn't represent a cure-all.
inflation  deflation  QE3  monetary  policy  Fed  benbernanke  2011  double-dip  greatrecession  recovery 
august 2011 by asterisk2a
Barofsky Says U.S. Banks Are Still `Too Big to Fail' - YouTube
Neil Barofsky, former special inspector general for the Troubled Asset Relief Program, talks about the impact of the Dodd-Frank Act on the financial industry one year after its passage. Barofsky speaks with Lisa Murphy on Bloomberg Television's "Fast Forward." (Source: Bloomberg)
Dodd-Frank  toobigtofail  TARP  bailout  capitalism  systemicrisk  discipline  USA  wallstreet  moralhazard  barofsky  lobby  lobbyist  Lobbying  JamieDimon  benbernanke  timgeithner  washington  presidency  barackobama  regulation  reform 
july 2011 by asterisk2a
YouTube - ‪Dalton Doubts Public Appetite for More Fed Stimulus‬‏
Fed targeting asset prices, ... higher asset prices does not mean people will spend.
Asset prices do support bank balance sheets, as in form of capital holdings, thus in form of lending capacity,
but if nobody want to borrow, nothing to lend to.
balance sheet recession richard koo
deleveraging process still ongoing in private space
and in parts of real world govs - uk austerity
Fed  monetary  policy  doubt  benbernanke  2011  QE3  ZIRP  economics  economy  401k  richardkoo  balancesheet  recession  recovery  greatrecession  deleveraging 
july 2011 by asterisk2a
How the world paid the hidden cost of America's quantitative easing | Business | The Guardian
local policy is leaking in a global economy. not deniable.

investor cash looking for a high return.The chase for yield – the need to hold assets with a low value relative to the return – is nothing new. However, the billions of pounds spent by central banks on their own government's bonds released a tidal wave of cash that needed to find a home. Booming commodity markets were an unwanted side-effect of boosting investor confidence in stock and bond markets, which had threatened to spiral downwards when the recession hit.

Adam Posen, an external member of the Bank of England's monetary policy committee, repeated his warning earlier in the week that Britain needed another dose of QE to keep asset prices from sliding and stop confidence in the economy ebbing away. In the face of government austerity cuts, which will strip more than £12bn out of the economy this year in rising VAT bills alone, he said an extra £50bn in QE was the bare minimum needed.
QE  QE-2.0  quantitative  easing  2011  commodities  benbernanke  Fed  UK  BoE  judgement  outlook  review  monetary  policy 
july 2011 by asterisk2a
Fed's Massive Stimulus Had Little Impact: Greenspan - CNBC
"There is no evidence that huge inflow of money into the system basically worked," Greenspan said in a live interview.
"It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion," he said. "Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1."
Greenspan’s comments came as the Fed ended the second installment of its bond-buying program, known as QE2, after spending $600 billion. There were no hints of any more monetary easing—or QE3—to come.
Greenspan said he "would be surprised if there was a QE3"  because it would "continue erosion of the dollar."
QE  QE-2.0  Fed  benbernanke  alangreenspan  2011  stimulus 
june 2011 by asterisk2a
How Capitalism Went On A Brief Sabbatical Which Became A Permanent Vacation: Rosenberg Explains "The Artificial Recovery" | zero hedge
The WSJ emphasizes the implications of the on-going deleveraging cycle on the front page of today's paper — Debit Hamstrings Recovery. It is so obvious that as much as the government tries to slow the process, it cannot prevent the private sector from healing itself after decades of tremendous credit excess. U.S. consumers have 30% more credit card and other revolving debt on their balance sheet than they did just a decade ago. While outstandings are down 6% from the peak, there is still considerable contractions to go before household debt levels revert to the mean relative to both income and assets. 

--
and Fed does QE and ZIRP to stop asset deflation, contraction. as it fears deflation bc with shinking assets size, less loans can be given out as one of the size of the banks balance sheets shrink (capital form). and less loans means less business development and new jobs in form of new business ... so the thinking.
deleveraging  USA  debt  balancesheet  recession  richardkoo  QE  ZIRP  reflation  deflation  deflationary  Fed  2011  benbernanke 
june 2011 by asterisk2a
QE3 Or No QE3: The CIA's Take | zero hedge
Further, his clear effort to limit expectations for improvements in unemployment, along with his persistent efforts to focus attention on the longer term, are consistent with his tacit acknowledgement that the FOMC isn’t quite sure what to do at the moment (“a little bit of time to see what is going to happen would be useful to make policy decisions”).
benbernanke  2011  recovery  Fed  monetary  policy  QE-2.0  outlook  forecast  economics 
june 2011 by asterisk2a
Godman Sachs' Take On Bernanke's Press Conference | zero hedge
"We don't have a precise read on why this slower pace of growth is persisting."

4.    At the same time, his remarks hinted that the FOMC has in fact discussed easing options. Specifically, he said options could include: 1) securities purchases, which could be structured in various ways; 2) a cut in the interest rate on excess reserves; 3) guidance on how long the Fed will wait to sell securities; and 4) or “a fixed date to define extended period”. With regard to the extended period language, he revised his remarks from the last press conference, in which he said the extended period language meant “there would be a couple of meetings probably before action”. Today he said: “I think the thrust of extended period is that we believe we're at least two or three meetings away from taking any further action, and I emphasize ‘at least.’”
benbernanke  economics  USA  economy  2011  Fed  outlook  QE  QE-2.0  monetary  policy  clueless 
june 2011 by asterisk2a
Bernanke May Face Self-Induced Paralysis - Bloomberg
As a Princeton University professor, Ben Bernanke castigated the Bank of Japan in 2000 for a “case of self-induced paralysis” that led to a decade of stagnation. Now, the Federal Reserve chairman may be allowing the U.S. central bank to fall into the same trap after its second round of quantitative easing ends this month.By all but ruling out another cycle of bond purchases, Fed officials have left themselves with little in the way of policy options to respond to slowing growth and rising unemployment. This raises the risk that the U.S. will remain saddled with what Bernanke himself has called a “frustratingly” sluggish recovery that leaves millions of Americans out of work.“I worry that QE3 will be hostage to QE2,” said Vincent Reinhart, a former director of the Fed’s monetary-affairs division who is now a scholar at the American Enterprise Institute in Washington. “That may lead to that self-induced paralysis” in further easing policy to aid the economy.
benbernanke  monetary  policy  USA  QE2  QE-2.0  QE  Fed  2011  stagnation  history  japan  lostdecade  economy  unemployment  deleveraging  growth  deflation  balancesheet  recession  deflationary  stimulus  fiscal  presidency  barackobama 
june 2011 by asterisk2a
Dimon Challenging Bernanke Channels Wall Streets Bid to Break Regulators - Bloomberg
Dimon, 55, asked Bernanke if he’s concerned that overzealous regulation will stymie an economic rebound.“I have a great fear someone’s going to try to write a book in 20 years, and the book is going to talk about all the things that we did in the middle of the crisis to actually slow down recovery,” Dimon told the Fed chairman during a conference of bankers in Atlanta.Bernanke, 57, said Dimon’s points are valid and that the Fed lacks the quantitative tools to study the net impact of all the regulatory and market changes over the past three years.“It’s too complicated,” Bernanke said, adding that he thinks there’s a way to safely regulate banks while preserving their ability to deliver “basic financial services.”
JamieDimon  benbernanke  regulation  reform  Dodd-Frank  banking  wallstreet  credit  basel3  toobigtofail  systemicrisk 
june 2011 by asterisk2a
The Mistake of 2010 - NYTimes.com
some of us warned that it was both too small and too short-lived. In particular, the effects of the stimulus would start fading out in 2010 — and given the fact that financial crises are usually followed by prolonged slumps, it was unlikely that the economy would have a vigorous self-sustaining recovery under way by then.

By the beginning of 2010, it was already obvious that these concerns had been justified. Yet somehow an overwhelming consensus emerged among policy makers and pundits that nothing more should be done to create jobs, that, on the contrary, there should be a turn toward fiscal austerity.the fact is that the policy response to the crisis was and remains vastly inadequate.
Those who refuse to learn from history are condemned to repeat it; we did, and we are. What we’re experiencing may not be a full replay of the Great Depression, but that’s little consolation for the millions of American families suffering from a slump that just goes on and on.
paulkrugman  greatrecession  USA  recovery  double-dip  monetary  fiscal  policy  politics  barackobama  presidency  Fed  benbernanke  error  economics  economy  unemployment  stimulus  financialcrisis 
june 2011 by asterisk2a
Bernankes QE2 Averts Deflation, Spurs Credit - Bloomberg
Spin: Bernanke’s QE2 Averts Deflation, Spurs Rally, Expands Credit (Bloomberg) how about makes rich richer, poor poorer, cause gas prices to spike, incites revolutions in MENA, and confirms central planning in US is firmly established

- reflate away to worries -
QE-2.0  benbernanke  monetary  policy  monetization  monetarism  economics  inflation  deflation  debtoverhang  sovereign  debt 
may 2011 by asterisk2a
Fed Officials Count on Untested Tool to Hold Off Inflation - Bloomberg
Federal Reserve officials are staking their inflation-fighting credibility on an untested tool: the power to pay interest on bank reserves.
infaltion  monetary  policy  Fed  2011  2012  QE  exitstrategy  ZIRP  liquidity  credit  economics  benbernanke 
april 2011 by asterisk2a
Bernanke May Reinvest Maturing Debt to Avoid Cold Turkey End to Stimulus - Bloomberg
Federal Reserve Chairman Ben S. Bernanke may keep reinvesting maturing debt into Treasuries to maintain record stimulus even after making good on a pledge to complete $600 billion in bond purchases by the end of June.
The Fed chief’s top two lieutenants said this month the economy and inflation are too weak to warrant the start of a monetary-policy reversal. Investors and economists including David Kelly at JPMorgan Funds see that as a signal the Fed will keep its balance sheet at current levels by replacing about $17 billion a month in maturing mortgage debt with Treasuries.
QE  2011  QE-2.0  Fed  benbernanke  monetary  policy 
april 2011 by asterisk2a
In Financial Crisis, No Prosecutions of Top Figures - NYTimes.com
[Tim Geithner & Co. their] worry, according to these people, sprang from a desire to calm markets, a goal that could be complicated by a hard-charging attorney general.

Whether prosecutors and regulators have been aggressive enough in pursuing wrongdoing is likely to long be a subject of debate. All say they have done the best they could under difficult circumstances.
But several years after the financial crisis, which was caused in large part by reckless lending and excessive risk taking by major financial institutions, no senior executives have been charged or imprisoned, and a collective government effort has not emerged. This stands in stark contrast to the failure of many savings and loan institutions in the late 1980s. In the wake of that debacle, special government task forces referred 1,100 cases to prosecutors, resulting in more than 800 bank officials going to jail. 

SEC cautious ... taxpayer money in effect being used to pay for settlements.
bailout  fed  timgeithner  andrewcuomo  fraud  misleading  prosecution  SEC  FinancialCrisisInquiryCommission  financialcrisis  2008  2007  settelment  proptrading  ethics  henrypaulson  benbernanke  mortage  analysis  insight  2011 
april 2011 by asterisk2a
YouTube - Barofsky Says U.S. `Hopelessly Naive' on Bank Bailouts
TARP Inspector - Neil Barofsky, special inspector general for the Troubled Asset Relief Program, talks about the performance of and outlook for TARP.- Banks got w TARP major advantage - home owners and business owners and unemployed either let down or in the case of the latter scrutinized- Moral Hazard - TARP was a present from Hank and Ben; had no to very little strings attached in order to guide banking
barofsky  TARP  henrypaulson  benbernanke  2011  fraud  banking  transparency  presidency  barackobama  FinancialCrisisInquiryCommission  finance  financialcrisis  2008  meltdown  abuse  policy 
march 2011 by asterisk2a
Trichet, King Haunted by Bank of Japan's Lost Decade Interest-Rate Error - Bloomberg
European central bankers agitating for higher interest rates to quell inflation may be ignoring the lessons of Japan’s economic history.
As the European Central Bank and Bank of England consider tightening monetary policy, HSBC Holdings Plc and Fathom Financial Consulting warn officials risk misjudging the inflation threat and may end up hurting their recoveries. That’s what repeatedly happened in Japan in the past quarter century as policy makers constrained credit only to reverse within months when expansion faltered.
“The danger is of a policy mistake,” said Stephen King, HSBC’s London-based chief economist and a former U.K. Treasury official. “In an attempt to control inflation this year they could set the scene for more disappointing growth in the future as happened in Japan.”

Ben S. Bernanke, now chairman of the U.S. Federal Reserve, said in 2003 Japan’s “performance is due almost entirely to a very poor monetary policy.”
Japan  history  ECB  policy  mistake  trichet  inflation  ZIRP  PIIGS  EFSF  ESM  politics  lostdecade  2011  lesson  economics  monetary  benbernanke  adamsposen 
march 2011 by asterisk2a
Bernanke Betting Briefings to Bring Clarity, Not Volatility - Bloomberg
Federal Reserve Chairman Ben S. Bernanke is betting that by holding regular press conferences he’ll provide clarity about monetary policy without saying something that may disrupt financial markets.
The Fed said yesterday that Bernanke will begin holding four press briefings a year. The first sessions in April and June will give Bernanke an opportunity to discuss his next steps after completing the record stimulus from the purchase of $600 billion in Treasury securities through June.
Bernanke is trying to dispel concerns from investors, lawmakers and the public that the second round of so-called quantitative easing, or QE2, is inflationary and ineffective in spurring growth. He said last month that officials were weighing the benefits of greater transparency against the risk that remarks are “misinterpreted” and trigger “unnecessary volatility” in financial markets.
benbernanke  Fed  transparency  2011  QE  QE-2.0 
march 2011 by asterisk2a
YouTube - Taylor Says Fed Should Begin Discussing `Exit Strategy'
money growth M3
- short term big stimulus - with only small long-term effect
markets are forward looking, pricing in already in a rate increase in UK and EU
- accommodative policy -- leaking -- first signs of inflationary effect abroad
- 70s - Fed behind the curve
- it is hard to get in-front of inflation without unsettling growth
QE  QE-2.0  Fed  unemployment  2011  exitstrategy  benbernanke  economics  quantitative-easing  BOJ  USA  Japan  M3  monetary  policy  lesson  inflation  commodities  bubble 
march 2011 by asterisk2a
Warsh Departure May Reduce Feds Insights Into Wall Street - Bloomberg
Warsh was the only governor to work on Wall Street and the only one to question the benefits of the Fed’s plan to buy $600 billion in Treasury securities. Without Warsh’s connections, Bernanke may face greater odds of erring as he drains an unprecedented amount reserves from the banking system, said Stephen Stanley, a former Fed economist.
“Unless they put someone in place who has a similar level of dialogue, I think that’s something that will probably be missed,” said Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “To the extent that a lot of this is probably going to be trial and error anyway, it may just make the process a little rougher.” That may increase volatility in the bond market, Stanley said.
Fed  benbernanke  QE-2.0  QE  2011  2012  monetary  policy  ZIRP 
february 2011 by asterisk2a
Fed Lending Benefited Banks Far and Wide - NYTimes.com
The Fed data showed that the biggest recipient of taxpayer assistance was, naturally, Citigroup. It was followed closely by Morgan Stanley, Merrill Lynch and Bank of America. Goldman Sachs was also a large beneficiary during the darkest moments of 2008.
Remember that the Wall Street firms were imperiled by their excessive use of borrowed money, which generated huge paydays when the cost of those funds was cheap and the values of the assets they were buying were rising at a steady clip. After the bubble burst and financing evaporated, the firms were able to tap into a lending program created by the Fed in mid-March 2008 after Bear Stearns collapsed. It was called the Primary Dealer Credit Facility.
The program allowed firms to borrow at low interest rates — ranging from 3.25 percent when the program began to 0.5 percent when the last loan was made in May 2009. The firms had to post various securities as collateral when they borrowed, and some of those securities were risky indeed.
fed  benbernanke  balancesheet  interbank  report  financialcrisis  FinancialCrisisInquiryCommission  2008  2009  bearstearns  citigroup  goldmansachs  shadowbanking  fanniemae  freddiemac  aig  lending  overnight 
december 2010 by asterisk2a
Bernanke Talks Unemployment With Business Leaders - NYTimes.com
Sandra Pianalto, the president of the Cleveland Fed, who moderated the discussion, referred obliquely to the firestorm the Fed has faced in recent weeks. “Through my interactions with Ben, I’ve learned that extreme circumstances often require very creative and aggressive policy responses, and that the right decisions sometimes aren’t the most popular decisions,” she said.
While none of the executives criticized the Fed, Samuel J. Palmisano, the chief executive of I.B.M., said that uncertainty, particularly over regulations, was holding back businesses, not financial constraints.
“Clearly, there’s tons of liquidity, as you know,” he told Mr. Bernanke, who was seated to his left. “There’s probably more than we could consume. It’s not a credit issue. It’s not the financial system or a banking issue. I think at the end of the day it’s clarity.”
benbernanke  unemployment  fed  USA  2010  uncertainty  recovery  greatrecession 
december 2010 by asterisk2a
SF FED: QE2 IS WORKING | PRAGMATIC CAPITALISM
Finally, and perhaps most importantly, we’re also different from Japan in monetary policy. One lesson from Japan’s experience is the need to act aggressively before deflation becomes firmly entrenched. In contrast with Japan, the Fed has adopted proactive measures to head off a deflationary spiral before it can take root. This brings me to current Fed policy and, in particular, the recently announced program to purchase Treasury securities.
QE  QE-2.0  Fed  benbernanke  history  deflation  inflation  chart  comparison  japan  lostdecade  greatrecession  monetary  policy  USA 
november 2010 by asterisk2a
Axis of Depression - NYTimes.com
China and Germany are on the warpath against the Fed, accustomed to running huge trade surpluses. But for some countries to run trade surpluses, others must run trade deficits — and, for years, that has meant us. The Fed’s expansionary policies, however, have the side effect of somewhat weakening the dollar, making U.S. goods more competitive, and paving the way for a smaller U.S. deficit. And the Chinese and Germans don’t want to see that happen.

For the Chinese government, by the way, attacking the Fed has the additional benefit of shifting attention away from its own currency manipulation, which keeps China’s currency artificially weak — precisely the sin China falsely accuses America of committing.

But why are Republicans joining in this attack?

Milton Friedman, who blamed the Fed for not acting more forcefully during the Great Depression — and who, in 1998, called on the Bank of Japan to “buy government bonds on the open market,” exactly what the Fed is now doing.
politics  Fed  QE-2.0  QE  presidency  barackobama  benbernanke  paulkrugman  tradedeficit  germany  china  currency  currencies  dollar  monetary  policy  republicans  democrats  miltonfriedman  japan  lostdecade  2010 
november 2010 by asterisk2a
Fed Gears Up for Stimulus - WSJ.com
WSJ is known to have ties to Fed and even send them Previews and asking if there is a change in language needed.
.
- Note that no QUOTE from a Fed member is used. !!!!!
Fed  communication  benbernanke  QE-2.0  2010  WSJ  journalism 
october 2010 by asterisk2a
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