Pinboard: bookmarks for asterisk2a tagged 'bernanke'

select: none ‧ this page no items selected

mark as read ‧ unread ‧ add stars ‧ remove stars ‧ delete

THIS IS BOILERPLATE confirm ‧ cancel

The Economist asks: Has Alan Greenspan carried too much blame for the financial crash? by The Economist

Sebastian Mallaby // Repuplican Party loyalist Alan Greenspan. Appointed by Republican president. Later surprised, what they've got w him - as he got more and more politically skilled. The expert w machiavellian tendencies. [...] came at a disadvantage in early 2000's to tighten monetary policy post-dot.com recovery but did not so (monetary and fiscally (being advocate)); glass stegall - derivatives, gov support for property (tax breaks and deductions), ... "fed tried, fed did, fed failed" in end politics failed (Larry Summers, Bill Clinton shot the starting gun) to reign in investment banking (derivatives), ... &&& group think among economists/profession into believing in self-regulation!!! &&& bc he knew about the possible bubble still did not raise rates enough to prick property bubble. a shy person who liked to be loved.

economic history book Alan Greenspan GFC recovery income inequality property bubble equity Ben Bernanke Janet Yellen Fed neoliberal neoliberalism USA Paul Volker regulation regulators self-regulation
october 2016 by asterisk2a

copy to mine

Former Chairman of the Federal Reserve Ben Bernanke on Newsnight - YouTube

individuals were not held responsible. [...] when things look benign you have to be very vigilant.

Ben Bernanke benbernanke Fed GFC book neoliberalism neoliberal bank bailout lehmanbrothers self-regulation regulation regulators Oversight monetary policy fiscal policy austerity ideology short-termism Opportunism opportunist IMF George Osborne economic history ZIRP NIRP QE badbank badbanks Privatisation financial crisis macroprudential policy macroeconomic policy speculative bubbles Makers
january 2016 by asterisk2a

copy to mine

Gordon Brown joins asset manager Pimco as adviser - BBC News

[ influence & network ] Pimco said it had formed a five-strong group of "world-renowned experts on economic and political issues". The other members include former US Federal Reserve chairman Ben Bernanke, and Jean-Claude Trichet, former president of the European Central Bank. A spokesman for Mr Brown said he was taking on "a minor advisory role" and would not financially benefit. The spokesman added: "Any money goes to the office of Gordon and Sarah Brown to support their charitable and public service work." The advisory board will meet several times a year.

PIMCO 1% Ben Bernanke trichet GordonBrown revolving door
december 2015 by asterisk2a

copy to mine

Banking Crisis: Bernanke Bust is Here - Mike Maloney - YouTube
banking crisis 2015 Fed Fed mandate monetary policy unconventional monetary policy retail banking investment banking bank crisis shadow banking centralbanks ZIRP NIRP QE unknown unkown unintended consequences distortion speculative bubbles equity bubble reflate reflation BRIC China Brazil commodity prices Oil price OPEC property bubble credit bubble trust distrust QT leverage margin trading margin call credit squeeze credit crunch credit crisis zombie banks zombie corporations zombie consumer credit card debt car loan credit card mortgage market UK USA economic history recovery regulation self-regulation deregulation regulators financial repression financial market financial crisis GFC financial cycle Janet Yellen benbernanke Ben Bernanke monetary transmission mechanism monetary stimulus monetary theory monetary system
october 2015 by asterisk2a

copy to mine

Bubble Machine Timeline: Visual Evidence Of The Fed's "Third Mandate" | Zero Hedge

The problem with rushing to combat any sign of economic or financial market turmoil by resorting immediately to counter-cyclical policies is that the creative destruction that would normally serve to purge speculative excess isn’t allowed to operate and so, misallocated capital is allowed to linger from crisis to crisis, making the next boom and subsequent bust even larger than the last.

financial crisis financial cycle business cycle centralbanks BIS Fed BOE BOJ Fed mandate monetary policy monetary theory unconventional monetary policy credit bubble Debt Super monetary stimulus monetary system ZIRP NIRP QE dot.com GFC recovery Richard Koo fiscal policy Boom and Bust distortion zombie banks zombie corporations zombie consumer banking crisis bank crisis bank bailout creative destruction Failure market Career Politicians Ben Bernanke Greenspan-Put alangreenspan Janet Yellen economic history trickle-down economics inequality Gini coefficient social cohesion social tension social contract fairness Generationengerechtigkeit servitude sovereign crisis Niall Ferguson Paul Krugman Joseph Stiglitz secular stagnation western world crony capitalism lobbyist lobby Lobbying corruption bribery revolving door capitalism Wall Street shared economic interest profit maximisation shareholder value TBTF too big to jail too big to bail investment banking retail banking post-capitalism
september 2015 by asterisk2a

copy to mine

Exposing The Lie Behind The "Strong Jobs Recovery" In One Chart | Zero Hedge

This data shows that the so-called jobs recovery has been spearheaded by cheap labor, with job gains going disproportionately to the least educated — and lowest-paid — workers. This is scarcely a good basis for resilient consumer spending driven by “solid” job growth that the consensus – including the Fed – is banking on. // bit.ly/1IN2i8f - But the E/P (Employment/Population) ratio for high school or college graduates – i.e., eight out of nine American adults – has not recovered any of its recessionary losses, and stands about where it started, one, two and three years ago (purple line).

recovery UK USA Service Sector Jobs manual labour job creation job market labour market 2015 Taper underemployed part-time Zero Hour Contract Contractor minimum wage poverty trap Sozialer Abstieg squeezed middle class working poor precarious work Precariat GFC dot.com reflate reflation Fed monetary policy monetary stimulus monetary transmission mechanism unconventional monetary policy monetary system fiscal policy austerity social mobility income mobility Gini coefficient added value value creation Multiplier economic history globalization globalisation academia academics Fed mandate Janet Yellen Ben Bernanke Niedriglohnsektor wage stagnation wage growth
september 2015 by asterisk2a

copy to mine

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

copy to mine

US stocks nosedive in early trading amid collapse in global markets | Business | The Guardian

[ great reflation move since 09, finds another opportunity (this time because of China) to reflect. meaning to reassess reality. same with the collapse in emerging market, money going out of high yield & risk back to US/UK in hope of Taper and then came the hammer in form of China scare, people taking even more money out of emerging market/Chinas neighbours into the safe haven (perceived) that is the $/£/EUR market ] Dow dropped more than 1,000 points shortly after the markets opened, but it recovered slightly to be down 620 points, or 6%, shortly before 10am. Dow, which had suffered big falls last week, was trading below 16,000 at 10am – the first time it has been below that level since February 2014. The index is 14% below its record peak in May, putting the Dow firmly into “correction” territory – Wall Street jargon for a drop of 10% or more from a recent peak. &! bit.ly/1EQ31Fn &! bit.ly/1F1zPue - Summers argued for fiscal stimulus, debate about secular stagnation.

correction asset bubble asset allocation emerging market hunt for yield unintended consequences 2015 unknown unkown hot-money ZIRP NIRP QE reflate reflation recovery GFC structural imbalance global imbalances China USA western world secular stagnation Developing developed world Europe UK Singapore Asia global economy global trade energy price Oil price OPEC economic history Taper Abenomics Japan Fed BOE ECB BOJ Richard Koo equity bubble bond bubble deflationary deflation job creation job market participation rate industrial policy Makers short-term short-term thinking short-term view policy folly policy error PBOC distortion faultlines Impediments STEM underinvestment productive investment output gap productivity Paul Krugman Larry Summers Ben Bernanke Janet Yellen Mark Carney MarioDraghi Angela Merkel Wolfgang Schäuble austerity fiscal policy Pact Schuldenbremse fiscal stimulus George Osborne dogma IMF OECD ChristineLagarde ideology
august 2015 by asterisk2a

copy to mine

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

copy to mine

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

copy to mine

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

copy to mine

The world is defenceless against the next financial crisis, warns BIS - Telegraph

Monetary policymakers have run out of room to fight the next crisis with interest rates unable to go lower, the BIS warns. [...] These low interest rates have in turn fuelled economic booms, encouraging excessive risk taking. Booms have then turned to busts, which policymakers have responded to with even lower rates. [greenspan put][dot.com and GFC were in part fuelled by inadequate rate setting and oversight] [...] [BIS also rejecting the notion of secular stagnation]. // &! BIS 'low rates hold back global growth' - http://www.ft.com/cms/s/12ded5aa-1be6-11e5-a130-2e7db721f996 // &! Rising interest rates pose new risk for banks: BIS - reut.rs/1Jgyft9 [...] but a "normalization" of borrowing costs would reverse the debt-fueled inflation of asset prices and hit banks' own loss-absorbing equity capital, the BIS said. "Just as falling yields have supported asset valuation gains in recent years, an eventual normalization would generate losses ... Banks' equity capital would shrink."

BIS monetary policy unconventional monetary policy Financial Crisis business cycle economic cycle economic history centralbanks Fed Taper ECB ZIRP NIRP QE unintended consequences unknown unkown BOE monetary system monetary stimulus monetary transmission mechanism zombie banks EuropeanSystemicRiskBoard bailout equity bubble bond bubble fractional reserve banking dot.com GFC recovery Greenspan-Put alangreenspan Great Moderation Ben Bernanke Fed mandate Bank Oversight deflationary debtoverhang balance sheet recession zombie consumer structural imbalance Impediments output gap productivity USA UK Europe western world secular stagnation asset allocation distortion capital allocation asset bubble job creation labour market labour economics Niedriglohnsektor Niedriglohn Service Sector Jobs lost generation lost decade policy folly policy error demographic bubble sovereign debt debt bubble consumer debt debt monetisation debt monetization economic growth economic damage structural unemployment underemployed supply side economics microeconomic policy vocational education education policy Future of Work Mobile Creatives Mobile Creative marginal cost economics of abundance Silicon Valley industrial policy ideology austerity Fiscal Pact Schuldenbremse
june 2015 by asterisk2a

copy to mine

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

copy to mine

Why 'secular stagnation' matters - BBC News

The question at stake is the issue of "secular stagnation", which is probably the biggest and most important controversy in macroeconomics today. This is not though a debate for the ivory tower, it's an issue with significant real world implications. [...] So what is secular stagnation? It's an idea that originated in the late 1930s with the US Keynesian economist Alvin Hansen. He worried that growth was fundamentally slowing and emphasised demographic factors (such as slowing population growth) as a driver of this. [ western world needs immigration as reproduction level is below 1, capitalism and our economics is fundy based on econ growth, but that is, on the horizon, not possible (excl inflation). what if population is stable!? ] [...] In a nutshell secular stagnation is an attempt to explain the weakness of the global recovery in advanced economies since the 2008 crisis. [ decelerating, debt overhang, balancesheet recession, sov debt crisis ] [...]

secular stagnation Europe Japan economic history lost decade global imbalances rebalancing demographic bubble demographics demography immigration western world economic growth deleveraging balance sheet recession liquidity trap sovereign debt crisis Super Cycle debt bubble bond bubble QE debt monetization debt monetisation stagflation deflation deflationary zombie banks zombie consumer austerity full employment Larry Summers Paul Krugman Ben Bernanke savings glut complexity incomplete information productivity output gap productive investment unintended consequences ZIRP NIRP hunt for yield
april 2015 by asterisk2a

copy to mine

Bernanke Won’t Tolerate Inflation to Boost Jobs - Bloomberg

Federal Reserve Chairman Ben S. Bernanke defended the central bank’s newly established price goal and rejected suggestions he was prepared to allow higher inflation to create jobs.
“We are not seeking higher inflation,” Bernanke said yesterday in response to questioning from Republican Representative Paul Ryan of Wisconsin, chairman of the House Budget Committee. “We do not want higher inflation and we’re not tolerating higher inflation.”

In adopting an inflation target, the Fed joined central banks from Sweden to New Zealand that have such goals.

The price gauge preferred by the Fed, the personal consumption expenditures index, increased 2.4 percent in December from a year earlier, down from 2.6 percent the previous month.

PCE Index target 2% long-term

Fed mandate bernanke monetary policy 2012 Fed
february 2012 by asterisk2a

copy to mine

Copy this bookmark: