Ben Bernanke, Vampire Chairman (Photo credit: DonkeyHotey)
By Matt Egan
No matter who wins the White House this fall, it appears the next administration will be accepting resumes for the crucial job of chairman of the Federal Reserve.
According to The New York Times, Fed chief Ben Bernanke has told close friends he plans to step down when his term expires in early 2014 even if President Obama wins re-election this fall.
An Obama defeat seemed very likely to end Bernanke’s time at the Fed as GOP standard bearer Mitt Romney told FOX Business over the summer that he won’t reappoint the former Princeton University economist to another four-year term.
During a news conference last month, Bernanke declined to spell out his personal plans for when his term ends in January 2014.
Bernanke was first appointed to the Fed’s top post by President George W. Bush in 2006, a move that left one of the foremost experts in the Great Depression navigating the central bank through the 2008 financial crisis.
Read more: http://www.foxbusiness.com/business-leaders/2012/10/23/bernanke-probably-wont-stand-for-third-term/#ixzz2A8mUt7zv
By Reggie Middleton
You know, I don’t even bother to go over banking statements anymore. They are so steeped in bullshit, quasi-fraudulent fallacy and muppetology, that I’m simply waiting for Bernanke to slip up and true market pricing to come to the fore before I jump back into the game. ZeroHedge comments on JPM’s earnings as follows JPM Beats On Loan Loss Reserve Release Despite Drop In Trading Revenues And NIM, Surge In Non-Performing Loans:
There is a lot of verbiage in the official JPM Q3 Earnings press release which directs to a bottom line number of $1.40, or $5.7 billion on expectations of $1.24, with revenue of $25.9 billion on expectations of $24.53 billion. The primary reason for the lack of disappointment: no major losses in Corporate from CIO, with corporate generating $221 million in Q3, up from a loss of $(1.777) billion in Q2. And then come the adjustments: $900 million pretax benefit ($0.14 per share after-tax increase in earnings) from reduced mortgage loan loss reserves in Real Estate ………………………………..
full article at source: http://boombustblog.com/blog/item/6193-jpm-had-a-blowout-quarter-what-they-blew-is-the-question-at-hand-though
On or about September 12, 2012 Dr. Benjamin Bernanke, the Chairman of the US Federal Reserve, announced the 3rd round of Quantitative Easing (because the 1st two rounds worked out so well) under the auspices of attempting to reduce the unemployment rate by buying nearly a trillion dollars per year of MBS per year – ad infinitum!!! I posted the following article in response – Bernanke’s Lying Through His Teeth and Not A Single Pundit/Analyst/Banker Has Called Him On It!!! The article clearly articulated how and why the On September 16th, I took it upon myself to right the wrongs perpetrated by the mainstream media in not calling Dr. Bernanke and the US Fed’s commented actions for the bold faced lie that it was, and streamed my own reality TV financial show, directly in front of the NY Fed, quoting data pulled directly off of the St. Louis Fed’s website. For all of those who feel that there is no audience for the truth and REAL financial analysis, this short video received nearly 13,000 views and a 101:0 like/dislike ration in less than 48 hours with absolutely no promotion, production or advertising. It was simply…. the truth!!!man lied straight to the collective faces of MSM consuming
full article at reggies Blog here: http://boombustblog.com/blog/item/6186-exxxaclty-as-claimed-on-the-worlds-1st-financial-reality-tv-show-bernanke-bailed-out-the-banks-through-a-public-lie-to-his-fellow-countrymen
At Jackson Hole, a growing fear for Fed independence … Increasing political encroachment on the Federal Reserve, particularly from the Republican Party, could threaten the central bank‘s hard-won independence and undermine confidence in the nearly 100-year old institution. That was the pervasive sentiment among economists gathered at the Fed’s annual monetary policy symposium in Jackson Hole, Wyoming. – Reuters
Dominant Social Theme: If we don’t have a central bank, what have we got?
Free-Market Analysis: Here at the Daily Bell, we have simple questions that we ask regularly about central banking: How much money is enough, and how do central bankers know it?
The answer is that central bankers DON’T know how much money is too much. Only the market can inform us of the volume and value of money.
The market can do this two ways: via the pricing of gold and silver and the pricing of competitive currencies.
These two money facilities, probably initiated together, can provide us with the market signals to let us know how much money needs to be in circulation.
The system we have now is one of monopoly fiat tender. Taxes are paid in monopoly paper money and gold and silver are not minted by the government and therefore are hard to place in circulation.
The system is stacked toward the use of paper ticker money printed
full article at source: http://www.thedailybell.com/4242/Let-Central-Banking-Lose-Its-Franchise-Not-Its-Independence
By Frank Suess
THE ECB SLOWLY BUT SURELY BECOMING A TWIN BROTHER OF THE FED: POSITIVE IMPLICATIONS FOR THE SHORT-TERM?
“We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” − Daniel Webster, speech in the American Senate, 1833
Increasingly, Mario Draghi, the European Central Bank President, is showing his true colors. He is clearly on the road to becoming Europe´s clone of Ben Bernanke. That said, Draghi is pushing hard against Germany´s (Merkel´s) resistance of running full-speed down the Keynesian road of monetary inflation.
In this context, our regular Mountain Vision contributor, Fredrik Boe-Hanssen
full article at source:http://www.thedailybell.com/4232/Frank-Suess-ECB-Becoming-Twin-of-Fed
Official portrait of Federal Reserve Chairman Ben Bernanke. (Photo credit: Wikipedia)
Best day of 2012 for Dow industrials and S&P 500 … U.S. stocks surged Wednesday, with the Dow industrials and S&P 500 both tallying their best day this year, on increasing optimism that central bankers would move to bolster the economy. “It appears the market is under the belief that Uncle Ben and his band of merry makers are going to be coming to the rescue,” Bob Pavlik, chief market strategist at Banyan Partners, said of Federal Reserve Chairman Ben Bernanke and other Federal Open Market Committee members. The Dow Jones Industrial Average DJIA +1.05% climbed 286.84 points, or 2.4%, to 12,414.79. The S&P 500 Index SPX +0.99% advanced 29.63 points, or 2.3%, to 1,315.13. The Nasdaq Composite COMP +0.82% added 66.61 points, or 2.4%, to 2,844.72. – MarketWatch
Dominant Social Theme: Happy Days Are Here Again.
Free-Market Analysis: Or are they? Europe is failing, China just cut interest rates and US markets moved up hard on a hope and a prayer.
The hopeful prayer was that Ben Bernanke would cut interest rates – or that he intends to. Why this would cause the Dow to climb some 300 points is mostly a commentary on what markets, US markets especially, have become in the 21st century.
full article at source: http://www.thedailybell.com/3971/The-Madness-of-Market-Euphoria
Here is an excellent article sent in to day on so called stable currency
By Jim Willie
The Jackson Hole Conference was a dud. To the astute student observer, something happened never seen before. The US central bank chief admitted failure, if only people could properly interpret and translate his words of helplessness and disappointment. A more apt description was that USFed Chairman Bernanke used the forum to announce on stage that the central bank failed and is powerless to react to the current lapse into recession. Many watchers no longer believe that a Quantitative Easing chapter #3 will be announced. Surely it will come sooner or later. Watch the USTreasury auctions for the best clue. The QE2 program was about prevention of auction failure, not economic stimulus. A quick review of monetary policy and its effect is horrifying for its utter complete failure;
Full article at source here:http://www.financialsense.com/contributors/jim-willie/2011/08/31/illusion-of-stable-currency-vortex
Is it all it’s cracked up to be ?
Buffett must have gotten something from Obama. Why else would he have
announced a $40,000-a-plate fund-raiser for the President before the ink had
dried on the B of A deal? Pretty unseemly, really. As ‘C.C.’ noted
in the Rick’s Picks forum, the “Robin Hood of the downtrodden” has cozied up
to the second wealthiest man in America. So what might they have talked about?
The “housing problem” for sure. It supposedly will be one of the President’s key
talking points in the jobs speech he’s slated to give when his endless summer
actually ends after Labor Day. We expect the speech to mark Obama’s outward
transformation from elitist to populist. As such, we can expect to hear about a
plan that will purport to save homeowners rather than mortgage lenders, allowing
the former to refinance loans at low rates regardless of whether their homes are
full article here at source:http://www.zerohedge.com/contributed/prepare-be-forgiven-ye-mortgage-sinners
DB Briefs: Banking Elites Stole $1.2 Trillion Thanks to the FED / Is Ben Bernanke Insane? / Biden Tells China “You Are Safe”
Tuesday, August 23, 2011 – by Staff Report
Wall Street Aristocracy Got $1.2 Trillion from the FED
Fed Chairman Ben S. Bernanke‘s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. … according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. “These are all whopping numbers,” said Robert Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis. “You’re talking about the aristocracy of American finance going down the tubes without the federal money.” – Bloomberg
full story at source:http://www.thedailybell.com/2835/DB-Briefs-Banking-Elites-Stole-12-Trillion-Thanks-to-the-FED-Is-Ben-Bernanke-Insane-Biden-Tells-China-You-Are-Safe