On June 17, Barack Obama had one of his most awesome reality TV events of the year when he fired central bank chairman Ben Bernanke on PBS with liberal mope and host Charlie Rose moderating.
The Fed Chairman didn’t really say anything surprising yesterday. But he seemed willing to continue feeding the market their fix of easy money. John was also joined by Joe Antos, with the American Enterprise Institute, to discuss Obamacare’s profound impact on small and mid-sized businesses.
The market could be in for some sideways sledding after a rather remarkable pop from what was the cusp of a big correction. Volume is drying up and even good earnings reports aren't moving the needle.
Only one member had enough common sense to want to end QE now, whereas (some, half, many, most, a few, etc.) seem to be confused as to what to say and how to say it.
You didn't hear much about this on television or even the wires, but Ben Bernanke got good news when consumer credit data for March was released late in the session.
The Fed trying to keep Wall Street calm is akin to parents buying their fat child candy to stop him from whining. Let him whine and let the Street complain.
With the Fed forcing interest rates low, commercial and industrial lending has picked up. That may sound like a good thing, but is it? I suggest it's not. Competition is such that "covenant light" lending has returned in full force.
Japanese Prime Minister Shinzo Abe, another in the long line of Mario Draghi-and-Ben Bernanke clones, has reconfirmed that the only way to get out of an economic hole is by digging the hole deeper, that is if you’re of the Keynesian bent.
Nancy Pelosi blames IRS Scandal on Bush. The markets are confused by Ben Bernanke’s testimony; but they really shouldn’t be. Bill Tatro also joined the program to talk about some of the unexpected items that might wage war on this so-called “recovery.”
The Street loved the statement but hated the reality that accommodation may be reeled in sooner rather than later. The fact of the matter is there are a number of issues here.
Inquiring minds with extra time on their hands this morning are plodding through the Full Transcript of Bernanke's Testimony To Joint Economic Committee, U.S. Congress looking for the usual collection of half-truths, distortions, and outright lies it usually contains.
Bernanke seemed to be much more like Alfred E. Neuman of Mad magazine fame who continually said, “What, me worry?”
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