Federal Reserve Program Is Socialism For The Rich

By: Friday September 20, 2013 9:39 am

If you have followed any economic news at all you will have heard the term quantitative easing, or QE, which is technocratic shorthand for the Federal Reserve shoveling funds into Wall Street banks to produce a phenomenon known as the “wealth effect.” The wealth effect relies principally on trickery. The hope being that people will see higher [...]

Transcripts Reveal Federal Reserve Missed Housing Bubble

By: Friday January 18, 2013 12:08 pm

Transcripts released by the Federal Reserve reveal the central bank misinterpreted the downswing in the housing market as a positive signal of the market pricing in risk rather than the beginning of a bust that would quickly unravel the financial markets. From the Financial Times: Top officials at the US Federal Reserve took months to [...]

Bernanke: Economy Still Weak, No Time for Austerity

By: Tuesday November 20, 2012 12:55 pm

Ben Bernanke’s speech on the economy today offered no new information. It was more of an overview on the state of the economy, and it hit on many very familiar themes which Bernanke has expressed for a long time now, including the need to loosen lending standards in a type of reinflation of the housing [...]

Bernanke Wants Looser Lending Standards In Bubble Reinflation Effort

By: Friday November 16, 2012 6:15 am

I don’t know why I felt so insulted by Ben Bernanke’s housing speech yesterday, but it really stuck with me. Probably because he managed to give an entire speech on housing – one that at points implicitly blamed homeowners for their predicaments – without mentioning the word “fraud.” Or saying “I’m sorry.” It was very [...]

Bernanke: No Deficit Reduction Now, Economy Still Needs Support

By: Tuesday October 2, 2012 1:46 pm

Contrast the plans of Congress to give up on job creation and move expeditiously to deficit reduction with the plans of the Federal Reserve to belatedly but nonetheless insistently and with near-unanimous participation engage in the monetary tools at their disposal to boost the economy and lower unemployment. There are serious questions about the beneficiaries [...]

Assessing the Impact of QE3

By: Friday September 14, 2012 11:00 am

Stocks have leveled off after yesterday’s boost from the Federal Reserve’s resumption of quantitative easing, this time in a more modest but open-ended capacity. Most analysts take for granted that this new QE3 will work, in fact, better than the first two rounds despite its smaller footprint. That stems from the use of the expectations [...]

Paper Criticizes Federal Reserve Approach, Suggests Radical Overhaul of Monetary Policy in the Crisis

By: Sunday September 2, 2012 11:16 am

The upshot of Ben Bernanke’s speech at the economic symposium at Jackson Hole, Wyoming, at least to most interested observers, is that the Federal Reserve will enact a new round of quantitative easing at their next policy meeting the week of September 10. This may be dependent on the jobs numbers that come out this [...]

Doing Just Enough: Why Ben Bernanke and Company Irk Me

By: Friday August 31, 2012 12:21 pm

For half a second I felt like I was being too hard on Ben Bernanke and his Jackson Hole speech. Mr. Market certainly thinks it presages another round of quantitative easing, with stocks up big today. And it’s considerate Fed-speak to merely hint and nod at a policy change before embarking on it, probably at [...]

Bernanke Defends Record, Declines to Commit to New Policies in Jackson Hole Speech

By: Friday August 31, 2012 7:42 am

Federal Reserve chairman Ben Bernanke is giving a closely watched speech in Jackson Hole, Wyoming at an annual economic symposium. And I can summarize this speech for you in metaphor. Water works well at fighting fires. Everything is on fire. We may hook up the hose at some point. Not promising anything. That’s the sense [...]

Bernanke Says Student Debt Not a Crisis (Well, Not to Him, Anyway)

By: Wednesday August 8, 2012 10:18 am

Ben Bernanke came out with a statement yesterday that student loans won’t cause a crisis. Bernanke, of course, is a great judge of crises, considering his statements from 2005-2007 that housing was fine and the bubble was manageable. I particularly enjoyed his statement that “The Federal Reserve is not currently forecasting a recession” in January [...]

Federal Reserve Returns to Same Old Failed Solutions to Economic Problems

By: Wednesday July 25, 2012 8:15 am

After watching as they missed both their employment and inflation targets, the Federal Reserve pronounced themselves ready to act, but in the same sluggish, ineffective ways they have over the past couple years: Fed officials could take some actions in combination or one after another. Fed Chairman Ben Bernanke, in testimony to Congress last week, [...]

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