Thursday, January 28, 2010

Backing Up Ben Bernanke

I give up on them down there.

And what is he going to do for you, America?

"raise borrowing costs for companies and ordinary Americans."


End the f***ing Fed, you a**holes!

Here's a bone for you, public

"Bernanke asks GAO to review AIG rescue; Move aimed at defusing criticism of $182 bailout" by Jeannine Aversa, Associated Press | January 20, 2010

WASHINGTON - Ben Bernanke, Federal Reserve chairman, took the unusual step yesterday of asking Congress’ investigative arm to conduct a “full review’’ of the Fed’s role in bailing out insurance giant American International Group.

The Fed chief’s move is aimed at defusing criticism of the government’s $182 billion rescue. The bailout sparked public outrage and demands in Congress for more information, especially after it was revealed that millions in bonuses would go to employees in the AIG division most responsible for the company’s need for a bailout....

Congress passed a law last year giving the GAO the authority to review Fed documents in the AIG bailout.

What that tells me is that RON PAUL'S FED AUDIT was rewritten or stripped from the final product -- which is why he voted against it.


Ron Paul Voted Against His Own Audit Bill

And then there is all this wasted space and print on will he or won't he

"Fed chief Bernanke faces opposition to a 2d term" by Jeannine Aversa and Jim Kuhnhenn, Associated Press | January 23, 2010

WASHINGTON - Federal Reserve chairman Ben Bernanke faced mounting Senate opposition for another four-year term yesterday, and the White House worked aggressively to keep his nomination afloat.

President Obama’s chief of staff, Rahm Emanuel, and Treasury Secretary Timothy Geithner were on the phone throughout the day to key senators to shore up support, said two senior administration officials, speaking on condition of anonymity to more freely discuss behind-the-scenes activity. Four Democrats say they will vote against Bernanke on the Senate floor. And at least three senators who voted for Bernanke in the Senate Banking Committee last month were weighing their support.

Still, the administration’s concerns about the nomination also lessened somewhat, despite the Democratic defections, by the knowledge that several Republicans were committed for Bernanke, one official said. Many others had not made their inclinations known, suggesting vacillation in the Senate over Bernanke and his stewardship of Wall Street both before and after the financial crisis.


While no one is declaring his confirmation doomed, the emergence of opposition and the shift by some to undecided illustrate just how difficult the terrain has gotten for Obama, especially since Scott Brown’s Senate victory in Massachusetts this week.

In a boost for Bernanke, Senate majority leader Harry Reid of Nevada came out late yesterday and endorsed him. Reid’s previous silence about his position on the Fed chief stoked concerns about the nomination.

Giving up that Senate seat, 'eh, Harry?

Yeah, about time to retire you frail fossil.


"Bernanke’s job appears safe; Fed chief picks up support in Senate" by Globe Wire Services | January 25, 2010

WASHINGTON - White House officials and Senate leaders predicted yesterday that Federal Reserve chairman Ben Bernanke will be confirmed for a second term.

White House spokesman Robert Gibbs said a new four-year term for the central bank head is needed to ensure stability in the financial system. Lawmakers would send a bad message to financial markets by “playing politics in any way’’ with Bernanke’s nomination, Gibbs said.

Related: Who REALLY Runs Washington

Yeah, we all know that now.

White House senior adviser Valerie Jarrett said Senate majority leader Harry Reid, Democrat of Nevada, had assured President Obama that Bernanke had strong support among Democrats.

Senate Republican leader Mitch McConnell of Kentucky said he anticipated that Bernanke would be confirmed and would receive bipartisan support.... Assurances from lawmakers over the weekend have eased concerns about Bernanke’s confirmation, and online traders yesterday put near-certain odds on approval. “I think we’ve dodged the bullet on this one,’’ said Greg Valliere, chief policy strategist at Potomac Research Group in Washington. “If the markets sold off on Friday because of Bernanke, I think the markets will be relieved Monday morning.’’

No, because Obama said something about taxing banks or something.

Bernanke, appointed by Republican President George W. Bush, is widely credited with helping to prevent the recession from turning into a depression. But his support of Wall Street bailouts has angered the public....

But we obviously don't matter despite all the hot fart mist coming from Washington.

Support for Bernanke Saturday came from John F. Kerry, Democrat of Massachusetts, and Richard Durbin, the second-ranking Senate Democrat, who had been undecided. Christopher Dodd, a Connecticut Democrat who chairs the banking committee, and Judd Gregg of New Hampshire, the top Republican on the budget committee, issued a statement saying they are confident Bernanke will be confirmed.


And then the greatest endorsement of all

"Obama boosts Fed chief; A second term likely, officials say" by Jim Kuhnhenn and Jeannine Aversa, Associated Press | January 26, 2010

WASHINGTON - Bolstered by a White House lobbying effort that included the president, Federal Reserve chairman Ben Bernanke’s chances at a second four-year term improved yesterday, calming a stock market that had grown anxious over the uncertainty of his support.

President Obama championed Bernanke in an interview yesterday as his aides worked the phones to ensure the Fed chairman is confirmed by the Senate. “He has my strongest support. I think he’s done a good job,’’ Obama told ABC News.

One year in and I've given up on him. Faster than Bush.

“What we need is somebody at the Federal Reserve who can make sure that the progress that we’ve made in stabilizing the economy continues. I think Bernanke is the best person for that job,’’ the president said.

What we NEED is an END to the FED and for CONGRESS to DO ITS CONSTITUTIONAL DUTY and regulate the money!

Senate majority leader Harry Reid, Democrat of Nevada, expects a confirmation vote by the end of the week, his spokesman said. David Axelrod, a top White House adviser, said Bernanke has the votes to keep his job.

Watch, it will be LATE FRIDAY so it can possibly miss the SLOW SATURDAY NEWS CYCLE! Heard it here first!

Bernanke’s brightening prospects provided the White House with a rare bit of good news amid political upheaval caused by public anger over the economy, joblessness, and bank bailouts. The Federal Reserve, with its power to set interest rates that influence economic activity, employment, and inflation, wields extraordinary influence over the lives of millions of Americans.

And thus, over the entire world.


It also plays a crucial role as the country’s lender of last resort when banks can’t get their money elsewhere.

Translation: THEY have the authority to PRINT MONEY!

Bernanke still can count on several “no’’ votes when the Senate takes up his confirmation. But after a surge of opposition late last week, and with many senators still undecided, the tide appeared to be turning in his favor. Amid the news, the Dow Jones industrial average rose 24 points after losing 552 points over the previous trading days.

Senator Joe Lieberman, a Connecticut independent, joined Democratic Senators Max Baucus of Montana, chairman of the Senate Finance Committee, and Dianne Feinstein of California in announcing support for Bernanke’s reappointment. Others were quietly falling in line....

Of course they are!!


THEY UNDERSTAND the THREAT of WRECKING the ECONOMY if you don't confirm!

WASHINGTON - With his prospects for another term brightening, Ben Bernanke will lead the Federal Reserve this year in pulling back the stimulus money it pumped out to fight the financial crisis....

The Fed is all but certain to leave its key bank lending rate, which affects consumer loans, at a record low near zero. Economists also expect the Fed to renew a pledge to hold this rate, called the federal funds rate, at record lows for an “extended period’’ - viewed as at least six months.

But some analysts don’t rule out the possibility that the pledge could be watered down or dropped entirely. Doing so would signal to Wall Street and Main Street that the Fed will be moving toward boosting borrowing costs to prevent inflation. The funds rate has been the Fed’s main tool to influence the economy since the 1980s. But in the aftermath of the financial crisis, it could lose its influence. Instead, the Fed might soon rely more on another tool: Boosting the rate it pays banks on the $1 trillion in excess reserves held at the central bank. That would raise borrowing costs for companies and ordinary Americans.

Bumping up that rate, now at 0.25 percent, would give banks an incentive to keep money parked at the Fed, rather than lend it.

They NEVER LENT YOU any of YOUR MONEY anyway, readers!

Short-term rates would rise. And economists say so would rates tied to commercial banks’ prime rate, which affects many consumer loans. The federal funds rate would rise, too. Paying interest on excess reserves helps stabilize the funds rate when the financial system is awash in cash, as it is now.

Where? I need some cash, so where is it?

It’s a relatively new tool for the Fed, having been authorized by a 2006 law. Many foreign central banks rely on it. The Fed started paying such interest at the height of the financial crisis in October 2008. It’s unclear whether the Fed will signal today that this will become the preferred lever to influence economic activity, employment and inflation. But it’s a tool investors and economists will closely monitor in the year ahead. With the worst of the financial crisis thought to be over, the Fed is gradually beginning to remove some of the stimulus money before it can trigger inflation....

Still, it would likely spook Wall Street....

You know, the PEOPLE WHO MATTER!

Bernanke’s term expires Jan. 31. Yesterday, Senate Majority Leader Harry Reid scheduled a key vote for tomorrow that will decide whether he wins a second term as chairman of the Fed. Bolstered by a lobbying effort that included President Obama, Bernanke’s chances for a second four-year term are improving. The White House and key Senate leaders predict he’ll be confirmed....


Nevertheless, the Globe endorses him.... TWICE!

1/27 (printed paper and web):

Globe Editorial
Reappoint Ben Bernanke

1/28 (web):

Globe Editorial
Reappoint Ben Bernanke

Yeah, we get the point, Globe!

All the more reason to reject him!