Posts Tagged ‘Ben Bernanke’
Posted by Larry Doyle on June 1st, 2010 8:58 AM |
How do you think the wizards in Washington are feeling about the European bailout structured two weeks ago at their behest? In those two weeks, the Euro has plummeted another 5%, equities continue to suffer, and credit spreads continue to widen.
Our Washington wizards are looking back into their bag of tricks and now recommending another of their ‘shell game’ proposals to their European counterparts. Which proposal might this be? How do you spell charade? Try, bank stress tests.
Treasury Secretary Geithner is pressuring European central bankers to perform and release bank stress tests as a precursor to restoring financial health and stability into the European system. The Wall Street Journal highlights Geithner’s recommendation this morning in writing, U.S. to Push Europe on Stress Tests:
The U.S. intends to urge Europe to disclose publicly the results of bank stress tests as a way to calm jitters over the health of the Continent’s financial system, U.S. officials said. (more…)
Tags: Bank Stress Tests, Ben Bernanke, CRE, EU bailout, European bailout, european bank stress tests, FDIC, Germany, helocs, losses in banking system, losses in european banks, Sheila Bair, Tim Geithner, U.S. to Push Europe on Stress Tests
Posted in European Central Bank, European Union, General | 4 Comments »
Posted by Larry Doyle on April 9th, 2010 9:12 AM |
Who in America is going to stand up and accept appropriate culpability for his/her contribution to our current economic crisis? Who in America is also willing to expose the incestuous nature of the Wall Street-Washington relationship which provided the cover for the activities which have debilitated our nation?
Let’s review what we have learned so far:
1. Blame has been directed at bank executives…but they got paid handsomely, and have not accepted full responsibility.
2. Blame has been directed at ratings agencies….but they also got paid handsomely to provide ratings, while not really knowing what they were doing. (more…)
Tags: Ben Bernanke, blame for crisis, Chris Dodd, culpability for crisis, Fannie Mae execs, FCIC, finger pointing, FINRA, Franklin Raines, Freddie Mac execs, Larry Summers, Leland Brendsel, mortgage originators, Phil Gramm, public service, public service and private wealth accumulation, ratings agencies, reasons for our economic crisis, regulators, Rham Emanuel, Robert Rubin, SEC, Tim Geithner, Wall Street executives, Wall Street-Washington incest, Washington, what is to blame for our economic crisis, who is to blame for our economic crisis
Posted in General, Wall Street, Washington D.C. | 5 Comments »
Posted by Larry Doyle on March 16th, 2010 3:32 PM |
Is the White House now in charge of both fiscal and monetary policy?
The Federal Reserve just released its March statement confirming no change in its monetary policy and little change in economic outlook. A brief overview of the Fed’s statement includes the following:
>> Maintains the Fed Funds range at 0-.25% for an extended period.
>> The quantitative easing program used to purchase $1.25 trillion in mortgage-backed securities and $125 billion in federal agency debt is nearing completion at the end of this month. The Fed will monitor economic conditions and employ policy tools as necessary to promote economic recovery and price stability.
>> Economic activity is generally improving. The overall pace of economic recovery is moderate. (more…)
Tags: Barack Obama, Ben Bernanke, Christina romer, economic activity March 16 2010, extended period, extended period in White House statement, Fed statement March 16 2010, Fed's independence, Federal Reserve, Federal Reserve statement March 16 2010, Federal Reserve's independence, fiscal policy, inflation March 16 2010, Is the Fed independent, labor market March 16 2010, monetary policy, Peter Orszag, quantitative easing, sell the dollar, Tim Geithner, Wall Street Main Street March 16 2010, White House coordiantion with Federal Reserve
Posted in Barack Obama, Ben Bernanke, Federal Reserve, General | 7 Comments »
Posted by Larry Doyle on March 15th, 2010 9:50 AM |
Bloomberg just provided a sneak peek at the Financial Regulatory Reform package to be proposed by Senator Chris Dodd (D-CT) this afternoon. What are some of the highlights and my thoughts? Let’s navigate.
From the top down, and without being overly cynical, I am extremely concerned that this proposed financial regulatory reform is a reshuffling of deck chairs with increased powers for both the Federal Reserve and U.S. Treasury. The very fears I voiced almost a year ago remain entrenched. What is the basis of my fear? The so-called reform is much more focused on the “sufficiency” of regulation of our financial industry and not nearly focused on the “transparency” of the regulation, the regulators, and the regulated.
Call me suspect.
What are the key highlights as reported by Bloomberg? (more…)
Tags: Ben Bernanke, CFPA, Consumer Financial Protection Agency, derivatives markets, Dodd's proposed financial regulatory reform, FDIC, Federal Reserve wins in proposed financial regulatory reform, financial regulatory reform, FINRA, leverage on Wall Street, merger of OCC and OTS, reshuffling the deck chairs, say on pay, SEC, sufficiency of financial regulation, systemic risk authority, Systemic Risk Committee, too big to fail, volcker rule, Wall Street-Washington incest
Posted in General, regulation | 2 Comments »
Posted by Larry Doyle on March 11th, 2010 2:08 PM |
…shame on you, fool me twice, shame on me!!!
There are a handful of financial journalists who pull no punches in telling the absolute truth and in providing real transparency. Bloomberg’s Jonathan Weil holds a special spot in the Sense on Cents Hall of Fame for his determination in calling people and institutions on the carpet. From Wall Street to Washington to around the global financial landscape, Weil leaves no stone unturned in promoting integrity. His commentary today is superb. Please share it with friends. Weil writes, Greece Lifts a Page From Citigroup’s Playbook:
Is it too much to ask for the world’s titans of government and finance to speak credibly when they open their mouths? (more…)
Tags: Ambac Financial, balance sheets, Bear Stearns, Ben Bernanke, cds in europe, credit default swaps in europe, Dick Fuld, Fannie Mae, financial regulatory reform, fool me once, Freddie Mac, GAO, George Papandreou, Greece, Greece Lifts a Page from Citigroup's Playbook, Hank Paulson, herb allison, jonathan Weil, Lehman Bros, rating agencies, SEC, Sense on Cents Hall of Fame, too big to fail, transparency, Treasury, Vikram Pandit
Posted in General | 2 Comments »
Posted by Larry Doyle on February 22nd, 2010 6:05 AM |
Without the truth, we are mere slaves to a corrupt system and will never control or master our destiny.
I don’t write this premise whimsically nor do I accept it as a given. The fact is, our forefathers are rolling over in their graves right now given the fatuous culture our society has not only tolerated but promoted. I continually call for the pursuit of truth, transparency and integrity while navigating the economic landscape for the very reason that without these virtues we are doomed as a nation.
High five to AL for pointing out that none other than Thomas L. Friedman of The New York Times drills this very point in writing, The Fat Lady Has Sung. Whether you agree with Friedman’s politics is immaterial. (more…)
Tags: Ben Bernanke, foundation of American culture and society, integrity, need for integrity, need for transparency, need for truth, rationalizing the truth, The Fat Lady Has Sung, The New York Times Thomas L. Friedman, Thomas L. Friedman, Thomas l. friedman The Fat Lady Has Sung, Tim Geithner, transparency, truth, Wall Street, Washington
Posted in General | 2 Comments »
Posted by Larry Doyle on February 18th, 2010 4:50 PM |
The Federal Reserve indicated on February 10th it was going to raise the discount rate ‘before long.’ Well, in this case, Ben Bernanke is a man of his word as the Fed just raised the discount rate by 25 basis points (.25%) effective tomorrow.
While many market participants had minimized the potential rise in the discount rate as not being significant, I was not and am not in that camp. In fact, the speed with which Bernanke raised the rate after indicating that he would do so ‘before long’ has caught the market by surprise.
What is the immediate market reaction? (more…)
Tags: Ben Bernanke, Bernanke hikes the discount rate, discount rate, Fed hikes discount rate inter-meeting, fed hikes the discount rate, Fed just hiked the discount rate, Federal reserve hike in the discount rate, market reaction to hike in discount rate, what is the discount rate, why did the Fed hike the discount rate
Posted in Federal Reserve, General | 7 Comments »
Posted by Larry Doyle on February 11th, 2010 9:34 AM |
The initial Bank Stress Tests run by Treasury Secretary Geithner were largely a sham. I questioned as much last April in writing, “Bank Stress Tests: Major Sham?”:
As with any test, the results are only meaningful if the process and proctor have unquestioned integrity. The proctors for the Bank Stress Test are none other than Treasury Secretary Tim Geithner and Fed chair Ben Bernanke. Why is a testing authority of the magnitude of FDIC, led by Sheila Bair, not more involved in the process? Ms. Bair is the one individual in our country with the greatest level of interaction with and understanding of the student body, that being the banking industry as a whole and individual banks specifically.
What does the FDIC, led by Ms. Bair, have to say about the upcoming Bank Stress Tests? The New York Post provides a CHILLING perspective: (more…)
Tags: Bank Stress Tests, banks, Barack Obama, Ben Bernanke, commercial real estate, community banks, CRE, Elizabeth Warren, FDIC, lack of bank transparency, losses on commercial real estate, Sheila Bair, stress tests, Tim Geithner
Posted in Bank Stress Test, General | 6 Comments »
Posted by Larry Doyle on February 10th, 2010 10:52 AM |
Fed Chair Ben Bernanke
I think Fed Chair Ben Bernanke just sent a very clear sign that he is getting ready to start tightening monetary policy.
Be mindful that Bernanke, as with every Fed chair, chooses his wording very carefully. While many market strategists and economists seem to be dismissive of Bernanke’s comments this morning, I beg to differ. The fact that Bernanke used the phrase “before long” in regard to his view on a shift in the discount rate is a very clear sign that he will soon start to raise selected rates.
How did Bernanke deliver this message? (more…)
Tags: Ben Bernanke, Bernanke discount rate hike before long, Bernanke testimony February 10 2010
Posted in General | 2 Comments »
Posted by Larry Doyle on January 4th, 2010 12:04 PM |
Will the change in the calendar bring about change in the prospects for real financial regulatory reform? Will Wall Street and Washington recycle the streamers and party hats used for New Year’s Eve celebrations and declare that the market is up so all is well? If the general media allows the charlatans in Washington and their consorts on Wall Street to frame the regulatory reform debate, America should expect little to no change on this front. In the process, a tremendous opportunity will have been squandered and real risks for our collective future will remain.
The haggling over regulatory turf continues again with Ben Bernanke’s declaration yesterday that our housing crisis resulted not from excessively easy monetary policy but rather lax regulatory oversight of mortgage lending. Whose domain is that to regulate? Oh right, that is the charge of the Federal Reserve. The joke on the American public continues, given that Bernanke is not called on the carpet for that sort of grandstanding. (more…)
Tags: 2010, Ben Bernanke, Ben Bernanke comments January 3, Bernanke comments january 3 2010, Bernanke on lax oversight, Charlatans in Washington, Eliot Spitzer, Eliot Spitzer in The New Republic, end Finra, financial regulation, financial regulatory reform 2010, regulating financial markets, risks, self-regulation on Wall Street, Wall Street regulation, Walll Street SRO FINRA
Posted in FINRA, General, regulation | 1 Comment »
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Will 2010 Bring Real Financial Regulatory Reform?
Posted by Larry Doyle on January 4th, 2010 12:04 PM |
Will the change in the calendar bring about change in the prospects for real financial regulatory reform? Will Wall Street and Washington recycle the streamers and party hats used for New Year’s Eve celebrations and declare that the market is up so all is well? If the general media allows the charlatans in Washington and their consorts on Wall Street to frame the regulatory reform debate, America should expect little to no change on this front. In the process, a tremendous opportunity will have been squandered and real risks for our collective future will remain.
The haggling over regulatory turf continues again with Ben Bernanke’s declaration yesterday that our housing crisis resulted not from excessively easy monetary policy but rather lax regulatory oversight of mortgage lending. Whose domain is that to regulate? Oh right, that is the charge of the Federal Reserve. The joke on the American public continues, given that Bernanke is not called on the carpet for that sort of grandstanding. (more…)
Tags: 2010, Ben Bernanke, Ben Bernanke comments January 3, Bernanke comments january 3 2010, Bernanke on lax oversight, Charlatans in Washington, Eliot Spitzer, Eliot Spitzer in The New Republic, end Finra, financial regulation, financial regulatory reform 2010, regulating financial markets, risks, self-regulation on Wall Street, Wall Street regulation, Walll Street SRO FINRA
Posted in FINRA, General, regulation | 1 Comment »