Dear Bloomberg, Please Stop Rubbing Ben Bernanke's Balls



Do I have your attention now?

Fabulous!

Bloomberg:

Ben S. Bernanke’s success in averting another U.S. depression means President Barack Obama will probably nominate him for a second term as Federal Reserve chairman, according to lawmakers, economists and investors.

The need for continuity in managing the economy and Wall Street’s desire for consistency in monetary policy may leave Obama little choice when Bernanke’s term as chairman expires Jan. 31. While White House National Economic Council Director Lawrence Summers has been a contender, there’s little sign of any move to install him at the Fed.

Bernanke’s “judgment, his advice, his competence, really made a significant difference,” said Jack Reed, the No. 3 Democrat on the Senate Banking Committee, which oversees the Fed. “Frankly, I haven’t heard any arguments” for putting Summers in the job, he said.

“I don’t want to say Bernanke’s Teflon at this point, but the market would be very, very disturbed if he weren’t reappointed,” said Dan Alpert, a managing director of New York- based investment bank Westwood Capital LLC and specialist in distressed debt who has provided expert testimony in U.S. bankruptcy-court cases. “Do you replace generals in the middle of a war? And the answer is no.”

I especially found this to be entertainment: "San Francisco Federal Reserve Bank President Janet Yellen, who would be the first woman to head the U.S. central bank, is the top replacement contender according to InTrade, at 20 percent odds."

Listen, I'm all for women breaking through the glass ceiling and all but please, please, not this woman, anyone but her!

Seriously, Bloomberg, you can do better.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

3 comments:

Junior:
Alpert should study some more American history. If he did, he would see the US has replaced generals in the middle of wars. Look at how many generals Lincoln went through until he settled on Grant. We recently got Stan McCrystal as our general in Afghanistan. I don't know how many generals Stalin replaced in World War II. Or Hitler.

"Pop"

Pop,

Great analogy. If this isn't war, I'm not really sure what is.

Bernanke was never built to be a general anyway. Pffft.

Jr

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Bernanke was the only cause, I proved, of the Great Recession and probably acted on purpose. He had the means, motive (The gigantic power he has received.), and opportunity

Worse, in light of the exercise of the central bank extraordinary power by Bernanke, I argue that he poses a real immediate threat to democracy, peace, privacy and individual freedom.

Given the immediate dangers that are evoked in these lines I strongly suggest that you revoke Bernanke.


"I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.

Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.

However, their responses, when not confused or inconsistent, have generally relied on various technical or legal objections—- objections which, I will argue, could be overcome if the will to do so existed."


Prof. Ben Shalom Bernanke
Japanese Monetary Policy: A Case of Self-Induced Paralysis?
For Presentation at the ASSA Meetings, Boston MA,
January 9th, 2000.



"The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.

In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.

Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."


Governor Ben S. Bernanke
Money, Gold, and the Great Depression.
At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
Lexington, Virginia.
March 2nd, 2004



Revoke Bernanke: Sign the Petition to Request from President Barack Obama That Ben 'Systemic Risk' Bernanke be Removed From Office.


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