Archive for the ‘Ben Bernanke’ Category

bernanke apr 20 2013

9:56 a.m. EDT            April 23, 2013

Some economists are betting that Janet Yellen, the Fed’s vice chair and widely considered the top contender for Bernanke’s job, will be the keynote speaker at this year’s symposium, which is sponsored annually by the Fed’s Kansas City bank district.

Such an appearance “would just confirm her front-runner status,” said Zach Pandl, an economist at Columbia Management, an asset management firm, adding that President Obama could choose the Jackson Hole conference to nominate Yellen, 66, for Bernanke’s post.

Of course, that assumes Bernanke has told the president he’s ready to leave the Fed and that Obama has decided he wants Yellen to succeed him. Formerly the president of the San Francisco Fed bank district, Yellen has been a vocal supporter of Bernanke’s ultralow-interest rate policies.

Bernanke has been the marquee speaker at Jackson Hole every year since he became Fed chairman in 2006, succeeding Alan Greenspan. At the 2005 conference, numerous speeches hailed — prematurely it turned out — the policy achievements of Greenspan, who was preparing to end 18 years at the helm of the Fed. Just over two years later, a global financial crisis pushed the USA into the worst recession since the Great Depression.

In 2010, Bernanke used the podium at Jackson Hole for a speech widely viewed as a signal that the Fed stood ready to launch an additional round of government bond buying to help stimulate the economy. Stock prices jumped in response. Two months later, the Fed announced plans to launch what would become known as “QE2,” its second round of quantitative easing.

Talk of Bernanke’s reluctance to be nominated for a third term at the Fed has been circulating for months. Two-thirds of 46 top economists USA TODAY surveyed in early February said they expected Bernanke to leave by the end of his current term.

Asked at a news conference in March about his plans, Bernanke said, “I don’t think that I’m the only person in the world who can manage the exit” from the Fed’s record-low-rate policies and $3 trillion in bond holdings.

Bernanke, who taught economics at Princeton University before he was Fed chief, was referring to the central bank’s multi-year effort to kickstart job creation and economic growth after the 2008 financial meltdown and subsequent recession. The Fed vastly expanded its portfolio of securities through bond purchases intended to keep interest rates low to encourage borrowing, spending and investing.

Bernanke testified on Capitol Hill in February before a Senate panel, and the typically circumspect Fed chief flashed impatience over criticism that the Fed under his leadership has escalated the risk of high inflation. Responding to a question from Sen. Bob Corker, a Tennessee Republican, Bernanke said, “None of the things you said are accurate.”

“He didn’t sound like someone who wanted to stick around in the job much longer,” says Tim Duy, an economics professor at the University of Oregon and author of the FedWatch blog.

from:  http://www.usatoday.com/story/money/business/2013/04/22/bernanke-plans-jackson-hole/2105277/


Ben Bernanke was born on December 13th, 1953 according to http://en.wikipedia.org/wiki/Ben_bernanke

December 13th, 1953

December 13th

12 + 13 +2+0+1+2 = 30 = his personal year (from December 13th, 2012 to December 12th, 2013) = Fundamentally unsatisfied.

Four of Wands Tarot card

30 year + 5 (May) = 35 = his personal month (from May 13th, 2013 to June 12th, 2013) = I quit.

Nine of Wands Tarot card

[So don’t be surprised if he resigns during his 35 month].


using the number/letter grid:

1      2      3       4       5       6      7      8      9
A      B     C       D       E       F      G      H      I
J      K      L      M      N       O      P      Q      R
S      T      U      V      W      X      Y      Z


A = 1              J = 1              S = 1

B = 2              K = 2             T = 2

C = 3              L = 3             U = 3

D = 4              M = 4            V = 4

E = 5              N = 5            W = 5

F = 6              O = 6             X = 6

G = 7              P = 7             Y = 7

H = 8              Q = 8             Z = 8

I = 9               R = 9



Ben Bernanke

255 25951525              41


his path of destiny = Israel.  Being rejected.  Feeling like no one loves him.

Ace of Cups Tarot card







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May 16, 2012           11:30 AM CT

Federal Reserve Bank of St. Louis President James Bullard said fiscal policies are needed to reduce the 8.1 percent U.S. unemployment rate and additional asset purchases by the Fed, or quantitative easing, would risk a surge in inflation.

“It may be better to focus on labor market policies to directly address unemployment instead of taking further risks with monetary policy,” Bullard said in Louisville, Kentucky. “If anything, the committee may be trying to do too much with monetary policy, risking monetary instability for the U.S. and the global economy.”

The policy-making Federal Open Market Committee on April 25 reiterated its expectation that subdued inflation and economic slack will probably warrant “exceptionally low levels for the federal funds rate at least through late 2014.” Bullard has said he is opposed to such a pledge because policy should be made in response to economic data and not rely on a public timetable.

“The U.S. macroeconomic data have been stronger than expected as of last autumn,” Bullard said to business people and community leaders in a presentation hosted by the St. Louis Fed. “The main risk is that the committee will, as it has in the past, overcommit to the ultra-easy policy. The policy has been appropriate so far, but could reignite a 1970s-type experience globally if pursued too aggressively.”

Bullard also said near-zero interest rates could be creating “distortions” in the economy, including “punishing savers.”

Smallest Increase

Payrolls climbed by 115,000 workers in April, the smallest increase in six months, Labor Department figures showed. The jobless rate fell to a three-year low of 8.1 percent as people left the labor force, adding to worries that the economic expansion is cooling.

Fed officials have been discussing how much of the U.S. unemployment rate has been caused by “structural” factors such as a mismatch of worker skills and available jobs. Richmond Fed President Jeffrey Lacker said the mismatch may lead to a higher natural rate of unemployment. Fed Chairman Ben S. Bernanke said “continued weakness in aggregate demand is likely the predominant factor” in unemployment.

“Labor market policies such as unemployment insurance and worker retraining have direct effects on the unemployed,” Bullard said in his presentation.

If the U.S. economy encountered another shock, Bullard said “the committee can respond as appropriate to a significant deterioration” in the outlook.

Quarterly Report

Bullard also repeated his call for the Fed to produce a quarterly monetary policy report that would “provide a more fulsome discussion of the outlook for the U.S. economy.”

Lacker, as well as the presidents of Fed banks in San Francisco, Atlanta and Philadelphia, have said since the FOMC meeting that more Fed stimulus probably won’t be needed.

In a press conference following the April 24-25 meeting, Bernanke signaled that further easing is unlikely unless the economy unexpectedly deteriorates. Bernanke said it would be “reckless” to pursue policies that would drive up inflation when it’s already near the Fed’s target, while noting he’s “prepared to do more” should conditions worsen.

Bullard, who doesn’t vote on monetary policy this year, was the first Fed official in 2010 to call for a second round of asset purchases by the central bank. The Fed pushed down its targetinterest rate close to zero in December 2008 and has engaged in two rounds of asset purchases totaling $2.3 trillion to boost the economy.

Bullard, 51, joined the St. Louis Fed’s research department in 1990 and became president of the regional bank in 2008. His district includes Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.

from:  http://www.bloomberg.com/news/2012-05-16/fed-s-bullard-says-labor-policy-is-key-to-cut-joblessness.html


Ben Bernanke was born on December 13th, 1953 according to http://en.wikipedia.org/wiki/Ben_Bernanke

December 13th, 1953

December 13th

12 + 13 +2+0+1+1 = 29 = his personal year (from December 13th, 2011 to December 12th, 2012) = Barack Obama.  Teamwork.  Cooperation.

Three of Wands Tarot card

29 year + 5 (May) = 34 = his personal month (from May 13th, 2012 to June 12th, 2012) = Crash.  Things happen really quickly.  Generating a buzz.

Eight of Wands Tarot card

34 month + 17 (17th of the month on Thursday May 17th, 2012) = 51 = his personal day = Government.  President.  Harsh reality.

King of Swords Tarot card





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Federal Reserve chairman Ben Bernanke looks how the market feels. Worries are growing about the global economy and the Fed's pledge to keep rates low until 2013 did little to calm investors.

August 10, 2011: 1:43 PM ET

Is the Federal Reserve waving the white surrender flag? It sure looks that way.

The Fed made the unusual (and unprecedented) move on Tuesday to tell the market in plain English that it intends to keep rates near zero for the next two years!

That is disappointing on many levels. First and foremost, it is a crystal clear sign from Ben Bernanke and other Fed members that they think the economic recovery (if one could still call it that) will remain tepid for a long time.

That is probably one of the reasons that the post-Fed euphoria on Tuesday afternoon on Wall Street quickly gave way to despair again on Wednesday.

This is not good. The Great Recession may have technically ended in June 2009. But for many Americans, this current malaise is just an extension of the problems that first began to surface in 2007. Lost Decade anyone?

Yes, that’s a Japan reference. And it’s sadly apt. The Fed, by pledging to leave short-term rates “exceptionally low” for what will eventually amount to a four-and-a-half-year stretch, is essentially guaranteeing that long-term bond rates will remain persistently low — just like in Japan.

The yield on the 10-year Treasury is at about 2.13%. Yields actually briefly touched the all-time low from December 2008 of 2.03% on Tuesday after the Fed announcement before bouncing back.

Would it be any surprise if the 10-year soon had a 1 handle on it like there is for Japan’s 10-year bonds? That would be extremely troubling. The time to emulate Japan’s economy was in the 1980s. Not now.

Recession 2.0 would hurt worse

It’s even more ironic since Bernanke criticized the Bank of Japan in a paper in 1999 while he still was a professor at Princeton. The title? “Japanese Monetary Policy: A Case of Self-Induced Paralysis?”

I have several more bones to pick with the Fed. Why did the central bank feel that it was a good idea to put a specific time frame on when it will raise rates in the first place? Even if it was mid-2012 that would have been silly.

I’m all for transparency. And the Fed under Bernanke is clearly a lot less opaque than it was under Alan Greenspan. But sometimes the Fed can give the markets, to use teen texting parlance, TMI.

The Fed has now effectively boxed itself in regardless of what the economy does over the next few months and year. Sure, it seems impossible now to think that the economy will pick up dramatically anytime soon. But keep in mind that economists, the market and the Fed are often wrong.

0:00 / 2:32 Fed extends uncertainty until 2013

Things can change quickly. Nobody saw the Arab Spring revolts coming. Ditto for the Japan earthquake.

In the unlikely event that the economy does begin to improve next year, the Fed won’t be able to start raising interest rates without causing another panic because it has promised fickle investors that we’ll be at zero until 2013.

I guess the Fed could backtrack and change its mind. Kurt Karl, chief U.S. economist with Swiss Re in New York, points out that the Fed didn’t technically rule out rate hikes next year. He said that small increases from zero would still technically keep rates “low.”

But the market is clearly interpreting the Fed statement as a sign that it will keep rates on hold. So any interest rate bump could further damage the Fed’s credibility in the eyes of investors, consumers and politicians.

U.S. Treasuries are still safe! Sorta.

Yes, politicians. Try as the Fed might to stay above the political fray, that’s impossible for a Washington-based government organization to do.

Think about it. The Fed conveniently picked mid-2013 as its earliest possible start date to tighten? Really? Is it coincidental that by doing so, the Fed avoids getting dragged into the nasty presidential election cycle? Come on.

I applaud Fed regional presidents Charles Plosser of Philly, Richard Fisher of Dallas and Narayana Kocherlakota of Minneapolis for objecting to putting a firm time table on tightening.

The Fed should react when it’s necessary — not when the calendar tells it is okay to do so. (Earth to Barney Frank. This is why Fed presidents, instead of only Fed governors, need to stay on the FOMC. They actually have a backbone!)

Now to be fair to the Fed, it looks like the central bank is also acknowledging that it probably needs to keep rates low because there is a snowball’s chance in you know where of any other Washington body doing what’s needed to get the economy back on track.

The word “stimulus” is now considered to be more profane than any of the colorful phrases that used to be tossed around on the late, great HBO show “Deadwood.”

“While the rest of the government is obviously incapable of providing stimulus, the Fed is showing that it is willing to do so for the long-term,” said Dr. Robert Shapiro, chairman of Sonceon, an economic advisory firm in Washington.

Shapiro, who served as Under Secretary of Commerce for Economic Affairs in President Clinton’s administration, said the Fed doesn’t need to be fighting inflation now. And he’s right. To a point.

Low rates are a blessing and a curse. Sure, it’s encouraging that investors around the world are still buying U.S. debt (and driving rates down in the process) in spite of Standard and Poor’s downgrade on Friday.

But at the same time, extremely low rates are a symptom of stagnation that is often accompanied by a weak currency. It will be harder to call the dollar the world’s reserve currency with a straight face if it continues to lose ground.

A chronically weaker dollar risks fueling commodity inflation again like it did earlier this year. And the last thing Americans need right now is yet another round of sticker shock at the gas pump and grocery store.

That could also be a reason why the Fed may be reluctant to start a third round of quantitative easing, a program of bond buying that also helps to keep long-term rates low.

“Will the Fed jump in with QE3? There was commodity inflation with QE2. That is clearly a problem,” said Karl.

Yes, it is. Especially when you consider that the Fed seems to be more interested in trying to calm the financial markets with low rates instead of coming up with plans that might actually help “promote effectively the goals of maximum employment and stable prices.”

Last I checked, those were still the Fed’s only two mandates.

from:  http://money.cnn.com/2011/08/10/news/economy/thebuzz/?npt=NP1


Ben Shalom Bernanke was born on December 13th, 1953 according to http://en.wikipedia.org/wiki/Ben_Bernanke

December 13th, 1953

12 + 13 +1+9+5+3 = 43 = his life lesson = what he is here to learn = This is no fun.  The party’s over.




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File:Ben Bernanke official portrait.jpg

April 27, 2011 

Westminster Abbey and the Royal Wedding are so overhyped; the historic story of the week will take place on C Street in Washington, D.C. today.

At 2:15 p.m. ET, Ben Bernanke, chairman of the Federal Reserve, will make waves in the world of economists and Wall Streeters. For the first time in the 98-year history of the nation’s central bank, the chairman will talk to the press after an interest rate decision, fulfilling a promise he made at his first confirmation hearing back in 2005.

At the time he said, “Under Chairman Greenspan, monetary policy has become increasingly transparent to the public and the financial markets, a trend that I strongly support.”

Most Fed watchers don’t expect Bernanke to make any surprising observations about the economy. The Fed almost certainly won’t ratchet up interest rates or change the course of the widely-known QE2 program to boost economic recovery. Instead, Bernanke will likely take the podium to reinforce the post-meeting statement issued earlier in the afternoon and underline the observations the Federal Reserve’s staff economists make in their updated forecast issued as a part of the release.

But the importance of the moment shouldn’t be dismissed.

This event marks a new chapter in the history of U.S. central banking. The new transparency will allow the Federal Reserve to make its case for monetary policy directly to the public. Twenty-first century-style economic Glasnost.

The press conference, “whose ostensible purpose is to add more transparency regarding Fed policy, is really designed to help repair its image with the general public, a process that began when Bernanke first appeared on ’60 Minutes,'” writes Bernie Baumohl, chief economist at The Economic Outlook Group. “The press conference serves multiple purposes. It helps explain the Fed’s role in the economy, improves public trust in the central bank, and can be used discreetly as a platform to place more pressure on Congress to reduce the swelling budget deficits.”

Chairman Bernanke isn’t the first central banker to take the message to the press. His colleagues at the European Central Bank and Bank of England have been doing this for years. He’s likely taken some pointers about handling the press from Jean-Claude Trichet and Mervyn King, his European counterparts. It’s been reported that he’s even done a few practice runs with Fed staffers to prep for the big day.

At a moment when the Federal government’s deficits and debt limits are becoming the central issue of the nation’s political dialog, Bernanke’s press conference debut will give the Fed a more consistent voice and platform in the public sphere.

The lack of transparency during the financial crisis led to criticisms of the Federal Reserve’s role in the economy, with members of the conservative Tea Party movement calling for a dissolution of the Fed or a Congressionally-mandated opening up of the once-secretive central bank. Taking the podium might blunt some of the critics, assuming the public both hears and understands what Bernanke says.

No matter what the questions or answers, tomorrow marks a big day in the history of the Fed. Two decades ago, the Federal Reserve kept its interest rate decisions out of the public eye, not even issuing a press release when the Fed Funds rate target changed. Glasnost, indeed.

from:  http://abcnews.go.com/Politics/federal-reserve-chairman-ben-bernanke-holds-press-conference/story?id=13462904


Ben Bernanke was born on December 13th, 1953 according to http://www.astro.com/astro-databank/Bernanke%2C_Ben_S.

December 13th, 1953

December 13th

12 + 13 +2+0+1+0 = 28 = his personal year (from December 13th, 2010 to December 12th, 2011) = Bold.  Powerlessness.

28 year + 4 (April) = 32 = his personal month (from April 13th, 2011 to May 12th, 2011) = The United States.  America.  Americans. 

[The United States was born July 4th, 1776.  7 + 4 +1+7+7+6 = 32 = the United States’ life lesson number.  Numerologically a country’s life lesson number stands for itself.  Because it is Ben’s 32 month, he will be talking about the United States of America.]


32 month + 27 (27th of the month on Wednesday April 27th, 2011) = 59 = his personal day = Salvaging what remains.  Picking up the pieces.


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