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Is Ben Bernanke out?

azgreg

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FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'

Larry Meyer: Obama Fired Bernanke - Business Insider

On Monday evening, President Obama said in an interview, "Well, I think Ben Bernanke's done an outstanding job. Ben Bernanke's a little bit like Bob Mueller, the head of the FBI - where he's already stayed a lot longer than he wanted or he was supposed to."

That raised some eyebrows and really turned up the volume on the conversation on Tuesday regarding potential successors to replace Bernanke when his term as Chairman of the Federal Reserve expires in January.

In an interview with CNBC, former Fed Governor Larry Meyer said Obama "basically fired Ben Bernanke on the spot."
If he's out, who's next? What's in store for the short run?
 

Fisher

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he wants out i think. no idea who is next--Bill Clinton maybe........
 

specklebang

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The bankers will get together and "help" Opuppet choosing the next wellspring of cash. Somebody tame who can print up their bonuses, lend them a fortune and let them make commissions a'plenty.

When Obama hired Bernanke and Geithner, my heart turned to ice. I voted for Obama to get these Bush-wackers out and instead he embraced them.




FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'

Larry Meyer: Obama Fired Bernanke - Business Insider



If he's out, who's next? What's in store for the short run?
 

azgreg

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The bankers will get together and "help" Opuppet choosing the next wellspring of cash. Somebody tame who can print up their bonuses, lend them a fortune and let them make commissions a'plenty.

When Obama hired Bernanke and Geithner, my heart turned to ice. I voted for Obama to get these Bush-wackers out and instead he embraced them.
You don't inspire a lot of confidence.
 

azgreg

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You can't fire the chairman of the federal reserve for policy reasons , I don't think. His tenure doesn't end until January 2014.
I'm sure that Obama asked for his resignation he would get it.
 

head of joaquin

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I'm sure that Obama asked for his resignation he would get it.
I don't see why. Bernanke is protected by the Federal Reserve Act. The president has no more power to force his resignation than he does to fire Boehner, which is a better idea. The whole point of the FRA is to depoliticize Fed policy.
 

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Well he's out eventually but poor Ben Bernake.

He should have known better than to take the FED Chairman position under this President.

Because while Obama's on his " Hands accross Africa trip" and exponentially increasing the scope of the Patriot Act and exponentially increasing the size of our debt, he's basically left it up to Bernake to turn his economy around.

With monetary policy no less. Well ofcourse it hasn't worked, it has only made the economy and the dollar weaker and unstable and now Obama has someone else to blame for his incompetence.

Ben should have known it was a unwinable situation.

Its hard to believe a man with his intrinsic intelligence fell for the plattitudes and bumper sticker slogans that defined this President in 2008.
 

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Replacing him will make no difference because another Keynesian will take his place and little will change.
 

washunut

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Well he's out eventually but poor Ben Bernake.

He should have known better than to take the FED Chairman position under this President.

Because while Obama's on his " Hands accross Africa trip" and exponentially increasing the scope of the Patriot Act and exponentially increasing the size of our debt, he's basically left it up to Bernake to turn his economy around.

With monetary policy no less. Well ofcourse it hasn't worked, it has only made the economy and the dollar weaker and unstable and now Obama has someone else to blame for his incompetence.

Ben should have known it was a unwinable situation.

Its hard to believe a man with his intrinsic intelligence fell for the plattitudes and bumper sticker slogans that defined this President in 2008.
I do not think that bernanke did this for partisan reasons. He worked on the bailout of AIG when Bush was in office and has done all the QE because he felt that the government was not doing what needed to be done to keep the economy afloat. It may well turn out that the policies do not work, but I consider him a hero who put his personal reputation and all the grief he absorbed from an ungrateful congress and the public.
 

Fenton

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I do not think that bernanke did this for partisan reasons. He worked on the
bailout of AIG when Bush was in office and has done all the QE because he felt that the government was not doing what needed to be done to keep the economy afloat. It may well turn out that the policies do not work, but I consider him a hero who put his personal reputation and all the grief he absorbed from an ungrateful congress and the public.
Bailout of AIG ??

Attributing the sub-prime collapse to Bush is the belief of a false narrative ginned up after the collapse by dishonest partisans.

AIG was tied to the Collapse via Credit Default Swaps, the Trillions in toxic low quality loans had to be collateralized per Govt regulation.

Low quality, sub-prime, Alt-a, Nina loans all had their beginings in the 90s, and became a toxic systemic part of our Nations economy when Clintons 1995 National HomeOwners Strategy lowered Capital requirements for Fannie and Freddie from 10% to 3%.

Ben Bernake's is on his third round of QE because the first two didn't work, and niether will the third.

Arbitrarily pumping massive liquidity into the financial markets with out specific attention payed to the actual underlying issue is one of the most destructive things that Bernake could be doing right now.

It means Obama's entire economy is based on printing and borrowing, trillions in debt, trillions in pumping.

Its based on a lie.
 

washunut

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Bailout of AIG ??

Attributing the sub-prime collapse to Bush is the belief of a false narrative ginned up after the collapse by dishonest partisans.

AIG was tied to the Collapse via Credit Default Swaps, the Trillions in toxic low quality loans had to be collateralized per Govt regulation.

Low quality, sub-prime, Alt-a, Nina loans all had their beginings in the 90s, and became a toxic systemic part of our Nations economy when Clintons 1995 National HomeOwners Strategy lowered Capital requirements for Fannie and Freddie from 10% to 3%.

Ben Bernake's is on his third round of QE because the first two didn't work, and niether will the third.

Arbitrarily pumping massive liquidity into the financial markets with out specific attention payed to the actual underlying issue is one of the most destructive things that Bernake could be doing right now.

It means Obama's entire economy is based on printing and borrowing, trillions in debt, trillions in pumping.

Its based on a lie.
I don't think I blamed Bush for anything. He was in office when the music stopped and the bubble burst. Was just saying that Bernanke did what he thought had to be done regardless of who is in power.

I do not necessarily agree with rounds 2 and 3 of QE. That being said it has done more to stabilize the economy than anything any of the politicians have done.

AIG is a lot more than a company that wrote a ton of derivatives that they could not back up when the bubble burst. It is also the largest insurer in the world. If they let them fail Lehman would have looked like a minor event.

The Fed I really think wants to be non-partisan. Not every decision they make is going to be perfect. People will look back in twenty years and I think will look favorably on the extraordinary actions the Fed took. Without their actions I believe we would have had a real depression.

Perhaps you think that saving the Obama administration from reigning over a depression is OK as it would make him look bad. But you have to think about what that would have meant to the country, with countless millions of Americans in worse shape than they are now in.
 

Fenton

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I don't think I blamed Bush for anything. He was in office when the music stopped and the bubble burst. Was just saying that Bernanke did what he thought had to be done regardless of who is in power.

I do not necessarily agree with rounds 2 and 3 of QE. That being said it has done more to stabilize the economy than anything any of the politicians have done.

AIG is a lot more than a company that wrote a ton of derivatives that they could not back up when the bubble burst. It is also the largest insurer in the world. If they let them fail Lehman would have looked like a minor event.

The Fed I really think wants to be non-partisan. Not every decision they make is going to be perfect. People will look back in twenty years and I think will look favorably on the extraordinary actions the Fed took. Without their actions I believe we would have had a real depression.

Perhaps you think that saving the Obama administration from reigning over a depression is OK as it would make him look bad. But you have to think about what that would have meant to the country, with countless millions of Americans in worse shape than they are now in.
You didn't, but it's the typical MO for allot of these posters when trying to justify Obama's incompetence.

I don't begrudge, or dislike Bernake, he's in one hell of a spot but he's on his third round of QE for a good reason and I think the majority of Americans are clueless to the long term damage he's doing by continuing it.

When millions of low information voters elected a media creation, a stuffed suite with a teleprompter with a very radical ideology I knew we were screwed. There is NOTHING the Central Bank can do to counter the destructive underpinnings of Obama's policies. Massive liquidity and loading up the Central bank with over a Trillion in toxic MBSs while denying the policies that are the source of our extended recession is extremely irresponsible. I can't tell if Bernake is a true Post-Keynesian believer or he's just throwing everything at the problem knowing it won't do a bit of good.

QE hasn't had the desired effect because of the left's ideological tunnel vision and their refusal to admit their ideology doesn't work in the real world. Obama brought in Economist from Harvard in 2008 that foolishly applied 800 billion dollars and not once looked past their stupid philosophy, the one that only works in a vacuum.

We had a taste of what's going to happen when Bernake actually stops QE this week. It's real simple, massively overvalued assets, equities and bonds being sold off as fast as possible and a sharp rise in Bond Yields. The banks holding record reserves, getting paid interest on those reserves since 2008, and not enough private sector activity to counter the rising inflation.

I mean how could there be ? When interest rates shoot up after he declares QE3 over the banks that aren't lending will still not lend. Our borrowing cost will spike as short term Treasuries which the FED owns the lions share mature.( It's the problem with financing debt with short term bonds )

High Interest rates will kill what little activity is in the housing market as mortgage rates rise and then we'll be nearly 20 Trillion in debt, we'll have a stifled private sector, a shrinking economy and a President who pats himself on the back everyday and it will happen right as America wakes up to the disaster that is Obama care when they're forced to purchase something or pay the Federal Govt.


And still, nothings been done to address our stagnating economy.....minus the monopoly money it's actually shrinking. Detroit is actually considering letting it's bond holders and it's creditors take a bath and lose their principle. Now the ignorant "eat the rich" posters might think that's really cool but it's just because they cannot understand the far reaching implication of even one City sticking it to their bond holders.

No, there is no recovery, just Obama's biggest Lie yet and I've never agreed with Bernake's QE. I knew it wouldn't really make any difference in lowering the unemployment rate because it's effects are isolated. It's NOT the job of the Central Bank to directly effect unemployment.
 

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I'm guessing Larry Summers will replace him but who knows? And what difference will it make?
 

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I do not think that bernanke did this for partisan reasons. He worked on the bailout of AIG when Bush was in office and has done all the QE because he felt that the government was not doing what needed to be done to keep the economy afloat. It may well turn out that the policies do not work, but I consider him a hero who put his personal reputation and all the grief he absorbed from an ungrateful congress and the public.
Bernanke is just another bought and paid for greedy rich prick inflating the wealth of bankers at the expense of the people.
 

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There's a lot of criticism of Fed Chairman Ben Bernanke in this thread. While many probably have disagreements on one policy choice or another, the reality is that the Fed Chairman steered the Fed through an extremely hazardous time. His leadership helped assure that a raging financial crisis did not trigger a collapse of the nation's banking system, plunging the country into a Great Depression-type scenario, coupled with towering employment and crippling debt deflation.

In a recent speech before the National Association for Business Economics Conference, Dallas Federal Reserve President and CEO Richard Fisher, one of the Fed's leading inflation hawks, told his audience:

The current chairman, Ben Bernanke, took the wheel at the Fed just as we sailed into a tempest that nearly capsized our economy. He and his able crew kept the ship of the economy from floundering and navigated it past the rocks of depression and deflation. The Bernanke-led FOMC steered clear of the shoals of economic collapse by jury-rigging the vessel of monetary policy in an unconventional and unprecedented manner. Now the ship of the Fed is in more benign waters and is sailing forward. The question before us is this: Are we moving forward at sufficient speed to allow the Fed to reset our rigging and our sails, eventually going back to a more conventional configuration?

In short, even as a measure of concern about QE3 is warranted--namely, that QE3 has distorted asset prices in the real and financial sectors--the full picture of the Fed Chairman's tenure argues that he handled some enormous problems very capably. With a less effective Fed Chairman, the nation might well still be picking up the pieces of a collapsed financial system and rather than discussion about the unemployment's rate remaining well above 7 %, one might be talking about a 15% unemployment rate accompanied by still falling prices.
 

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what about Paul krugman, he would be a great choice...for a train wreck.

Way to go, I was keeping that to myself hoping the thought would escape Obama. Now your post is winding it's way right from the NSA to Obama's desk. :2razz:
 

head of joaquin

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You didn't, but it's the typical MO for allot of these posters when trying to justify Obama's incompetence.
Obamaphobia: you're soaking in it.

Meantime, Bernanke still is in office. He hasn't been fired at all. Funny that.
 

Kushinator

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If he's out, who's next? What's in store for the short run?
Of course he is out. He was a "financial wartime chairman". He is probably over worked and considerably underpaid.
 

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Obamaphobia: you're soaking in it.


Meantime, Bernanke still is in office. He hasn't been fired at all. Funny that.
When did I say I wanted him gone ?

The next Fed chairman is going to continue with these same policies.
 

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The full extent of the argument for the defense of his policies is the " meltdown that never was ".

Lol..

He got stuck with a President who's jobs strategy was to build a manufacturing base with borrowed money for a product that wasn't in demand with no attention given to the Chinese's abillity to undercut our cost.
 

DA60

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It is common knowledge that Bernanke wants to retire soon.

When he does, it is pretty obvious who will replace him - Janet Yellen, who is currently the Vice Chairman of the Fed.

She was nominated by Obama - the Prez nominates both the Chairman and the Vice Chairman - so he clearly likes her.

And she is a HUGE supporter of Fed intervention.

She will, imo, make Bernanke look almost like an Austrian schooler.


Will Janet Yellen, a Woman and a Keynesian, Succeed Ben Bernanke at the Fed? : The New Yorker
 

blaxshep

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It is common knowledge that Bernanke wants to retire soon.

When he does, it is pretty obvious who will replace him - Janet Yellen, who is currently the Vice Chairman of the Fed.

She was nominated by Obama - the Prez nominates both the Chairman and the Vice Chairman - so he clearly likes her.

And she is a HUGE supporter of Fed intervention.

She will, imo, make Bernanke look almost like an Austrian schooler.


Will Janet Yellen, a Woman and a Keynesian, Succeed Ben Bernanke at the Fed? : The New Yorker
Without a doubt Obama will appoint a spend-o-holic.
 
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