Highlights From Bernanke's Speech

[Twalbert]

Here are some highlights of the much anticipated Jackson Hole speech from Federal Reserve Chairman Ben Bernanke.

-Bernanke called for education reform, and proactive housing policies.

-Bernanke said the Federal Reserve extended its September FOMC meeting to 2 Days to allow for more discussion.

-Bernanke says economic growth in second half likely to improve.

-Bernanke says the Fed has a range of tools for stimulating growth, but did not give what they were. -He said the recovery will probably strengthen over time. -Pace of U.S. recovery has proved disappointing.

-Bernanke did not signal any new steps for promoting growth.

-Bernanke calls for good proactive housing policies from Congress. $$

-He said that the European sovereign debt crisis, debt ceiling and S&P downgrade all altered growth. $$

-Bernanke said the FOMC discussed the cost and benefits of additional measures at August meeting. Fed prepared to use tools as appropriate.

-Bernanke expects inflation to settle at or below 2%.


Source: Benzinga

 

[AquaAthena]

Here are some highlights of the much anticipated Jackson Hole speech from Federal Reserve Chairman Ben Bernanke.

-Bernanke called for education reform, and proactive housing policies.

-Bernanke said the Federal Reserve extended its September FOMC meeting to 2 Days to allow for more discussion.

-Bernanke says economic growth in second half likely to improve.

-Bernanke says the Fed has a range of tools for stimulating growth, but did not give what they were. -He said the recovery will probably strengthen over time. -Pace of U.S. recovery has proved disappointing.

-Bernanke did not signal any new steps for promoting growth.

-Bernanke calls for good proactive housing policies from Congress. $$

-He said that the European sovereign debt crisis, debt ceiling and S&P downgrade all altered growth. $$

-Bernanke said the FOMC discussed the cost and benefits of additional measures at August meeting. Fed prepared to use tools as appropriate.

-Bernanke expects inflation to settle at or below 2%.


Source: Benzinga

Yes, more of the same... And right after his speech:

Stocks erased their losses to turn positive in a choppy session Friday after Bernanke said the Fed remains ready to use additional tools to help the economic recovery, but stopped short of explicit talk of another round of monetary easing.

The blue-chip index plunged almost 220 points in a kneejerk reaction immediately after Bernanke started his speech, but quickly pared their losses.

News Headlines

Joe Biden is really on the side of a prosperous America...


U.S. Vice President Joe Biden said on Friday the U.S. economy needed more stimulus ( $$$$$$$$ ) to get it moving, putting in a plug for government measures shortly before the White House unveils new proposals to boost job growth.

Biden: more US stimulus needed, business mad at S&P | Reuters

 

[uscitizen]

Bernanke is the federal reserve chairman. Why is hw mouthing off on education, etc which are not in his domain?

 

[kiwiman127]

Here are some highlights of the much anticipated Jackson Hole speech from Federal Reserve Chairman Ben Bernanke.

-Bernanke called for education reform, and proactive housing policies.

-Bernanke said the Federal Reserve extended its September FOMC meeting to 2 Days to allow for more discussion.

-Bernanke says economic growth in second half likely to improve.

-Bernanke says the Fed has a range of tools for stimulating growth, but did not give what they were. -He said the recovery will probably strengthen over time. -Pace of U.S. recovery has proved disappointing.

-Bernanke did not signal any new steps for promoting growth.

-Bernanke calls for good proactive housing policies from Congress. $$

-He said that the European sovereign debt crisis, debt ceiling and S&P downgrade all altered growth. $$

-Bernanke said the FOMC discussed the cost and benefits of additional measures at August meeting. Fed prepared to use tools as appropriate.

-Bernanke expects inflation to settle at or below 2%.


Source: Benzinga

Yes, more of the same... And right after his speech:

Stocks erased their losses to turn positive in a choppy session Friday after Bernanke said the Fed remains ready to use additional tools to help the economic recovery, but stopped short of explicit talk of another round of monetary easing.

The blue-chip index plunged almost 220 points in a kneejerk reaction immediately after Bernanke started his speech, but quickly pared their losses.

News Headlines

Joe Biden is really on the side of a prosperous America...


U.S. Vice President Joe Biden said on Friday the U.S. economy needed more stimulus ( $$$$$$$$ ) to get it moving, putting in a plug for government measures shortly before the White House unveils new proposals to boost job growth.

Biden: more US stimulus needed, business mad at S&P | Reuters

Wall Street and Main Street America are two very different economies.

 

[Avorysuds]

Bernanke is the federal reserve chairman. Why is hw mouthing off on education, etc which are not in his domain?

Because the people that gave him his job are calling in the favor?

 

[expat_panama]

Bernanke is the federal reserve chairman. Why is hw mouthing off on education, etc which are not in his domain?

Sounds stupid. It has to, because you're getting it from Twalbert who got it from Benzinga who said he got it from Bernanke. That's crazy. Here's a link to what Bernanke actually said: FRB: Speech--Bernanke, The Near- and Longer-Term Prospects for the U.S. Economy--August 26, 2011. The word "education" isn't there, although when he hit the near term prospects (mostly upbeat) he warned--

Of course, the United States faces many growth challenges. Our population is aging, like those of many other advanced economies, and our society will have to adapt over time to an older workforce. Our K-12 educational system, despite considerable strengths, poorly serves a substantial portion of our population. The costs of health care in the United States are the highest in the world, without fully commensurate results in terms of health outcomes. But all of these long-term issues were well known before the crisis; efforts to address these problems have been ongoing, and these efforts will continue and, I hope, intensify.​

Boring but correct.

 

[iamwhatiseem]

Bullshit.
He presented a 14 page speech that contained one line of relevance..that basically said..."yeah QE3...we might do that".

And the great fleecing of America continues.

 

[expat_panama]

...basically said..."yeah QE3...we might do that". And the great fleecing of America continues.

What, you're broke and it's all Bernanke's fault? Sounds like Obama blaming all his problems on GW.

 

[dilloduck]

Bernanke is the federal reserve chairman. Why is hw mouthing off on education, etc which are not in his domain?

He's like a financial pope. He's hoping to use his pull to help cure all the worlds problems. They mess up his economy.

 

[mascale]

Chairman Bernanke, Hero of Our Hope and Change Revolution, of course had to acknowledge that eduction is more than just Old, Fat, White People--Cavorting About Naked On Other People's Yachts, Dumping Substance And Other Treasure Into the Sea.

Johnny Weismuller knew how to swim, and say, and point: "Me Tarzan, You Jane! (This Movie Bad! Need Boy To Play. . . .With Chimpanzee!)"

Chairman Bernanke acknowleged that the Stimulus, and QE2, worked.

--"Credit availability from banks has improved." QE2 helped to get rid of a lot of bad consequences, of people unable to keep up the value of their property. These same people have no clear concept of the Old and New Testament prohibitions on usury from the poor to this date. The math doesn't work. The rich have money. Charge and Tax that!

--"Manufacturing production in the United States has risen nearly 15% since its trough." The USA even makes socialist cars.

--"Households also have made some progress in repairing their balance sheets." When it comes to flakes, the breakfast foods are us.

--"Commodity prices have come off their highs." RNC refused to set in motion policy to capture Osama bin laden, and so instead created two pricey, commodity consuming, phony wars, now winding down.

--"The negotiations that took place over the summer disrupted financial markets." Back to the policy contention: Ignorance actually is not bliss. The Republicans were about to bounce the paychecks of even the troops in harm's way in the field.

--More Stimulus is now clearly needed.

"Although the issue of fiscal sustainability must urgently be addressed, fiscal policymakers should not, as a consequence, disregard the fragility of the current economic recovery. Fortunately, the two goals of achieving fiscal sustainability--which is the result of responsible policies set in place for the longer term--and avoiding the creation of fiscal headwinds for the current recovery are not incompatible. Acting now to put in place a credible plan for reducing future deficits over the longer term, while being attentive to the implications of fiscal choices for the recovery in the near term, can help serve both objectives."

"Fiscal policymakers can also promote stronger economic performance through the design of tax policies and spending programs. To the fullest extent possible, our nation's tax and spending policies should increase incentives to work and to save, encourage investments in the skills of our workforce, stimulate private capital formation, promote research and development, and provide necessary public infrastructure. We cannot expect our economy to grow its way out of our fiscal imbalances, but a more productive economy will ease the tradeoffs that we face."

"Finally, and perhaps most challenging, the country would be well served by a better process for making fiscal decisions. The negotiations that took place over the summer disrupted financial markets and probably the economy as well, and similar events in the future could, over time, seriously jeopardize the willingness of investors around the world to hold U.S. financial assets or to make direct investments in job-creating U.S. businesses. Although details would have to be negotiated, fiscal policymakers could consider developing a more effective process that sets clear and transparent budget goals, together with budget mechanisms to establish the credibility of those goals. Of course, formal budget goals and mechanisms do not replace the need for fiscal policymakers to make the difficult choices that are needed to put the country's fiscal house in order, which means that public understanding of and support for the goals of fiscal policy are crucial."

Karl Marx advocated for a central credit market, and maybe even met Abe Lincoln in New York in 1849. Certainly Lincoln would go on to impose maritial law, suspend habeus corpus, shutter the opposition press, jail the political opposition, compel prayers to the leader of the struggle, and couldn't find enough Jews to kill off instead: So a general genocide of ordinary White People was created instead.

Hitlet and Stalin would follow that up.

"Crow, James Crow: Shaken, Not Stirred!"
(Great Socialist leaderships arrive to late: To Save All Lands of Many Nations!)

 

[Dont Taz Me Bro]

Bernanke should be in prison. He's a crook and he's destroying the American dollar.

 

[expat_panama]

Bernanke should be in prison. He's a crook and he's destroying the American dollar.

--and you're not throwing away your dollars for the same reason nobody's bringing charges, namely because he's not destroying the dollar and he shouldn't be in prison and that kind of talk is nonsense. OK, we both know lots of people are spouting off that cr@p, but their being full of cr@p isn't my problem.

 

[iamwhatiseem]

...basically said..."yeah QE3...we might do that". And the great fleecing of America continues.

What, you're broke and it's all Bernanke's fault? Sounds like Obama blaming all his problems on GW.

I'm broke?
Um...no. I made a fortune in 2009 just like everyone else who aren't sheep and didn't "leave it in for the long run" when signs were everywhere things were about to get ugly.

 

[editec]

In the broader economy, manufacturing production in the United States has risen nearly 15 percent since its trough, driven substantially by growth in exports. Indeed, the U.S. trade deficit has been notably lower recently than it was before the crisis, reflecting in part the improved competitiveness of U.S. goods and services

Reflecting in much GREATER PART the fact that people who are broke aren't BUYING.

Business investment in equipment and software has continued to expand, and productivity gains in some industries have been impressive, though new data have reduced estimates of overall productivity improvement in recent years.

But no business growth in hiring to accompany these modest plant and equipment investments?

Households also have made some progress in repairing their balance sheets--saving more, borrowing less, and reducing their burdens of interest payments and debt.

Yes, fewer consumers are shooting DEBT amphetimines into their balance sheets, that is true. In part that is because people are fearful of their debts, and in paert that is because people can not longer GET CREDIT.

Commodity prices have come off their highs, which will reduce the cost pressures facing businesses and help increase household purchasing power.

Apparently Ben doesn't BUY food or energy. But the "commodities" that real Americans purchase are seriously NOT "coming off their highs".

Notwithstanding these more positive developments, however, it is clear that the recovery from the crisis has been much less robust than we had hoped. From the latest comprehensive revisions to the national accounts as well as the most recent estimates of growth in the first half of this year, we have learned that the recession was even deeper and the recovery even weaker than we had thought; indeed, aggregate output in the United States still has not returned to the level that it attained before the crisis. Importantly, economic growth has for the most part been at rates insufficient to achieve sustained reductions in unemployment, which has recently been fluctuating a bit above 9 percent. Temporary factors, including the effects of the run-up in commodity prices on consumer and business budgets and the effect of the Japanese disaster on global supply chains and production, were part of the reason for the weak performance of the economy in the first half of 2011; accordingly, growth in the second half looks likely to improve as their influence recedes. However, the incoming data suggest that other, more persistent factors also have been at work.

You mean like the PERSISTENT fact that real incomes for about 80% of the working popuilation have been declining against inflation since about 1970, Ben?

You don't suppose THAT has anything to do with our currently economy, do ya, BEN?!?!

Why has the recovery from the crisis been so slow and erratic? Historically, recessions have typically sowed the seeds of their own recoveries as reduced spending on investment, housing, and consumer durables generates pent-up demand. As the business cycle bottoms out and confidence returns, this pent-up demand, often augmented by the effects of stimulative monetary and fiscal policies, is met through increased production and hiring. Increased production in turn boosts business revenues and household incomes and provides further impetus to business and household spending. Improving income prospects and balance sheets also make households and businesses more creditworthy, and financial institutions become more willing to lend. Normally, these developments create a virtuous circle of rising incomes and profits, more supportive financial and credit conditions, and lower uncertainty, allowing the process of recovery to develop momentum.

Perhaps we're looking at a NEW NORMAL, now?

These restorative forces are at work today, and they will continue to promote recovery over time. Unfortunately, the recession, besides being extraordinarily severe as well as global in scope, was also unusual in being associated with both a very deep slump in the housing market and a historic financial crisis. These two features of the downturn, individually and in combination, have acted to slow the natural recovery process.

I thought we fixed the historical financial crisis, Ben. The banksters are AWASH with dough, thanks to the FED and TREASURY bailing them the hell out.

Only one problem...we forgot to BAIL out the folks who OWN all that overpriced real estate purchased in the last decade or so.

Gee, Ben...I wonder why that segment of the economic was abandoned?

I won't go on with this analysis.

I'm already sick of the FEDERAL RESERVE doublespeak.

 

[sparky]

IMHO, there's a big dif betwixt saving the banks vs. saving the banking system


http://media.kunst-fuer-alle.de/img/41/m/41_00276094~god-rebukes-adam-and-eve.jpg

Did you know the Federal Reserve secretly loaned up to as much as $1.2 trillion to U.S. and foreign banks? This information has now been released and we even know the institutions that got the bulk of the funds. Can you say, Morgan Stanley (MS), Citigroup (C), Bank of America (BAC). Due to the inflammatory nature of this information, the Fed has been reluctant to share it with Americans, but now it has now come out due to a lengthy Freedom of Information Act (FOIA) investigation by Bloomberg.

<<<<<<<<<<<<<<<<<<<<<<<snip>>>>>>>>>>>>>>>>>>>>>>>>>>>>


Even more critical to me is that this program does not seem to have been an actual solution, but rather a stopgap measure to preserve and protect the banks and their shareholders. The Fed’s chosen solution did not solve the problem and, at best, it postponed the reckoning we face because big banks screwed up.

 

[sparky]

Perhaps we're looking at a NEW NORMAL, now?

well, i'm sure my classist attire makes me look fat Editec

in fact, try this on for size>

EXCLUSIVE: Analysis of Financial Terrorism in America: Over 1 Million Deaths Annually, 62 Million People With Zero Net Worth, As the Economic Elite Make Off With $46 Trillion | AmpedStatus

~S~

 

[sparky]

When i grow up i wanna be too big to fail......~S~

 

[sparky]

oh and, you all get to pay my way too! ~S~

 

[iamwhatiseem]

IMHO, there's a big dif betwixt saving the banks vs. saving the banking system


http://media.kunst-fuer-alle.de/img/41/m/41_00276094~god-rebukes-adam-and-eve.jpg

Did you know the Federal Reserve secretly loaned up to as much as $1.2 trillion to U.S. and foreign banks? This information has now been released and we even know the institutions that got the bulk of the funds. Can you say, Morgan Stanley (MS), Citigroup (C), Bank of America (BAC). Due to the inflammatory nature of this information, the Fed has been reluctant to share it with Americans, but now it has now come out due to a lengthy Freedom of Information Act (FOIA) investigation by Bloomberg.

<<<<<<<<<<<<<<<<<<<<<<<snip>>>>>>>>>>>>>>>>>>>>>>>>>>>>


Even more critical to me is that this program does not seem to have been an actual solution, but rather a stopgap measure to preserve and protect the banks and their shareholders. The Fed’s chosen solution did not solve the problem and, at best, it postponed the reckoning we face because big banks screwed up.

Bingo!

See...http://www.usmessageboard.com/econo...est-studies-on-the-subject-3.html#post4057731

 

[expat_panama]

...What, you're broke and it's all Bernanke's fault...

I'm broke? Um...no....

LOL, of course you're not and I didn't think so becuase you're not broke, I'm not broke, and we haven't been 'fleeced' because there hasn't been any 'fleecing' going on and you just made that up when you made up the "yeah QE3...we might do that" part.