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Tag Archives: Ben Bernanke

Bernanke: More financial executives should have gone to jail

Well no kidding Mr. Bernanke. What makes you think that? Now?

It should be noted that it is very hard to write campaign checks from prison. That is really frowned upon. Outside of the big house however funds can flow to influence peddlers freely. And Obama made it clear who the bankers owed for their “freedom” when he explained to a group of senior banking executives post-acute crisis that the only thing standing between them and the “pitchforks” was him.

So fellas, just so you know. I’m just trying to help you out. I sure would hate it if the Justice Department had to come sniffing around your firm. That’d be a tragedy. 

The message was received. Heck, even Corzine is still running around the Hamptons.

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Bernanke says don’t blame him (or the Fed) for the rising inequality

The key drivers for the increased inequality (as we have said many times before) are the financialization of the economy and the emergence of a truly crony capitalist system. The two are of course entwined. The cronies enjoy bailouts and bonuses from banks which get bailed out. The unconnected get to do the bailing. (In various ways.) That’s basically the gist.

Ole’ Helicopter Ben put this long emerging trend into overdrive. But don’t blame him for inflating the assets of the already wealthy while the rest of the country was left behind. And don’t blame him for waging a war on savers. (Basically the prudent middle class.) Nope, he’s not to blame at all for the gulf in the economy. That just happened. Ben explains that over the long term monetary policy is neutral.

Man, if only.

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James Gandolfini and Ben Bernanke

RIP Mr. Gandolfini, I enjoyed your show.

In the attached essay Robert Wenzel makes the point that the Fed is engaging in unhealthy behavior. Though the economy keeps puttering along it’s not like all the money printing and various other manipulations won’t have long term effects, they will. It is very possible that the Fed’s actions will result eventually in the economic equivalent of what felled Tony Soprano.

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Bernanke’s Cures Are the Economy’s Disease

So the Fed is going to “taper” away the quantitative easing, the printing of money, in which it is currently engaged. Bernanke (or Larry Summers—shudder) will one day allow interest rates to rise back to normal levels. Don’t worry, the economy will emerge from this radical economic experiment and all will be well. You’ll see. Ben promises.

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The Federal Reserve Has Printed Over $1 Trillion for Foreign Banks

Since the dollar continues to be the world reserve currency, and since the mega banks float like clouds over the entire planet paying little attention to borders, we shouldn’t be surprised. But that the Fed has essentially given away $1 trillion to non-American banks is pretty amazing . (Not that American banks are any better than the foreign ones of course.)

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The Depression Continues Despite the Smoke, Mirrors, and Dazzling Bull from Washington

There is a lot of smoke and mirrors in mainstream economic news these days. There always has been. The wizards always seek to manage expectations and manipulate public sentiment in what they consider to be the right direction. But things have gotten much worse over the years, especially since the Federal Reserve began its “Magical Monetary Tour” as David Stockman calls it in 2008.

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Bloomberg’s False Bromides

A new Bloomberg View (editorial) tells us that lack of fiscal stimulus (more government borrowing to spend) “is plainly holding back growth in the US, the European Union and Japan.”

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