Comments for Bernanke: The End is Near
Nemo says:
I find it a little unsettling that the Fed chair decided to go on 60 Minutes.
He must be really worried.
Nemo Sun Mar 15 19:26:01 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/2933376494275889915
CRbot Sun Mar 15 19:28:52 2009 CDT #
JohnDicht says:
Oh yeah? I still think sub-prime is well contained.
JohnDicht Sun Mar 15 19:30:21 2009 CDT #
Nemo says:
So I guess he is predicting an economic recovery starts around the same time Larry Summers becomes Fed Chairman.
Nemo Sun Mar 15 19:31:27 2009 CDT #
Fuzz says:
He says we gotta stabilize the financial system. Then he goes on to say that we have to stabilize the financial system. BTW, he says we must stabilize the financial system or else. And AIG blows. BFD.
Fuzz Sun Mar 15 19:32:51 2009 CDT #
Stabilize says:
Did you say stabilize? Did I hear you correctly-stabilize? Stabilize that's what you said?
Parent Post
Stabilize Sun Mar 15 19:35:42 2009 CDT #
reptillian says:
If the end is near, we must be in the middle.
reptillian Sun Mar 15 19:33:33 2009 CDT #
Topher says:
"The End is Near"
Yes and the checks in the mail and I wouldn’t...
:-D
Topher Sun Mar 15 19:34:16 2009 CDT #
DIPing to China says:
Bernanke always looks stoned. Or very scared. Or both.
What keeps men like this in these positions? I truly do not understand why high level government(quasi for Ben) stay in their appointed position in such bad times. What is his incentive to be at the helm during this period? I wish I knew that answer.
DIPing to China Sun Mar 15 19:35:53 2009 CDT #
tbgpalisades says:
DIPing to China...it's not that difficult - intellectual rigor and accomplishment meets the challenge. I mean, gosh, BB has trained his whole career for this, now, he's been given the opportunity to actually apply his training. Who **would not** want to be in this position, after this amount of work?
Parent Post
tbgpalisades Sun Mar 15 23:01:00 2009 CDT #
poic.v20 says:
Looks guys if we just all believe, then anything is possible. :-E
poic.v20 Sun Mar 15 19:36:49 2009 CDT #
Hawley Smoot says:
OT - What does it mean when the futures for the Pound against the Euro are down -99.34%?
http://quotes.ino.com/exchanges/futboard/current/
Hawley Smoot Sun Mar 15 19:37:15 2009 CDT #
reptillian says:
I think he trimmed his beard.
reptillian Sun Mar 15 19:37:38 2009 CDT #
Stabilize says:
Oh well, cancel the word crisis.
We will need the letters: S T A B I L I Z and E
Stabilize Sun Mar 15 19:41:30 2009 CDT #
Rob Dawg says:
If there is a God part 3 will be recorded with him wearing an orange jumper.
All I can think of is Maxwell Smart giving Zigfreid the line:
"At this very moment 500 crack CONTROL agents are surrounding this building ready to attack at my signal."
Rob Dawg Sun Mar 15 19:42:36 2009 CDT #
poic.v20 says:
"I think he trimmed his beard."
Ass-kissing Wall Street is much less noticeable with a trimmed beard.
poic.v20 Sun Mar 15 19:42:53 2009 CDT #
Tim waiting for 2012 says:
CR
Can we expect an "organic" recovery given the financial rescue plan as outlined by the Treasury?
Tim waiting for 2012 Sun Mar 15 19:44:03 2009 CDT #
Shnaps says:
Nemo - would you feel any better if the Fed chair regularly engaged in arguments in the comments section at CalculatedRISK?
Shnaps Sun Mar 15 19:47:28 2009 CDT #
Some Investor Guy says:
"would you feel any better if the Fed chair regularly engaged in arguments in the comments section at CalculatedRISK?"
Yes.
Parent Post
Some Investor Guy Sun Mar 15 19:53:26 2009 CDT #
Jay D. says:
......poic.v20 says:Today“The current recession was caused by a global financial crisis and is resulting in the greatest contraction in global commerce in 80 years.
-----------------------------------------------------------------------------------
.........dont say 'global financial crisis'.....it was 'US financial crisis'......and then wall street scam artist made it up and spread..........
Jay D. Sun Mar 15 19:48:19 2009 CDT #
Tim waiting for 2012 says:
We understand Ben that AIG makes you "angry" but we all know that Goldman made you do it. Poor Lehman...
Tim waiting for 2012 Sun Mar 15 19:48:20 2009 CDT #
Tom Stone says:
That dress does not make him look fat.
Tom Stone Sun Mar 15 19:49:09 2009 CDT #
norma says:
I'm using that picture as my screen saver.
norma Sun Mar 15 19:50:04 2009 CDT #
Art Eclectic says:
My GODS! Phil Gramm was right! It is all just in our heads
:roll eyes:
Art Eclectic Sun Mar 15 19:50:15 2009 CDT #
Mannwich says:
Con-fidence fluff piece. Love his "mistakes were made" line about the Fed.
Mannwich Sun Mar 15 19:51:22 2009 CDT #
RE says:
Froom last thread:
Anyone have good insight into the German elections?
EHP,
Merkel IMO is boxed in. The CDU cannot easily move to the right as it will lose the center. Aside of Bavaria (CSU), the FDP (closest to a libertarian party) has gained tremendously lately and has been the preferred coalition partner of the CDU since the Bundesrepublic was formed. But to understand the struggles of the CDU, one has to consider more than just a left/right political picture. The CDU (Christlich Demokratische Union), as its name implies, has traditionally appealed to the Christian and especially the Catholic voter. Merkel's recent "attacks" on the pope as well as other policy decision on fundamentalist initiatives have put off a lot of her core constituency and therefore made her vulnerable even within her own party.
The SPD is trying to recapture the middle and not give up too much on left as it really doesn't want to have to enter into a coalition government with the left party (Die Linke). It had a major erosion of support after the last election but lately has been able to reverse the downward trend.
With the economy getting clearly worse, despite the FDP's gains, a CDU/CSU and FDP coalition government is not a shoe in though clearly the most likely outcome at this point. The Opel story benefits the SPD but at this point, I don't think it will be the deciding factor.
RE Sun Mar 15 19:51:57 2009 CDT #
poic.v20 says:
".........dont say 'global financial crisis'.....it was 'US financial crisis'......and then wall street scam artist made it up and spread.......... "
It is a global financial crisis unless I'm mistaken. Where it started from is irrelevant now.
poic.v20 Sun Mar 15 19:52:32 2009 CDT #
reptillian says:
We are living in interesting times when the Fed does PR.
reptillian Sun Mar 15 19:53:14 2009 CDT #
Hal says:
I am just amazed at his knowledge and know how. We are soooo lucky to have him where he is when he knows so much about how to cure a depression. LOL
Hal Sun Mar 15 19:53:59 2009 CDT #
Guest says:
Bernanke's lips quivered multiple times in the interviews. Anyone else pick up on them?
Guest Sun Mar 15 19:54:27 2009 CDT #
Fuzz says:
Compared to him testifying on the Hill his lips looked chocked full of Botox tonight.
Parent Post
Fuzz Sun Mar 15 20:12:45 2009 CDT #
Some Investor Guy says:
I think I see one of the problems. ""The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis." There isn't one financial system. We have several of them which overlap and interact somewhat. The credit union financial system is doing ok. Most insurers (not AIG) are doing ok. Pawnshops are doing fine.
Some Investor Guy Sun Mar 15 19:55:47 2009 CDT #
Tim waiting for 2012 says:
Good questions not the usual softball questions.
Tim waiting for 2012 Sun Mar 15 19:59:10 2009 CDT #
Anonymous says:
good questions? WHHHHAAATT ????
Parent Post
Anonymous Sun Mar 15 21:32:28 2009 CDT #
MrM says:
Nemo writes: I find it a little unsettling that the Fed chair decided to go on 60 Minutes.
What I find unsettling is that the Fed chair goes to the 60 Minutes and says precisely nothing. What's the point of showing up in front of camera - only to look serious? Just check these exchanges:
Economic situation:
<<
"Unemployment, as we sit here, is about 8.1 percent. I wonder, do you expect double digit unemployment?" Pelley asked.
"Well, it's hard to forecast exactly where we're going. Unemployment is rising. Job losses are still very severe. And no doubt, the unemployment rate's gonna go higher than it is. But I think, again, that if we do succeed in stabilizing the financial system, that we'll begin to see a slower pace of decline, and eventually, a stabilization that will set the basis for a recovery," Bernanke said.
"You seem to be saying that we're not heading into a new American Depression?" Pelley asked.
"I think we've averted that risk. I think we've gotten past that and now the problem is to get the thing working properly again," the chairman said.
>>
AIG bonuses:
<< "I slammed the phone more than a few times on discussing AIG. I understand why the American people are angry. It's absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible bets, that was operating out of the sight of regulators, but which we have no choice but the stabilize, or else risk enormous impact, not just in the financial system, but on the whole U.S. economy," Bernanke explained. >>
Regarding that ongoing window-dressing exercise, also known as stress testing. Bernanke already has the answer - all banks passed the test!
<<Asked if all the big banks the Fed regulates are solvent, Bernanke said, "I believe they are, yes. But we are doing a stress test right now, where we're looking at what the positions of the banks are under a tougher economic scenario than the one that we currently expect. And what we plan to do is to say how much capital would each bank need to be well capitalized. Not just solvent, but well capitalized, even in these more adverse scenarios." >>
If citizens do not care enough about getting straight answers, they can't complain they are being robbed.
MrM Sun Mar 15 19:59:29 2009 CDT #
Broker says:
"Mr Bernanke, have you ever heard of Article 1 Section 8 of the US Constitution?"
Broker Sun Mar 15 20:00:25 2009 CDT #
CRbot says:
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CRbot Sun Mar 15 20:00:53 2009 CDT #
Michael says:
<img src="http://freedomwatchonfox.com/img/freedomwatch-badge-122x75.png" alt="Watch Freedom Watch" border="0" width="122" height="75"/>
Michael Sun Mar 15 20:01:04 2009 CDT #
Black Star Ranch says:
Thomas Paine's words were quoted by President Barack Obama in his inaugural address: "Let it be told to the future world that in the depth of winter, when nothing but hope and virtue could survive, that the city and the country, alarmed at one common danger, came forth to meet it."
A present day 6-minute visit with Thomas Paine.......
http://www.youtube.com/watch?v=pKFKGrmsBDk
Black Star Ranch Sun Mar 15 20:10:55 2009 CDT #
Guest says:
Make the stress test public!!
Guest Sun Mar 15 20:15:07 2009 CDT #
Topher says:
reptillian T oday, 4:53:14 PM
We are living in interesting times when the Fed does PR.\t
\t\t
I feel much better now. The only thing working well with Ben is Wahl beard trimmer!
:-$
Topher Sun Mar 15 20:19:04 2009 CDT #
Marco Moreno says:
Yes
The End is Near
every man for himself!! 8-)
Marco Moreno Sun Mar 15 20:23:38 2009 CDT #
Txchick57 says:
I'd love to see his schlong.... What gives me the impression he's hung like a horse?
Txchick57 Sun Mar 15 20:39:34 2009 CDT #
Rightline says:
3:33 in the clip
http://www.youtube.com/watch?v=ojxw_f_USSw
Rightline Sun Mar 15 20:43:26 2009 CDT #
Anonymous says:
:-$ Republicamps - http://tinyurl.com/cjr9b4 :-$
Anonymous Sun Mar 15 20:46:11 2009 CDT #
Hal says:
Not a good interview. Softball questions that didn't get to any real issue. He should have been asked why he didn't support bank nationalization if Nobel laureate economists and others like Roubini do. He should have been confronted with the assertion of Krugman that the stimulus package is far too small. Instead Pelly gave him a pass at every opportunity and he only scratched the surface of things. Not good. Very disappointing.
Hal Sun Mar 15 20:55:37 2009 CDT #
Black Star Ranch says:
"Our [AIDS/HIV] rates are higher than West Africa,"
The District of Columbia is funded by the FedGov. They seem to be doing another fine job in regards to oversight in still another area:
"At least 3 percent of District residents have HIV or AIDS, a total that far surpasses the 1 percent threshold that constitutes a "generalized and severe" epidemic, according to a report scheduled to be released by health officials tomorrow."
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/14/AR2009031402176_pf.html
Black Star Ranch Sun Mar 15 20:59:53 2009 CDT #
Werner says:
Nemo says:
Today, 01:26:01
“I find it a little unsettling that the Fed chair decided to go on 60 Minutes.
He must be really worried.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Haha, I agree.
Werner Sun Mar 15 21:04:28 2009 CDT #
Sonic Seuss says:
Bernanke realizes his answer will have a significant impact on consumer confidence so he has to answer the way he did. He might believe it, he might not, but that's not the point. He does not have the luxury of being an impartial observer when it comes to his public forecasts.
Sonic Seuss Sun Mar 15 21:05:14 2009 CDT #
BA says:
What allows for a recovery? That's what I would like to hear answered. I believe it's a manufacutring base, just like in the Industrial Revolustion (initial influx of wealth in our country) and after WWII. That is how a country builds wealth and CONFIDENCE. Not by borrowing and lending money. And China comes out and tells us to stop devaluing the dollar. Go figure. We're in economic WAR, not just a crisis. AIG paid another 165 million in bonuses lately. I'd love some of that. =-X
BA Sun Mar 15 21:17:24 2009 CDT #
Anonymous says:
CBS should give him a comedy hour on Sunday's after 60 Minutes with Cher as the first guest singing Gypsies, Tramps & Thieves...
http://www.youtube.com/watch?v=eWeezUxIzaE
Anonymous Sun Mar 15 21:41:33 2009 CDT #
MS says:
Total Propaganda.....Goebbels and Gehring would be proud.
Nothing more than wrapping yourself in a flag and shouting "We're #1"
Piece of garbage...anyone that believes this POS deserves the severe consequences of not doing any research and relying on a big "trust me" for any and all critical thinking.
Ciao
MS
MS Sun Mar 15 21:41:50 2009 CDT #
FFDIC says:
That was me with the Cher snark...
FFDIC Sun Mar 15 21:43:03 2009 CDT #
Anonymous says:
The bottom will be end around XMAS and then two years of recovery after that ;)
Anonymous Sun Mar 15 21:51:32 2009 CDT #
strongbad says:
The correspondent asks "What gives you nightmares?" and Bernanke's answer essentially is that the Congress won't give him the authority to do everything he needs to do to save the day. This is a very enticing argument. On the one hand, Bernanke has gone on record saying that the financial system will stabilize this year and recover the next if only we will trust him with unlimited power.
On the other hand, the Fed caused the problem. They didn't see the problem coming. They underestimated, again and again, the severity of the problem, and we're supposed to just trust them to solve it...and keep trusting them as conditions deteriorate even further.
strongbad Sun Mar 15 22:55:59 2009 CDT #
MacroModelBlog says:
He did seem to think that the economy will recover fairly soon. I dont think he believes that. It is worrisome that he agreed to the interview. I think he was asked to do it by the Obama administration. Summers was on this weekend as well.
MacroModelBlog Sun Mar 15 23:00:38 2009 CDT #
Anonymous says:
bernanke is a scumbag. when he was going to harvard, he used to work summers for the local south carolina crime boss. of course this was not covered in the little cute show that 60 minutes did tonight. yes old ben worked in some shady deals while on his summer breaks. now why would a nice college boy work for a man in charge of south carolina criminal enterprizes? good question says I.
Anonymous Sun Mar 15 23:44:01 2009 CDT #
® says:
I thought he came off rather well.
® Sun Mar 15 23:48:54 2009 CDT #
hfcs says:
nice beard. good-looking tie. shiny head. makeup well done. did the dude say anything? i want to see him on dancing with the stars
hfcs Mon Mar 16 00:44:19 2009 CDT #
Comrade Jeremy says:
Of course Bernanke is either lying through his teeth or is misinformed (you pick which is worse), but he did come off as rather calm outside of the lip quivers.
He's able to soften loaded questions.
Again, he's full of it, but that might not matter if the American people decide to put off their troubles to drink the Kool-Aid again.
Comrade Jeremy Mon Mar 16 00:58:02 2009 CDT #
ifstone says:
Bernanke reminds me of someone. Do you suppose he's had many conversations like this one?:
http://www.youtube.com/watch?v=JeedOjAbo4o
ifstone Mon Mar 16 01:03:31 2009 CDT #
fresno dan says:
Was the design of the Titanic that breaches of the hull would be contained??? Apparently Bernanke believes busts are caused by too little spending, and not the easy credit that precedes them.
fresno dan Mon Mar 16 03:50:10 2009 CDT #
Johnny Dangereaux says:
Helicopter Ben and Turbo Timmie have one purpose. Deliver the US financial system into the hands of the one-worlders. Judged in this light, they are doing a great job for their masters.
Johnny Dangereaux Mon Mar 16 04:34:52 2009 CDT #
killben says:
Bernanke: The End is Near ...
Whose? He could not have meant the crisis!!
killben Mon Mar 16 05:41:19 2009 CDT #
amp says:
That interview is likely to be his last tool.
The problem is the lost of credibility and that his bullish fans are going to loose their money in the stock market trusting Bernanke's dreams
amp Mon Mar 16 11:27:18 2009 CDT #
Splat says:
The panic is over please go about your lives, there's nothing more to look at, all is well, all is well...
Splat Mon Mar 16 11:34:27 2009 CDT #
END