Hedrick Smith. Janet Yellen Shames Congress For Austerity, Being Terrible. It looks like Janet Yellen will have no problem tackling one of Ben Bernanke's most important jobs: shaming Congress for ruining the economy.
Yellen reminded lawmakers of their sheer terribleness during a Senate Banking Committee hearing on Thursday about her nomination to replace Bernanke as chair of the Federal Reserve when his term ends in January. Market Performance Since Bernanke May 22. 75 Percent Of Americans Don't Have Enough Savings To Cover Their Bills For Six Months: Survey. For 47-year-old mom Kim Norton, it’s a “constant battle” to find enough money to even pay her bills, let alone save up.
“I rob Peter to pay Paul; I don’t spend my money frivolously on crap; I just make sure my kids have what they need,” Norton, who works part time as a research coordinator through a temp agency, told The Huffington Post. “I get really wound up thinking about how you just can’t get ahead.” A single mother of four living in Bangalore, Maine, Norton says she often writes checks for bills without enough money in her bank account to pay them, hoping the check won't clear until her next paycheck arrives.
Between rent, child care and other necessities, Norton says her expenses cost more than she earns, leaving her without a cushion to fall back on in case of emergencies. More than three-fourths of Americans don’t have enough money saved to pay their bills for six months, according to survey results released Monday by Bankrate. Global Financial Markets Are Selling Off. June FOMC Statement And Press Conference. Ben Bernanke Came Out Guns Blazing. Bernanke Says Central Bank May Ease Stimulus Efforts Later This Year Eurasia Review.
By VOA U.S.
Federal Reserve Chairman Ben Bernanke says the bank may ease back on efforts to stimulate the economy later this year, because the economy is growing moderately. “Job gains, along with the strengthening housing market, have in turn contributed to increases in consumer confidence and supported household spending,” Bernanke said. Rick Santelli channels Howard Beale in epic rant about Bernanke. Rick Santelli, meet Howard Beale.
Santelli’s morning rant on CNBC Wednesday was epic stuff. A few jibes at the press for not asking Ben Bernanke any tough questions. A lot of screaming at Bernanke for being too worried about the unemployment rate. A tossed wastebasket. Swiss Politicians Reject Bank Openness. Amazing UK-designed solar car to travel across Oz. Heard of the car that has the same power as a hairdryer but can travel at speeds of up to 50mph?
Neither had we until we spoke to the creators of an incredible solar-powered model this week. We love car design competitions. Hot wheels: who can invent a better solar-powered wheelchair? People with celebral palsy were asked for ideas, as part of World Cerebral Palsy Day, for things that could make their lives easier and better, with a solar powered wheelchair one of the top 3 ideas from hundreds submitted shortlisted for development – perhaps by you! The world’s first World Cerebral Palsy Day was on the 4th of September 2012, earlier this year, with the day’s theme of “Change my world in 1 minute!”
Setting off more than a year-long series of activities to bring real change to the next World Cerebral Palsy (CP) Day on the 3rd of September 2013. Throughout August and September this year, the World Cerebral Palsy Day site states that “people with cerebral palsy were given the opportunity to express what they needed to make their lives more independent or rewarding. Those ideas were posted here, and participants were asked to vote for the ideas they liked the best.” The hidden perils of the bond market - POLITICO Morning Money. (preis@politico.com; @Patrick_C_Reis) STATES TARGET BIGGEST BANKS FOR LIBOR INVESTIGATION: Financial Times Nasiripour and Alloway: “Seven of the world’s largest banks are facing fresh scrutiny from a powerful US state prosecutor over their role in the alleged rigging of Libor, the lending gauge at the centre of an international scandal.
Eric Schneiderman, New York attorney-general, has sent subpoenas to Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS in the latest probe into banks' setting of the London Interbank Offered Rate, according to people familiar with the matter and regulatory filings. “Mr Schneiderman’s demands for documents and communications – most of which were sent out in July or earlier this month – is part of a two-state probe he has launched with George Jepsen, Connecticut’s top law enforcement officer. ... STANDARD CHARTERED TO SETTLE AGAIN? “Officials at the U.K. “J.P. Barclays slashes bankers' pay by up to half as profits fall.
Dr Kevin And Mr Warsh: A Former Fed Governor Exposes The Fed. Fed Governor Who Resigned Over QE2: 'Bernanke Went Big' David Stockman: 'Bernanke Killed The Financial Markets' Former Reagan Budget Director David Stockman on Squawk Box last Monday, 3 days before Bernanke unleashed $40 billion in additional monthly Qeternity.
"Ron Paul is the only one who is right about the Fed, and the Fed is the heart of the problem. " "Politicians will never make the tough decisions to solve the debt crisis as long as the Fed keeps printing free money. " "Ron Paul is the only one who is right about the Fed, and the Fed is the heart of the problem. Agricultural commodity prices ease, as markets QE3 boost wanes. Was that it?
The boost to markets from the latest round of economy-boosting US monetary easing, so-called QE3, showed signs of wearing off on Monday. The dollar edged marginally higher, after on Friday touching its lowest against a basket of currencies since February over fears that QE3 might stoke inflation and debase the US currency a touch. Shares got off to a soft start in Europe, dropping 0.3% in London in opening deals, after a lacklustre performance in Asia, where they fell 2.1% in Shanghai. Wall Street shares are expected to open lower too. FABER—FED POLICY WILL 'DESTROY THE WORLD' Who Is Scott Sumner. Stocks Drop on Europe Worries, Bernanke. NEW YORK (TheStreet) -- U.S. stocks finished deep in the red on Thursday, driven lower by a rekindling of worries about Europe's debt crisis and uneasiness about an upcoming speech from Federal Reserve Chairman Ben Bernanke.
An elevated weekly initial jobless claims report also took a bite out investor risk appetite, pushing the safe-haven benchmark 10-year Treasury up 7/32, diluting the yield to 1.632%. The greenback rose 0.19%, according to the dollar index. The Dow Jones Industrial Average dropped nearly 107 points, or 0.81%, to close at 13,000.71. Earlier in the session, the blue-chip index scraped a low of 12,979, dipping below the 13,000 mark on an intraday basis for the first time since Aug. 3. Past Jackson Hole Conferences. Goldman's Bernanke Jackson Hole Preview. Bernanke Is Bluffing. NEW YORK (TheStreet) -- On Wednesday the Federal Reserve indicated it will take further steps as necessary to promote a stronger economic recovery.
Sadly, the Fed's bullets are spent, and the U.S. economy is skidding as a result of Obama Administration missteps. The economy is growing at less than 2%. Unemployment holds steady at 8.2% only because so many folks have quit looking for work and are no longer counted in the official tally of joblessness. Consumer spending has slowed substantially because Americans are pessimistic that President Obama's policies will fix the economy and are hunkering down for a long siege. They are simply not convinced Governor Mitt Romney offers sufficiently effective alternatives and the personal qualities to be president.
Bernanke: Fed Predicts Post-WWII Record 73 Months of 7%+ Unemployment. Federal Reserve Chairman Ben Bernanke (AP Photo/Carolyn Kaster) (CNSNews.com) - Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee on Wednesday that the Federal Open Market Committee (FOMC) is predicting that the national unemployment rate will remain at 7 percent or higher through 2014, which would extend to 73 the number of consecutive months in which the unemployment rate has remained above 7 percent—a post-World War II record. “However, given that growth is projected to be not much above the rate needed to absorb new entrants to the labor force, the reduction in the unemployment rate seems likely to be frustratingly slow,” Bernanke told the committee.
“Indeed, the central tendency of participants’ forecasts now has the unemployment rate at 7 percent or higher at the end of 2014.” Ben Bernanke: Politicians Second-Guessing Me Would Be 'Nightmare Scenario' By Pedro Nicolaci da Costa WASHINGTON, July 18 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke on Wednesday rebutted Republican lawmakers pushing a bill that would give Congress the ability to review monetary policy decisions, saying it could compromise central bank independence. Bernanke said it would be a "nightmare scenario" if politicians decided to second-guess monetary policy.
Bernanke Goes to Washington in Coming Week. NEW YORK (TheStreet) -- The coming week will see earnings season continue to gain momentum, but the biggest news is likely to be Ben Bernanke climbing Capitol Hill. The Federal Reserve chairman is slated to give his semi-annual report on monetary policy before Congress on Tuesday and Wednesday, and once again Wall Street will be parsing his words for hints that the central bank is willing to pony up some additional quantitative easing sooner rather than later. "Bernanke's comments this week should provide some clarification on whether the continued run of weaker economic data since last month's FOMC meeting have raised the odds of additional monetary action at the next FOMC meeting that concludes on 1st August," wrote Paul Ashworth, chief U.S. economist at Capital Economics.
> > Bull or Bear? Vote in Our Poll. Is Ben Bernanke Incredibly Smart or Just Stupid? Bernanke bails out Europe. Warning that America’s sputtering economic recovery was grinding down, this week the Federal Reserve noted in classic Fed-speak that “strains in global financial markets continue to pose significant downside risks to the economic outlook.” Bernanke To Congress: Spend More Money. Fed's Beige Book Indicates No Need For QE3.
Ben Bernanke: 'We Remain Prepared To Do More' Ben Bernanke Just BLASTED Paul Krugman At His Press Conference. Spanish 2 Year: September 4. US Credit Rating Cut by Egan-Jones ... Again - US Business News. Michael Woodford Endorses NGDP Targeting. Marc Faber: If I Were Bernanke, I Would Resign- Business News. Now That The Fed Just Announced QE Unlimited, Here's What They Do Next. Unlimited QE. Quantitative Easing - Blackboard. Federal Reserve Decision: UNLIMITED QE. Ben Bernanke's Message To Savers.