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Reflections by America’s Buddha of Banking
Keywords:
Bernanke in reflections on his policies for quantitative easing in response to the 2008 financial crisis, says the policies were intended to protect Main Street and the average American, even though this is not readily apparent. He says the policies did not lead to inflation as critics have stated, and one has only to look at today's inflation statistics to know this- referring critics to the government CPI report in Jan 2014 that consumer prices went up by 1.5% in 2013 and less than 2% for 2012. Bernanke says he hopes he took the right actions, and still retains the conviction that the American economy will recover losses from the 2008 financial crisis- even though the answers to this questions won't be seen for some time.
Reflections of Ben Bernanke on his handling of the 2008 financial crisis and quantitative easing (QE)
03/03/2009
Bernanke says the least credible criticism of QE is that it leads to inflation, the most credible that it could destabilize markets. So far in early 2014 he sees no signs of inflation or destabilizing markets. He says QE has worked better in practice than it does in theory. Christina Romer says the Fed's independence is best preserved by having decisions made by experts. Bernanke points out that decisions made for the short term can only erode that independence. It will take the public some time to understand what he has done, says Bernanke.
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Reflections by America’s Buddha of Banking
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Bernanke responds to the criticism that low interest rates he supported helped cause the 2008 mortgage and financial crisis.
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Central Bankers Hone Tools to Pop Bubbles
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Reflections by America’s Buddha of Banking
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Fed chief Bernanke urges better financial regulation to prevent crises
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The Fed and the Crisis: A Reply to Ben Bernanke
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U.S. Federal Reserve's 6.5% unemployment target with 2% inflation announced by Bernanke in Dec. 2012
01/27/2009
The U.S. Fed's chairman Bernanke says the Fed will keep rates low till unemployment reaches 6.5% citing "the tremendous waste in human potential" of high unemplyment rates. As long as inflation remains subdued at 2% the Fed will continue its current policy of low rates. In 2013 the Fed will continue bond buying at the rate of $85 billion a month. If unemployment drops to 6.5%, but this is because more people are dropping out of the labor market the Fed will take this into account, says Bernanke. The Fed will also keep an eye out for asset bubbles in the economy.
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Stimulus and the Depression: The Untold Story
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Reflections by America’s Buddha of Banking
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Chairman Bernanke Should Listen to Professor Bernanke
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Wall Street Journal 12/13/2012
A Fed Bank President's Idea Comes to Life
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Ben Bernanke, Federal Reserve chairman's role in the Rescue Plan in the global financial crisis Sept-October 2008.
10/14/2008
Bernanke's role in the financial crisis of Sept 2008.
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Fed Chairmanâs Departure Casts a New Light on the Bush Legacy
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Robert Samuelson: Bernanke’s triumph -; and defeat - The Washington Post
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Lawrence Lindsey on how Bernanke's Fed has boxed itself in with no choice but to keep interest rates low and no clear exit strategy
01/04/2010
Economist Lindsey says Fed chairman Bernanke has to keep interest rates low for the U.S. government to be able to cope with the increase in borrowing costs that normal interest rates would bring. The normalized interest rate - the rate at which the U.S. government was able to borrow for the last three decades- is about 5.7%. At that rate the U.S. government would add $800 billion to borrowing costs for 2021, says Lindsey. The U.S. now borrows at about 2.5%
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Once Again, the Fed Shies Away From the Exit Door
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Reflections by America’s Buddha of Banking
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Why high unemployment and the high percentage of the long term unemployed is determining U.S. Federal Reserve interest rate policy in 2012-2014
01/27/2009
With 40% of the unemployed in the U.S. shown as long term unemployed, mismatch in skills and other structural problems with unemployment, the U.S. Federal Reserve policies of Fed chairman Bernanke are geared to addressing this problem.
Grouped Articles
Stimulus and the Depression: The Untold Story
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Wall Street Journal 07/11/2013
FX HORIZONS: The Fed’s Risky Codependency with Markets
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Economy May Be Getting Its Wings Clipped
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U.S. Federal Reserve chairman Bernanke's defense of QE III
06/15/2011
Bernanke's defense of the Federal Reserve's QE I, QE II, and QE III. focusses on keeping interest rates down because higher interest rates would increase borrowing costs of the government. In the eurozone capital markets are setting interest rates for Germany, France, Italy and Spain. The Fed is using its monetary policies to set rates low to keep borrowing costs on U.S. debt down. It also keeps economic growth from dropping to a point where it reduces government revenues and worsens the deficit. This buys time for Congress and a newly elected administration to come together on a plan for the deficit and generating growth.
Grouped Articles
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
India's Central Banker Lobbies Fed
Wall Street Journal 10/13/2013
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
Janet Yellen and Fed Predecessors Find Common Ground Onstage
New York Times 04/07/2016
Bernanke Takes On Critics of Fed Policy
Wall Street Journal 10/01/2012
Forget the fiscal cliff: U.S. has other possible economic threats looming - The Washington Post
Washington Post 10/14/2012
Ben Bernanke and Austan Goolsbee offer reflections on the U.S. Federal Reserve's QE (Quantitative Easing) policies
01/16/2014
Linked Articles
Bravo for Bernanke and the QE Era
Wall Street Journal 01/20/2014
Reflections by America’s Buddha of Banking
New York Times 01/16/2014
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