Obama hints Bernanke's time is up

[compromise]

http://washingtonexaminer.com/obama-hints-bernankes-time-is-up/article/2532055

President Obama hinted last night that Ben Bernanke will not be reappointed to a third term as Federal Reserve Chairman when his current term ends in January.

Bernanke has “already stayed” at the Fed “a lot longer than he wanted or he was supposed to,” Obama told PBS’ Charlie Rose at the end of a lengthy interview primarily focused on national security issues that aired Monday night.

When asked by Rose if he would reappoint Bernanke if Bernanke sought a third term, Obama avoided a direct answer and stated that Bernanke has been an “outstanding partner along with the White House in helping us recover much stronger than, for example, our European partners from what could have been an economic crisis of epic proportions.”

Obama’s comments come amid heightened speculation that Bernanke plans to announce his retirement before the end of his term. Bernanke’s announcement that he would miss the Fed’s annual Jackson Hole retreat in August was taken as an indication that he might be leaving his post, as was his joking aside in his commencement address to Princeton graduates in June that he had contacted the administration about the status of his leave from the university, where he had taught before joining the Fed.

President George W. Bush first appointed Bernanke to the Fed chair in 2006. Obama reappointed him in 2010, with the official end of the recession already past but with unemployment still near 10 percent. Bernanke’s second term has been defined by the Fed’s novel operations to boost employment, including the large-scale asset purchase programs known as QE2 and QE3 as well as other strategies.

Obama’s remarks about Bernanke took place the night before Federal Open Market Committee, headed by Bernanke, is scheduled to meet in Washington for a two-day conference to set monetary policy. Fed watchers have debated whether the meeting will mark the beginning of the Fed’s slowdown of its bond purchases through QE3.

 

[Zippyjuan]

Bernanke himeslf has said he wants to go at the end of his current term (January, 2014).

Article from 2012: http://www.outsidethebeltway.com/bernanke-likely-leaving-federal-reserve-in-2014/

But there is another wrinkle in the parlor game calculus: Ben Bernanke, the Federal Reserve chairman, is likely to need a successor, too. If Mitt Romney wins the presidency, he has already pledged he will replace Mr. Bernanke, whose term as chairman ends in January 2014, in just over 15 months. However, Mr. Bernanke has told close friends that even if Mr. Obama wins, he probably will not stand for re-election.

 

[TheTexan]

Next one's a woman ya?

 

[tsai3904]

Good opportunity for Rand to speak out on his Audit the Fed bill.

 

[Kords21]

meh, cut off one head and another one sprouts up. As Ron himself has said, Bernake isn't the problem, the problem is the Fed itself.

 

[TheTexan]

meh, cut off one head and another one sprouts up. As Ron himself has said, Bernake isn't the problem, the problem is the Fed itself.

IIRC, the woman who is likely to replace him is even more dovish than the 'Nank

Bullish for helicopters

 

[Kotin]

My response:


Who gives a shit? Damage done and just to be replaced by someone just as bad or worse.

Fun times.

 

[gwax23]

He wants out because he doesnt want to be at the helm during the coming crash.

 

[Danan]

He wants out because he doesnt want to be at the helm during the coming crash.

I'm actually concerned that people will call Bernanke "the last good Fed chairman" if his successor is in office when a huge crash occurs. Especially if his successor starts to tighten up monetary policy, like reducing the monthly QE.

In fact, if I were to believe in conspiracy theories, I'd fear that whomever Obama appoints will enact "contractionary" policy (at least relatively to now) in order to trigger the bust (higher interest rates meaning defaults across the board, from the unsustainable housing/mortgage sector to government debt). I really hope that doesn't happen and Bernanke's successor is going to be just as irresponsible as he is, or better yet even more irresponsible. At least until the crash occurs.

All those idiots running around blaming tight monetary policy for the economic crisis would probably cause my death, either because of an exploding stomach ulcer or a heart attack due to rage-inflicted high blood pressure.

 

[gwax23]

I'm actually concerned that people will call Bernanke "the last good Fed chairman" if his successor is in office when a huge crash occurs. Especially if his successor starts to tighten up monetary policy, like reducing the monthly QE.

In fact, if I were to believe in conspiracy theories, I'd fear that whomever Obama appoints will enact "contractionary" policy (at least relatively to now) in order to trigger the bust (higher interest rates meaning defaults across the board, from the unsustainable housing/mortgage sector to government debt). I really hope that doesn't happen and Bernanke's successor is going to be just as irresponsible as he is, or better yet even more irresponsible. At least until the crash occurs.

All those idiots running around blaming tight monetary policy for the economic crisis would probably cause my death, either because of an exploding stomach ulcer or a heart attack due to rage-inflicted high blood pressure.

haha yes these are all great points and things Ive thought about as well.

I think Bernanke has started to get a reputation though mostly because of people like Ron Paul, so I dont think he will come out of this unscathed regardless.

 

[jclay2]

I'm actually concerned that people will call Bernanke "the last good Fed chairman" if his successor is in office when a huge crash occurs. Especially if his successor starts to tighten up monetary policy, like reducing the monthly QE.

In fact, if I were to believe in conspiracy theories, I'd fear that whomever Obama appoints will enact "contractionary" policy (at least relatively to now) in order to trigger the bust (higher interest rates meaning defaults across the board, from the unsustainable housing/mortgage sector to government debt).

Don't worry, the market is expecting him to choose Janet Yellen. She is more dovish then the bernank if you can believe it.

Edit: Surprise surprise...She is the THIRD Jewish fed governor in a row!

 

[gwax23]

THIRD[/B] Jewish fed governor in a row!

and?

 

[bunklocoempire]

Saw part of that "interview" last night.

Transcript here- http://www.charlierose.com/download/transcript/12981

It was all a bunch of lies but this was my favorite lie last night (pretty much at the end):

CHARLIE ROSE: "The level of debt and all that."

BARACK OBAMA: "Well, here’s what I would say. Number one we’ve got to make
sure that we have an education system that is meeting the challenge of the
21st century; number two, that we’ve got a great infrastructure; number
three that our lead in research and development continues; number four that
we are ensuring that we’ve got a tax code that’s sensible and allows us to
grow; and number five, in addition to deficits and a stable fiscal system,
that we also have a country where the idea that anybody can make it if they
work hard and that there are ladders of opportunity and a middle-class is
growing, that that continues.

And, you know, one of the biggest challenges that I see -- along with some
things like climate change, by the way, that we haven’t had time to talk
about so far -- is the fact that we have recovered from the worst of the
crisis but the underlying problem -- which is growing inequality, wages and
incomes stagnant or even going down in some cases for middle-class
families, that trend line has continued. It’s not unique to America.
We’re seeing it worldwide. It’s partly because of globalization, partly
because of technology."

Global "problems" demand global "solutions".
New technology "problems" demand new technology "solutions".
This economy is just too big and new for the likes of lil' ol' Bernanke and the tiny ol' Federal Reserve.

I like how president *uck-stick deliberately switches/ignores cause and effect for however it suits him. Whatever you do, don't look at the Federal Reserve.

 

[Danan]

Don't worry, the market is expecting him to choose Janet Yellen. She is more dovish then the bernank if you can believe it.

She could raise interest rates (which would be followed by a crisis - a smaller one than what would eventually come if she didn't, but still) to prove the point of Keynesians that we should always have loose policy, at least as long as there is a crisis or else we're going to have an economic crisis. After that she could continue with unprecedented expansion and the critics would be silenced.

Edit: Surprise surprise...She is the THIRD Jewish fed governor in a row!

I don't see how that matters. Imho they could believe in old Greek gods as long as they do the right thing.

 

[Occam's Banana]

Edit: Surprise surprise...She is the THIRD Jewish fed governor in a row!

I don't see how that matters. Imho they could believe in old Greek gods as long as they do the right thing.

But ... but ... Joooos!!!

 

[anaconda]

meh, cut off one head and another one sprouts up. As Ron himself has said, Bernake isn't the problem, the problem is the Fed itself.

^This. I hope Rand adopts these talking points.

 

[anaconda]

BARACK OBAMA: "Well, here’s what I would say. Number one we’ve got to make
sure that we have an education system that is meeting the challenge of the
21st century; number two, that we’ve got a great infrastructure; number
three that our lead in research and development continues; number four that
we are ensuring that we’ve got a tax code that’s sensible and allows us to
grow; and number five, in addition to deficits and a stable fiscal system,
that we also have a country where the idea that anybody can make it if they
work hard and that there are ladders of opportunity and a middle-class is
growing, that that continues.

Can Obama ever say anything that is not some grandiose sophomoric generalization? Does he actually know anything? I have never heard him quote history, literature, the constitution, comparative political systems, etc., etc. He just says dopey sophomoric things like "American needs an infrastructure where green jobs become a reality." Or something silly like that.