Tag Archives: Bernanke

Bernanke’s Economy

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Bad news for the economy is good news for Wall Street these days.

Yesterday Bernanke announced it was too early to taper off on his greenback spinning wheel. He’ll continue to pump $85 billion per month into the sluggish economy through quantitative easing. The magic money is conjured up when the Fed buys Treasuries and mortgage backed securities.

The sorcerers on Wall Street were pleased and stocks hit record highs.

Rumpelstiltskin

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Rumpelstiltskin spun gold out of straw. Fed chief alchemist Bernanke spins dollars out of…I have no idea. But Wall Street somehow¬†got the idea that he was thinking of not doing it any more and didn’t like it one bit.

 

The New QE3

Bernanke has stopped printing federal money. Obama has begun pumping federal oil.

Mum on Merrill

090502bokloresBank of America shareholders are not happy about being infected by Merrill Lynch’s toxic assets. ¬†Ken Lewis, the fired chairman, says Paulson and Bernanke pressured him to keep Merrill Lynch’s sickly condition secret while Bank of America acquired it. Here’s a story in Forbes and here is a WSJ editorial.