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FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS CHAIRMAN BEN BERNANKE'S TESTIMONY AS PREPARED FOR DELIVERY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE

Article from: Political Transcript Wire Article date: November 18, 2008

CHAIRMAN BERNANKE'S TESTIMONY AS PREPARED FOR DELIVERY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE, AS RELEASED BY THE FEDERAL RESERVE

NOVEMBER 18, 2008

SPEAKER: FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS CHAIRMAN BEN BERNANKE

[*] BERNANKE: Chairman Frank, Ranking Member Bachus, and other members of the Committee, I appreciate having this opportunity to review some of the activities to date of the Treasury's Troubled Asset Relief Program, or TARP, and to discuss recent steps taken by the Federal Reserve and other agencies to support ...

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Without Bailout, Recession Likely: Bernanke

Posted Sep 23, 08 2:47 PM CDT in Politics,  Business 

Without Bailout, Recession Likely: Bernanke
Source: AP Photo

(AP) – Ben Bernanke bluntly warned Congress today that they risk a recession if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry. "The financial markets are in quite fragile condition and I think absent a plan they will get worse," Bernanke said, warning that failed credit markets would lead to more job losses, foreclosures and GDP contraction.

The atmosphere was far from chummy in the Banking Committee hearing. "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," said Rep. Joe Barton. Added fellow GOP Rep. Darrell Issa, "I am emphatically against it." Despite expressions of unhappiness in both parties, the prospects for legislation seemed strong, with lawmakers eager to adjourn this week or next for the elections.

More about:  Financial Crisis • bailout • Ben Bernanke • Senate Banking Committee

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Tough Sale: Paulson, Bernanke Can't Sway Critics


Washington Post Washington Post Sep 23, 08 6:21 PM CDT
(Newser) - Henry Paulson and Ben Bernanke ran into a bipartisan buzzsaw of criticism and skepticism during a 5-hour pitch for their massive bailout plan on Capitol Hill today, the Washington Post reports. Afterward, Sen. Chris Dodd, the Democratic chair of the Senate's banking panel, flatly declared the plan "unacceptable." And Sen. Richard Shelby, the panel's ranking Republican, suggested that Congress pursue "some alternatives." More »

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Wrangle Over $700B Bailout Heats Up

Lawmakers seek pay caps, homeowner help, as doubts mount

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(Newser) - Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in firms they bail out, and the White House wants flexibility. Some are demanding a cap on the pay of top executives whose firms are rescued. More »

More about:  Financial Crisis • Congress • bailout • Federal Reserve • credit crisis • subprime crisis • US economy • Ben Bernanke • Senate Banking Committee • John Paulson

Paulson, Bernanke Defend Bailout Before House

Money for Detroit isn't the 'purpose' of the bailout: Paulson

Associated Press Associated Press Nov 18, 08 11:00 AM CST
(AP) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy behind the rescue. More »

More about:  Financial Crisis • bailout • Henry Paulson • Ben Bernanke • credit market • Troubled Asset Relief Program • House Financial Services Committee


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