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NEWS ABOUT: Ben Bernanke

Fed Leaves Rate at Record Low

Says it wants to foster recovery

(AP) - The Federal Reserve today held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown... More »

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as... More »

Rahm Leads List of DC Power Hitters

Gates No. 2 in poll of the capital's most powerful people, from pols to stylists

(Newser) - Scratch the names Obama and Biden from the list and it's Rahm Emanuel who carries the most clout in a city packed with power-brokers, according to a GQ poll of Washington insiders. The "ruthlessly pragmatic" White House chief of staff is a lot more than just a gatekeeper to... More »

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly... More »

Dow Drops 81 Despite Fed News

Oil prices tumble $2.79

(Newser) - After an initial boost off the Fed's cautiously optimistic announcement and decision to leave interest rates unchanged, stocks fell late in the session, the Wall Street Journal reports. Crude oil tumbled $2.79 to $68.53 a barrel, driving sell-offs in energy stocks that in turn depressed the major indices.... More »

Fed Holds Rates Steady, Says Economy 'Picked Up'

(AP) - The Federal Reserve today decided as expected to hold a key bank lending rate at a record low near zero and pledged to keep rates there "for an extended period." The Fed also declared that "economic activity has picked up following its severe downturn" and said it... More »

8 Days That Shook the Financial World

James Stewart on the week that Lehman failed, and meltdown loomed

(Newser) - James Stewart’s reconstruction of the 8 nail-biting days, a year ago, in which the federal government stepped in to stop the collapse of the world financial system—published in the New Yorker this week, just as Fed chief Ben Bernanke was declaring the recession officially over—makes riveting, tense... More »

Dow Up 56 on Bernanke, Retail

'Clunkers' boosts sales, NY manufacturing up

(Newser) - Stocks posted solid advances after Ben Bernanke said it was “very likely” that the recession is over, the Wall Street Journal reports. Economic reports showed retail sales gaining 2.7% last month, largely because of the “Cash for Clunkers” program, while the Fed’s index of NY manufacturing... More »

Bernanke: Recession 'Very Likely Over'

(AP) - Fed chief Ben Bernanke said today that the worst recession since the 1930s is "very likely over at this point." However, "it's still going to feel like a weak economy for some time," he warned, and unemployment will almost certainly rise. He spoke today to the... More »

Fed Has Field of Economics in Its Pocket

Central bank keeps vast number of thinkers on the payroll

(Newser) - The Federal Reserve has essentially bought out the economics profession, writes Ryan Grim in a Huffington Post investigation. The Fed employs or contracts with so many economists that it's a "career liability" for any independent-minded one to criticize policy, writes Grim. This might explain why the Fed has largely... More »

ID-Theft Ring Victimized Bernanke

Thieves used pickpocketed IDs, checkbooks for fraud

(Newser) - No less a public figure than the chairman of the Federal Reserve was one of 500 individuals victimized by an identity-theft ring that combined technologically sophisticated methods with old-fashioned thievery to bilk $2.1 million from consumers and financial institutions, Newsweek reports. The ringleader of the group, Clyde Austin Gray... More »

Bernanke's Next Challenge: Undoing His Own Work

Rate cuts, other moves must eventually be reversed

(Newser) - In his first term as Fed chairman, Ben Bernanke played the role of savior, lending hundreds of billions to banks and businesses, backing the mortgage market, and cutting interest rates. In his second, Bernanke will have to turn “strict disciplinarian,” reversing earlier moves to respond to a massive... More »

Obama Nominates Bernanke for 2nd Term

Prez: he 'approached a financial system on the verge of collapse with calm and wisdom'

(Newser) - President Obama has nominated Ben Bernanke for a second term as Federal Reserve chairman, saying Bernanke “led the Fed through the one of the worst financial crises that this nation and this world have ever faced,” the AP reports. “Ben approached a financial system on the verge... More »

Obama Wants 2nd Fed Term for Bernanke

(Newser) - President Obama will nominate Ben Bernanke for a second term as chairman of the Federal Reserve, the Wall Street Journal reports. Obama, who will make the announcement tomorrow, credits Bernanke with “pulling the economy back from the brink of depression,” White House chief of staff Rahm Emanuel said... More »

Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

Bernanke: Hero on Wall Street, Despised in Congress

(Newser) - Ben Bernanke can expect a standing ovation from economists at a Fed retreat in Jackson Hole today—for the financial establishment, the Fed chairman is a superhero, hailed for his aggressive, unprecedented actions to stem the worst crisis in generations. Yet on Capitol Hill he's far less popular, and the... More »

Change the Fed, Keep Bernanke

(Newser) - The Federal Reserve is ripe for some major changes everywhere but at the top, Steven Pearlstein writes for the Washington Post. It's finally clear that the job "involves a lot more than adjusting interest rates," and we've seen the drain that happened when we "left the previous... More »

Economists: Recession's Over, Bring Back Bernanke

(Newser) - Economists give Ben Bernanke a big hug in a new Wall Street Journal survey. Most declare that the recession is over and nearly all in the group of 53 think President Obama should keep Bernanke in charge of the Fed when his term expires in January. Twenty-seven economists say the... More »

Reappoint Bernanke: Krugman

(Newser) - If there’s any justice, Ben Bernanke will get another go-around at the helm of the Federal Reserve, Paul Krugman tells Bloomberg. “He’s earned the right to a second term,” the Nobel laureate says. “When the banking system failed to deliver capital where it was needed,... More »

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

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