Have you seen these Bernanke photos? They're from a slideshow put together by Time Magazine.
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Bernanke pulls a QE2 bait and switch...
Last November, after it started to become apparent that rates were moving in the wrong direction, Bernanke pulled a QE2 bait-and-switch, defending quantitative easing on other grounds:
- "This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion."
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QE2 for dummies...
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Related story...
See more photos from Time Magazine's intimate look at the Fed Chairman...
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