Bernanke Sworn In For Second Term (Bah-Bah)
In a private ceremony yesterday, Ben Shalom B-52 Zimbabwe Weimar Helicopter Monetizer Bernanke was sworn in for his second term as Overlord Chairman of the Federal Reserve Bank of the United States of American Idol.
There are neither photos nor footage (the Senate sheep wouldn't stay still). We have his official statement and a short clip of Steve Liesman discussing the ceremony, plus a special video moment between Zimbabwe and Grayson.
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Video: CNBC's Steve Liesman on Bernanke.
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Video: Alan Grayson torches Bernanke on foreign currency swaps (must see).
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Chairman Ben S. Bernanke
At the Ceremonial Swearing-In, Federal Reserve Board, Washington, D.C.
February 3, 2010
Swearing-In Ceremony Remarks
It is with considerable gratitude and not a little humility that I begin a second term as Chairman of the Board of Governors. I thank President Obama for the confidence he has shown in me by renominating me and the members of the Senate for confirming my nomination.
The past four years have been an extraordinary time. In many respects, this period has shown this institution at its finest, as we moved rapidly, forcefully, and creatively to confront the deepest financial crisis since the Great Depression and help prevent a looming economic collapse. This swift and effective response would not have been possible without the remarkable dedication, professionalism, and personal sacrifices of the Federal Reserve staff. I would like to express my deep appreciation to all of you for your creativity and hard work. America and the world owe you a debt of gratitude.
At the same time, this institution, like our country, faces enormous challenges, challenges that will demand continued commitment and professionalism from staff members in every division.
On the economic front, the resumption of growth in the nation's output of goods and services is encouraging. But far too many people remain unemployed, foreclosures continue at record rates, and bank credit continues to contract. We at the Federal Reserve cannot hope to solve all these problems on our own--other policymakers and those in the private sector must do their part--but we must continue to do all that we can to ensure that our policies are helping to guide the country's return to prosperity in an environment of price stability.
At the Federal Reserve and other agencies, the crisis revealed weaknesses and gaps in the regulation and supervision of financial institutions and financial markets. Working together, the Fed staff and the Board have made considerable progress in identifying problems and improving how we carry out our oversight responsibilities. We are restructuring our supervisory framework, for example, to incorporate a more systemic, multidisciplinary perspective. We are engaging with international colleagues to develop tough, comprehensive regulations to promote the safety and soundness of financial institutions, and we have developed and implemented strong new protections for consumers. We will continue to work with the Congress to develop an effective, comprehensive reform of financial regulation. As we move forward, we must continue to do all that can be done to ensure that our economy is never again devastated by a financial collapse.
The Federal Reserve has been granted, both in law and in political tradition, considerable independence and autonomy. That independence serves important public objectives. Critically, it allows the Federal Open Market Committee to make monetary policy in the longer-term economic interests of the American people, rather than in the service of short-term political imperatives. It also allows the Federal Reserve to make supervisory decisions based on the facts of each case and the need to preserve financial stability, not on the basis of political considerations. In the interest of maintaining public confidence and promoting economic and financial stability, we must continue to protect our independence.
At the same time, in a democratic society like our own, institutional independence brings with it fundamental obligations of transparency, responsiveness, and accountability. The Federal Reserve is already one of the most transparent and accountable central banks in the world, providing voluminous information and explanation concerning all of its activities. However, I believe that we should be prepared to do even more, to become even more transparent. It is essential that the public have the information it needs to understand and be assured of the integrity of all our operations, including all aspects of our balance sheet and our financial controls. We will continue to work with the Congress to ensure maximum transparency of America's central bank, without compromising our ability to conduct policy in the public interest.
These are just some of the challenges that we will all face in the coming months and years. I thank you for the many expressions of support I received during the confirmation process, for your hard work and dedication, and for your service to your country. I look forward to continuing to work with all of you to strengthen our economy and to make the Federal Reserve as effective as it can possibly be in advancing the economic wellbeing of all Americans. Thank you.
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Feb 5, 2010 at 3:47 AM
Reader Comments (11)
Bernanke Vows to Defend Fed Autonomy at Swearing-In Ceremony
Alan Grayson: "Which Foreign Banks Got The Fed's $500 Billion?" Bernanke: "I Don't Know." (Video 7-21-09)
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has a transcript to go with the video...
Burnett and Liesman are more concerned about the secrecy of a 5 minute swearing in than about the massive QE and off balance sheet transactions from last year.
WHEW!
And now please contiinue COLLAPSING
Your Friend (NOT)
Osama
* FEBRUARY 4, 2010
GOP Chases Wall Street Donors
Data Show Fund-Raisers Begin Capitalizing on Bankers' Regret Over Backing Obama
http://online.wsj.com/article/SB20001424052748703575004575043612216461790.html
DEMON-RATS OR REPO-CONS
WE ARE BANGED
LOL
REVOLT COWARDS NOW...
WEB RANTS ARE A JOKE NOW..............
Fury at Wall St. Banks Fuels Public Action for Move Your Money Campaign
The banking behemoths have used our dollars to destroy our economy. The Move Your Money campaign says we don't have to wait for financial reform to fight back.
http://www.alternet.org/economy/145541/fury_at_wall_st._banks_fuels_public_action_for_move_your_money_campaign
* FEBRUARY 4, 2010
GOP Chases Wall Street Donors
Data Show Fund-Raisers Begin Capitalizing on Bankers' Regret Over Backing Obama
http://online.wsj.com/article/SB20001424052748703575004575043612216461790.html
DEMON-RATS OR REPO-CONS
WE ARE BANGED
In a speech on Milton Friedman's ninetieth birthday (November 8, 2002), Bernanke said, "Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna [Schwartz, Friedman's coauthor]: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again." Anna Schwartz however is highly critical of Bernanke and wrote an opinion piece on New York Times to advise President Obama against his reappointment to Chair of Federal Reserve. [21] Bernanke focused less on the role of the federal reserve, and more on the role of private banks and financial institutions[22]. Bernanke found that the financial disruptions of 1930-33 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand, identifying an effect he called the financial accelerator. When faced with a mild downturn, banks are likely to significantly cut back lending and other risky ventures. This further hurts the economy, creating a vicious cycle and potentially turning a mild recession into a major depression.[23]
This same Wikipedia article states that Bernanke “was also an All-State saxophonist, playing in the school’s marching band.”
We know that Alan Greenspan played saxophone in a band with Stan Getz.
If anything is clear, to avoid bubbles and recessions we should prevent Jewish saxophone players from becoming head of the Federal Reserve.