Watch Bernanke Tesify LIVE

Bernanke's opening statement is here.  And you can watch it live at this link to CNBC or this one to CSPAN.  It's likely to be a grandstanding event for Congress.

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[DailyBail]

The following statement may be attributed to the Appraisal Institute's Bill Garber, Director, Government and External Relations. It is in response to today's comment by Lawrence Yun, National Association of Realtors chief economist, that the increase in existing home sales in May 'is less than expected because poor appraisals are stalling transactions. Some contracts are falling through from faulty valuations that keep buyers from getting a loan.'

"We take offense with the notion that an appraisal is only good if it happens to come in at the sales price. That mentality helped cause the mortgage meltdown to begin with. The fact that the value reflected in the appraisal does not match the sales price is not the fault of the appraisal but a result of the market today.

http://www.bizjournals.com/sanjose/prnewswire/press_releases/national/District_of_Columbia/2009/06/23/CG37287



Obama Bulks Up `Too Big to Fail’ With Steroids

http://www.bloomberg.com/apps/news?pid=20601039&sid=a05rHorIdIzg


Financial institutions in the City of London are in danger of reverting to the worst excesses of the recent past behind a "business as usual" attitude, the chairman of the Financial Services Authority warned yesterday.

http://www.independent.co.uk/news/business/news/banks-are-forgetting-lessons-of-crisis-already-warns-turner-1716001.html


This is an excerpt from a very long piece by JPMorgan economists which discussed management of the Federal Reserve balance sheet and various exit strategies from the array of unconventional policies which the Fed currently employs.

http://acrossthecurve.com/?p=6531

[Ain't Bullshittin']

I didn't know pigs could sweat....