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Words can hurt. That's a lesson Ben Bernanke learned not long after being confirmed in January 2006 as the head of the U.S. Federal Reserve. At a Washington dinner a few months later, Bernanke responded to a question from CNBC anchor Maria Bartiromo, who asked whether the media and financial markets were right to think that he had signaled the Fed was done raising interest rates. "He said, flatly, no," she reported on her program at about 3:15 p.m. the following Monday, causing stock prices to drop sharply before the market closed. He called that move a mistake...
...expect people to unite behind you if you're trying to jam a whole bunch of things down their throat." The oracle's verdict was quickly endorsed by Jack Welch and Andrew Grove, retired CEOs of General Electric and Intel, respectively. And from Federal Reserve Chairman Ben Bernanke came this measured nudge: "Until we stabilize the financial system, a sustainable economic recovery will remain out of reach." (See 25 people to blame for the financial crisis...
...FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no more Lehmans, then inevitably you wind up guaranteeing the banks' debts," said John Hempton, a money manager and former Australian treasury official whose Bronte Capital blog has become another crisis must-read. That is, an orderly reorganization of the financial system in which creditors make sacrifices would be great...
...Others seem to be coming around to the banking industry's position. On Tuesday, Federal Reserve Chairman Ben Bernanke said he would support changes in pricing illiquid assets. Also this week, investor Warren Buffett said in a CNBC interview that he would favor suspending the mark-to-market rules. Even the Securities and Exchange Commission (SEC), which has long backed these rules, recently asked the Financial Accounting Standards Board (FASB), a private group based in Norwalk, Conn., that sets accounting rules in the U.S., to look into the matter. FASB spokesman Neal McGarity says his organization is doing that...
...Bayh, who along with Nebraska Democrat Ben Nelson and Connecticut independent Joe Lieberman is one of the so-called Gang of 15, a coalition of moderate Democratic Senators, says it's all about the message: everything should circle back to the perilous economy. "Like getting health-care costs under control is important to the economy, and getting the deficit down," he says. "Sustainable sources of energy at reasonable prices is also important to the economy. Dealing with the financial crisis is obviously important to the economy. So what needs to be done is, Obama's got to move...