Word: moneyitis
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These roots are sunk deep in two soils: a love for independent film and a lack of money. The festival, then called the U.S. Film Festival, began in Salt Lake City in 1978 as a way for founders Sterling Van Wagenen, John Earle and Cirina Hampton Catania to attract more filmmakers to Utah. Redford was its first board chairman. The inaugural event focused on retrospectives of classic American films, with a few awards given to new works. It was moderately successful, with long lines for screenings and a few high-profile panelists like actress Cicely Tyson, but the organizers were...
...that Bernanke has gotten us past the crisis, inflation hawks and doves alike are trashing him for unbalancing the Fed's "dual mandate" to stabilize prices and maximize employment. The mostly right-leaning hawks rail about Helicopter Ben, Zimbabwe Ben and the Villain of the Year, whose cheap printed money is driving us to hyperinflation. It's true that Bernanke drove interest rates down to zero and tripled the Fed's balance sheet to avert a depression; he has also bought more than $1 trillion worth of mortgage-backed securities to lower mortgage rates, boost housing prices and pull...
...doesn't he do something about it? Why talk so much about the eventual need to undo his extraordinary money-easing interventions and not at all about additional interventions? The mostly left-leaning doves believe that Bernanke, as bold as he was during the crisis, is now being outrageously cautious. They want him to buy even more mortgages and pump even more liquidity into the economy. They would welcome a little inflation, which could make Americans feel a bit poorer but could also encourage lenders and investors to put more money to work rather than hoarding it. Some of them...
...spent nearly six hours with Bernanke for TIME's Person of the Year story, and I asked versions of the "Now what?" question a dozen times. Bernanke always left wiggle room, but he made it clear that he basically intends to stay the course. After pouring unprecedented money into the financial system to try to revive the economy, he has no plans for additional monetary stimulus because he doubts it would create many jobs. He also made it clear that he's in no hurry to start pulling money out of the economy to try to fight inflation because...
...that he doesn't seem to think that pouring more cash into the banking system would generate many jobs, because liquidity is not the current problem. Banks already have reserves; they just aren't using them to make loans and spur economic activity. Bernanke thinks injecting even more money would be like pushing on a string...