Ben Bernanke - Articles - Zimbio

This Week In Mortgage News

Mon, 22 Jul 2008 04:04:57 GMT

posted by scottpasinski

This week will be interesting for the bond market and mortgage rates. There are five remaining economic reports scheduled for release, but only one of them is considered to be of high importance to the markets. With data being posted all but one day of the week, we may see some noticeable fluctuations from day to day in mortgage pricing. Generally speaking, despite the lack of a data-packed calendar, I would still maintain constant contact with your mortgage professional.

Interest rates remained volatile last week as worries about inflation continued to influence the mortgage market. Comments from the Federal Reserve indicated that the current rate of inflation is above desired levels. When the Fed is concerned about inflation, they tend to raise interest rates. We recommend locking now before they go up.

Inflation data continues to hammer headlines and our wallets. News this week demonstrated what we have all been feeling; prices are higher at the pump, the grocery store and anywhere else you use your debit card. Interest rates trade off of bond prices and bonds HATE inflation. Coupled with this is concern about a declining economy which could hold rates back a bit, but the overall trend is higher for those seeking a mortgage in coming months.

Volatility being what it is these days, mortgage rates bounce around a lot. Upward pressure for rates one day gives way to downward pressure the next, only to succumb to upward pressure again.

The see saw between concerns about growth and fears about inflation tilted toward the inflation side again this week, after Fed Chairman Ben Bernanke addressed Congress in the semi-annual report on monetary policy. While detailing the challenges facing the economy, Bernanke noted that inflation was above desired levels and that upside risks for higher prices have “intensified” lately. A Fed seeing higher inflation usually can be expected to react with an upward move to the Fed Funds and Discount Rates at some point in the not-too-distant future. In fact, the Federal Reserve Open Market Committee explicitly noted at its last meeting that “with increased upside risks to inflation and inflation expectations, members believed that the next change in the stance of policy could well be an increase in the funds rate.”

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C-SPAN-Wed July 16th 10AM EST: Bernanke vs Ron Paul

Tue, 16 Jul 2008 10:30:35 GMT

posted by pc93

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« BreakTheMatrix: Accountability Now - Our Action Against FISA! | Main | RonPaulJournal Wows Em »

Posted July 16th, 2008 by Michael Nystrom

Federal Reserve Chairman Ben Bernanke continues with his semi-annual testimony before Congress Wednesday morning. Bernanke will face Dr. Paul and the Congressional Committee on Financial Services on Wednesday July 16 at 10:00 a.m. EDT. Be sure to tune in on CNBC, Bloomberg, or CSPAN. To watch online, tune into CSPAN.org.

It was six and a half years ago that I first saw Ron Paul, live on CNBC, during Greenspan’s February 2002 Monetary Policy Report to Congress. Dr. Paul began by comparing the US financial system to Enron! I simply could not believe my ears. Here is an excerpt of the exchange:

Ron Paul to Greenspan (2/27/2002): In many ways I feel that the system you have been asked to manage is similar to being asked to manage an Enron system, because Congress is notoriously in favor of deficit spending. We are currently expanding the national debt at $250 billion per year, and we have nearly a $6 trillion debt. Now we create that debt by buying votes. We spend a lot of money....

Truer words were never spoken. I realized immediately that Dr. Paul was a bona fide hero for going head to head with the then near god-like figure of Greenspan. I was so impressed that I transcribed the whole exchange from CSPAN's video system later that evening (there was no YouTube back then, kids). The complete transcript of that exchange remains, for posterity’s sake on my super old blog, Depression2.tv.

Some things have changed in those 6-1/2 years, and some have not. Greenspan is gone from the scene and mostly disgraced, but Ron Paul is still here and more respected than ever. The national debt has grown by over 50%, and is now closer to $9.5 trillion! And as recent events indicate, we're that much closer to a systemic financial crisis.

When I think of how I randomly heard Dr. Paul that morning on live TV, I can’t help but wonder how many new supporters he'll pick tomorrow, and how far that influence will extend. Be sure to tune in, and let your friends know.

http://www.dailypaul.com/

July 16, 2008 in Current Affairs | Permalink

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Leo Emil Wanta / Wantagate Links

Addressing a Fed conference in Chatham, Mass., on Monday night, Bernanke said a government report last week showing the unemployment rate rising from 5 percent in April to 5.5 percent in May - the biggest one-month jump in two decades - was "unwelcome." However, the Fed chief said other forces should "provide some offset to the headwinds that still face the economy."

The Fed's powerful doses of interest rate cuts, the government's $168 billion stimulus package, further progress in the repair of problems in financial and credit markets, a gradual ebbing of the drag from the deep housing slump and still solid demand from abroad for U.S. exports should help the economy over the remainder of this year, he said.

Although economic activity is "likely to be weak" during the current April-to-June quarter, Bernanke said "the risk that the economy has entered a substantial downturn appears to have diminished over the past month or so." READ MORE

SUBPRIME IS CONTAINED!!! MORON.

Ron Paul on Bernanke’s testimony

Sun, 21 Jul 2008 21:07:46 GMT

posted by markworstell
Ron Paul talks about Fed chairman Ben Bernanke’s testimony in front of the House Financial Services Committee yesterday. Our economy faces enormous difficulties and one of the biggest culprits...

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Federal Reserve Chairman, Mr. Bernanke, On US Economy

Mon, 22 Apr 2008 02:53:00 GMT

posted by glen1

Yes, as you’ve noticed, I’ve been away a bit. You guys didn’t get too lonely did ya? I’m OK, I‘ve just been busy, busy, busy...but I’m back now and here’s the scoop: The economy is in bad shape. I hope that bit of top secret info didn’t cause you guys too much shock, they(the Feds, etc.) have pulled the wool over our sweet little sheep eyes again. I remember hearing the Federal Reserve Chairman, Ben Bernanke, say in the latter part of last year that we were not in for a recession, but I knew from the looks of things - jobs, gas, housing - that oh yes, we were in a recession in 2007 and certainly now in 2008 - the Feds always have a way of hiding the truth. It’s called lying, oh my, such a dirty word. You mean the federal government, our fine and distingished statesmen lied to us. Why treat us like this, we sheep haven’t done anything wrong, we’re always good little blind and nieve creatures...Why?...Why?...Why?

America might be the “promise land” but we don’t always get everything we’re promised. Mr. Ben Bernanke , our beloved Fed Chairman, has finally admitted what most of us knew all along - we are in - okay, we are heading in the direction of a recession. Whoo...I think I need to wipe my face after that one. You would have thought Federal Reserve Chairman, Ben Bernanke was pulling teeth - but whose teeth, ours or his? Any way folks, we going to be alright. Right?

Of course, I must, I must, it’s my solemn duty to leave you with some bountiful, uplifting thoughts to lighten your load. Even though our most honored and respected Federal Reserve Chairman, Ben Bernanke has given us some rather foil news - we must not let that send our minds and hearts into a pessimstic dungeon. This is a first time we have experienced quite a few times before, a recession, a downturn in the economy, and surely it won’t be the last. This United States of America will make it through these somewhat turbulent times and each and everyone of us loyal sheep will take our part in this country’s recovery. We will make, we will make it. We all should focus on what we as single individuals can do to make America, our glorious country, what it has always been - The world’s strongest nation. Stand up and salute this wonderful place called the “United States of America”. I leave you all with this.