Tag Archives: Ben Bernanke

Financial Services Committee Rep Alan Grayson laughs at Ben Bernanke

Rep. Alan Grayson (D)  Fla. laughed at Federal Reserve Chairman Ben Bernanke during his questioning before the House Financial Services Committee.

The US Congressman from Florida , Alan Grayson focused on the Fed’s handouts to Foreign Central Banks. These “Central Bank Liquidity Swaps” rose from a total of $24 Billion at the end of 2007, to over $553 Billion by the end of 2008.

Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other counries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Grayson: “Half a Trillion Dollars and you don’t know , Who Got the Money?”

Grayson: “Well, look at the next page – the very next page has the US Dollar nominal exchange rate, which shows a 20 percent increase in the US Dollar nominal exchange rate at exactly the same time that you were handing out Half a Trillion Dollars. You think that’s a Coincidence?”
Bernanke: “Yes.”
Grayson: “hah-hah

Is Anyone Minding the Store at the Federal Reserve? The Question of the Day: ” SO WHO GOT THE MONEY? ” – Alan Grayson

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Dow Down 766 Points GM near BK per Jim Cramer

Recession news had the Dow dropping another 766 points, the second-largest point loss ever. This wiped out almost all of Mondays Sucker Rally of 936 points, the greatest one-day rise ever.

Mad Money Jim Cramer has stated that GM is almost certain to file for bankruptcy.

The credit crunch is destroying wealth and making it difficult for middle class customers to buy.

Ben Bernanke says more difficulties lie ahead for the US economy.

The Beige Book by the Federal Reserve reported a shaky economy and RECESSION, with retail sales plunging in September by 1.2 %, double the 0.7 percent drop analysts expected.

DJIA took another Beating Today. Buckle up. It’s going to be a bumpy ride in these very uncertain times.

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