Busted: Bankers and The Global Economy

August 2, 2008

January 17, 2008

The Federal Reserve: Banking is Dirty Work

“Too many bubbles have been going on for too long…The Fed is not really in control of the situation.” Former Federal Reserve Chairman Paul Volcker admits the economic situation in the U.S. is out of control. Federal Reserve Bankers are generally secretive and like to speak “off the record”. When they speak, it is because they feel confident in what they say and can safely trust their judgment.

bernankenigelparry.jpgThe “new” Federal Reserve Chairman Ben Bernanke is cautious in what he says. According to the press, most of his interviews are “off the record”. After years of following what the Fed says, I have noticed that quotes are generally pretty vague in nature and typically news that is readily admitted after the fact. In a speech to the Women in Housing and Finance and Exchequer Club in Washington, D.C., Bernanke said the Fed was concerned about oil prices, housing issues and other threats to the economy. The Fed would be watching carefully and ready to act quickly. The New York Times surmised that concrete statements aren’t really Bernanke’s strong suit. Playing it safe in public is what the Society of Bankers (more…)

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