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"The Bernanke" goes LIVE!
4/27/11: The Federal Reserve Chair, Benjamin Bernanke held his first live news conference:
FOMC HOLDS FED FUNDS RATE TARGET AT 0.25% (AS EXPECTED); LIKELY TO REMAIN LOW FOR AN EXTENDED PERIOD- Unanimous vote by all Federal Reserve Bank Chairs.
Just so we understand what is going on here: the Federal Reserve Banks are private institutions telling our Federal Reserve they need more cheap (0.25%)* money ad infinitum. Why? Because without our tax dollars propping them up, despite record profits just recorded, they would fail and bring our houses down without a very long trough to keep their wheels spinning.
This analogy offered by a Bloomberg TV speaker today: It's almost as if your Model T is in a ditch and your farrier arrived with horseshoes and could not fix the problem.
One might ask: what would happen if the banks stopped getting such cheap money? What calamity exactly are we afraid of here?
From The Fed:
Bernanke reaffirmed his intention to end treasury purchases in June now - Since inflation has picked up in recent months, the Fed is prepared to 'adjust holdings' to keep the financial markets afloat.Surprising to me is that Mr. Bernanke anticipates that economic conditions are likely to warrant exceptionally low levels for the ... more

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