List of Bernanke Bloopers

[Swizzled]

 

I wish we could hold people on CNBC to their daily predictions.  Poor Bernanke actually has people keeping score.

 

http://www.gurufocus.com/news.php?id=115285

[Hawk4value]

As Jim Rogers has said many times, Bernanke has gotten it wrong every time. And yet our gov't keeps rewarding him with continuing employment. The same behavior in the private sector would have caused him to be kicked out on his butt.  Clearly Bernanke is an academic with no practical sense or understanding of economic realty. The fact that our gov't would have such a person in a most critical position is very disturbing. Furthermore, what does this say about the people up top that are running the gov't, i.e. Obama, etc. I say its the blind leading the blind. 

[Guest dealraker]

Hawk,

 

I'd like to believe your statement is true except a two bank presidents in my neighborhood whose institutions have now gone to the pink sheets (stock prices are below 50 cents from both being over $20) have been on the front page of the newspaper.  Both have jobs now as presidents of colleges.  You may find it predictable that a couple of the board members of both colleges are also local bank board members of banks still humming along.

 

We have a culture now of insiders/outsiders.  Insiders know what keeps them there and they of course pick on those without connections.  This world is all about connections.

 

Ken Thompson of Wachovia is now the head of a syndicate that is buying large percentages of local banks.  I had a local bank board member tell me that his net worth is one hundred million.

 

I think many of those who in the past told more accuate stories are either afraid to do that now or they have just grown tired of trying to rectify anything at all.  Just go with the flow.

 

I find it amazing that Barnanke grew up here in NC is such a humble way and he has such a high IQ - yet is such a bumbling sort of guy.  Hie is truly a financial infant.

 

 

[Myth465]

As Jim Rogers has said many times, Bernanke has gotten it wrong every time. And yet our gov't keeps rewarding him with continuing employment. The same behavior in the private sector would have caused him to be kicked out on his butt.  Clearly Bernanke is an academic with no practical sense or understanding of economic realty. The fact that our gov't would have such a person in a most critical position is very disturbing. Furthermore, what does this say about the people up top that are running the gov't, i.e. Obama, etc. I say its the blind leading the blind. 

 

Lol who in Wallstreet was truly kicked out and hasnt found another gig? Failure is simple awarded in America, public and private (if you are high enough).

[Uccmal]

I think if anyone criticizes Bernanke they need to present viable alternatives. I think he and the FRB are trying to do the best they can with limited ammo, and incomplete information.  The last worldwide balance sheet recession occurred before most of our present system existed at all.

 

Did the FRB fuel the housing bubble.  Maybe.  But it started well before Bs time.  I would suggest it began with the western world (average people)becoming addicted to debt when B was a teenager.  It is going to take some years to reverse the whole mess.

 

As for Rogers, he is just a noisy buffoon.

[Guest]

Buffett has backed him in the past. I'm not sure if he is just being nice and trying to build confidence or what.

 

http://blogs.wsj.com/deals/2010/01/22/buffett-predicts-chaos-if-bernanke-is-not-re-confirmed/

[twacowfca]

I think if anyone criticizes Bernanke they need to present viable alternatives. I think he and the FRB are trying to do the best they can with limited ammo, and incomplete information.  The last worldwide balance sheet recession occurred before most of our present system existed at all.

 

Did the FRB fuel the housing bubble.  Maybe.  But it started well before Bs time.  I would suggest it began with the western world (average people)becoming addicted to debt when B was a teenager.  It is going to take some years to reverse the whole mess.

 

As for Rogers, he is just a noisy buffoon.

 

Agree.  Bernanke has had to play the hand he was dealt.  It's unrealistic to expect any more from the Fed than what they accomplished:  halting an asset deflation affecting almost everyone's pocketbook before it gridlocked the economy and bankrupted every person and corporation dependent on credit.

 

Atempting to restrain a huge bubble through monetary tightening alone, precipated the 1929 crash.  Continuing that policy turned a potential recession into the great depression.

 

The Fed policy of excessive accomodation was a contributing factor to the bubble preceding the current recession.  But the requirement for banks to judge risk by ratings assigned by a government mandated olligopoly was like a fatal flaw in architectural blueprints.  Then, the promotion of regulatory laxity by congress and the administration allowed a bootleg  brew to ferment and led financial institutions to sell and even drink their own toxic radiator antifreeze hooch.