Entries Tagged as 'Ben Bernanke'

Criticizing Holder is Not Racist

December 20th, 2011 at 12:59 am 77 Comments

In a New York Times piece ostensibly characterizing Eric Holder’s Justice Department tenure as tenacity in the face of partisan beligerence, the US Attorney General gives opponents the equivalent of manna from Heaven: “This is a way to get at the president because of the way I can be identified with him…both due to the nature of our relationship and, you know, the fact that we’re both African-American.”

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The Hobgoblin of Little Minds

David Frum September 21st, 2011 at 10:29 am 33 Comments

At the end of the 1980s, the US was hit by a severe financial shock: the Savings & Loan crisis. I’ll spare you the antique details of the crisis, but in 1990 the US found itself looking at perhaps $200 billion in federally insured bad loans by the failed S&L industry. The economy slipped into a recession, nothing like so severe as the present-day recession, but bad enough.

Soon afterward, Saddam Hussein invaded Kuwait, shocking global oil prices.

Responding to the crisis, the Federal Reserve rapidly and repeatedly lowered interest rates. It cut the Federal Funds rate 18 times between 1990 and 1992, reducing it from 8% to 3%. These bold monetary actions failed however to produce recovery on a timetable to gain re-election for President George HW Bush.

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Bernanke Gives Some Good News

David Frum July 13th, 2011 at 12:14 pm 20 Comments

Some good news in Ben Bernanke’s testimony today:

On the positive side, household debt burdens are declining, delinquency rates on credit card and auto loans are down significantly, and the number of homeowners missing a mortgage payment for the first time is decreasing.

Continuing on the brighter side:

Two bright spots in the recovery have been exports and business investment in equipment and software. Demand for U.S.-made capital goods from both domestic and foreign firms has supported manufacturing production throughout the recovery thus far. Both equipment and software outlays and exports increased solidly in the first quarter, and the data on new orders received by U.S. producers suggest that the trend continued in recent months. Corporate profits have been strong, and larger nonfinancial corporations with access to capital markets have been able to refinance existing debt and lock in funding at lower yields. Borrowing conditions for businesses generally have continued to ease, although, as mentioned, the availability of credit appears to remain relatively limited for some small firms.

The Headlines Review

August 30th, 2009 at 8:10 pm Comments Off

Napoleon Linardatos presents a humorous take on today’s headlines.


“As Internet Booms, the Postal Service Fights Back”

-New York Times, 08.28.09

The U.S. Postal Service plans to start its own email service. The users of the service will be able to send and receive emails every day except Sunday.


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“Bernanke Victimized by Identity Fraud Ring”

-Newsweek, 08.25.09

The Federal Reserve Chairman, Ben Bernanke, became suspicious when his attempted online purchase of Suze Orman’s The Laws of Money was declined.


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“Colorado wildlife experts get aggressive going after smart bears”

-Denver Post, 8.24.09

Bears found in Mensa meetings will be shot at once.


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“GOP Offers Seniors Health Bill of Rights”

-Associated Press, 8.24.09

Article I. Congress shall make no law reducing the massive intergenerational wealth transfers instituted by our political opponents in the years past.


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“Yahoo renews vow to fight Microsoft”

-Financial Times, 8.25.09

Yahoo’s CEO said “We shall fight them on the closed circuits, we shall fight them on the e-commerce platforms, we shall fight them on the copper and fiber lines, we shall never merge.”


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“Anne Fine deplores ‘gritty realism’ of modern children’s books”

-The Times, 8.24.09

J. K. Rowling’s newest book Notes from the Hogwarts Underground will be out this fall.


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“Iran puts leading reformers on trial over unrest”

-Reuters, 8.25.09

The dissidents are charged with disorderly contact and astroturfing.


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“U.S. limits visas in Honduras, stepping up pressure”

-Reuters, 8.25.09

In an effort to improve its relationship with the Obama administration, Honduras plans to turn decidedly anti-American.


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“Italy to Ask Libya for Help in Controlling Migration”

-Wall Street Journal, 8.28.09

If Libya refuses the offer, Italy plans to cut off the head of Gaddafi’s favorite camel and place it in the dictator’s bed.


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“Robbers pretended to sell President Obama health insurance policies to invade Long Island home”

-New York Daily News, 8.29.09

The victims got wary when they were told that the first insurance premium payment would consist of the plasma TV, the kid’s iPod and the “really cute shepherdess lamp.”