![]() Starting with an academic paper presented at the Brookings Institution on March 19 and followed by several TV interviews, “Dr. Jeebus! How one so thick and disingenuous get a free pass from so many for so long?ġ1. Greenspan’s Delusions Get Much Worse With AgeĬommentary by Caroline Baum April 7 (Bloomberg) - In case you missed the first legacy tour, former Federal Reserve Chairman Alan Greenspan is back for Part II. Any mechanism that pours money into the banking system boosts liquidity in the overall economy. The Fed buys T-notes that are the de-facto arbiter of mortgage rates. it was long-term mortgage rates that galvanized prices, not the overnight rates of central banks," he said. "The house-price bubble, the most prominent global bubble in generations, was engendered by lower interest rates, but. The long-time Fed chair - whose reputation as a financial mastermind has been deeply undermined by the crisis - denied low interest rates and loose regulation had encouraged lenders and borrowers to take ever greater risks. WASHINGTON (AFP) – Former Federal Reserve chairman Alan Greenspan denied his policies encouraged the type of risky lending that spurred the financial crisis, in testimony to a federal investigative panel Wednesday. Instead, he urged instead relying more heavily on regulation and verbal warnings - "leaning against the wind of conventional wisdom by speaking out against the dangers associated with the incipient bubble." Dudley differed from Kansas City's Hoenig, saying interest rates, currently at a record low near zero, need to remain "exceptionally low" to support a still fragile economy and create more jobs. However, the New York Fed's Dudley was reluctant to endorse using monetary policy to keep inflating asset price bubbles in check on Wednesday. Thomas Hoenig, president of the Kansas City Fed, reiterated his concern that the Fed's ultra-low interest rate policies could have unintended consequences. Still, Fed Chairman Ben Bernanke offered a relatively downbeat view of the economy during a speech in Dallas, suggesting he was in no rush to tighten monetary policy. Federal Reserve officials warned about the risks to the economy from asset bubbles on Wednesday, and one suggested raising interest rates to halt risky behavior that could trigger another bust. SANTA FE, New Mexico (Reuters) - Two top U.S. ħ. Fed officials warn on bubbles but Bernanke cautious The non-partisan Congressional Budget Office (CBO) has estimated the legislation could cut 130 billion dollars from the bloated US deficit through 2019 and 1.2 trillion in the second 10 years. Obama has vowed to reduce the deficit, beginning the following year, and has lauded his landmark health care law as a major step forward. Bernanke said quick steps to balance the books would hurt the fragile recovery, but that a credible longer-term plan could spark economic growth today. Wading into a fiercely contested political debate, Bernanke said trimming the deficit was made more urgent by the rapidly aging US population. WASHINGTON (AFP) – Facing unsustainable budget deficits, the United States will have to make difficult choices between higher taxes and social spending, Federal Reserve Chairman Ben Bernanke said. Natural gas slid 1.1 cents to $4.008 per 1,000 cubic feet. In other Nymex trading in May contracts, heating oil was steady at $2.2438 a gallon, and gasoline fell 0.36 cent to $2.3111 a gallon. Over the past four weeks, gasoline demand has averaged 9 million barrels per day, an increase of 1.7 percent from a year ago. Crude supplies rose for the week ended Friday by a larger-than-expected 2 million barrels, according to the Energy Information Administration. consumption of for oil products has remained weak. Crude shot to an 18-month high above $87 this week from $69 in early February on investor optimism oil demand would increase following a recovering global economy. reported rising crude inventory levels, suggesting demand remains muted. SINGAPORE – Oil prices hovered below $86 a barrel Thursday in Asia after the U.S.
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