The complete guide to America's jobs crisis and the failure of monetary policy using animated gifs
In August Bloomberg News Reported Secret 1.2 Trillion Dollar Loan To Banks. How much "secret" money was printed and given to the banks? Congressman Dennis Kucinich accuses the Federal Reserve of secretly giving domestic and international banks nearly 8 trillion dollars. Ben Bernanke denies. John Stewart educates and satirizes in the first segment of his show. Congressman Alan Grayson grills the (apparently clueless) Federal Reserve Inspector General regarding their accounting.
The Economist asks a few economists from around the world: a) Which economists were most influential over the past decade? b) Which economists were doing the most to shape post-crisis thinking? The leading nominees: Ben Bernanke and Raghuram Rajan, respectively. In case the second name is unfamiliar, read a recent interview of him in The New Yorker or take a look at his blog. [more inside]
One day after midterm elections in the U.S., Fed Chairman Ben Bernanke announces the nation's plans to purchase $600 billion in Treasuries. NPR takes Bernanke's announcement and attempts to "translate it into plain English." [more inside]
"The story of the year was a weak economy that could have been much, much weaker. Thank the man who runs the Federal Reserve, our mild-mannered economic overlord." Ben Bernanke is Time's 2009 Person of the Year. Runners-up include General Stanley McChrystal, Nancy Pelosi, and Neda Agha-Soltan.
In testimony before the Senate Banking Committee... where he’s seeking re-appointment as the Fed’s chairman, Bernanke called for cutbacks in Medicare and Social Security... “Willie Sutton robbed banks because that’s where the money is, as he put it,” Bernanke said. “The money in this case is in entitlements.” [more inside]
TARP, SSFIP, EESA, CPP, TALF, MMIFF... Are you feeling overwhelmed by all the new acronyms coming out of the US Treasury Department lately? Here's a handy PDF reference guide to untangling the US government efforts to rescue banks, financial corporations, and other companies.
The White House nominates Ben Bernanke to replace Alan Greenspan. Works at Princenton, got his doctorate at MIT, currently has several economic related papers out. Apparently actually has a job relating to economics, and wants to drop dollar bills out of a helicopter Well, cut taxes if we enter a deflationary period -- which is just as sexy.