Testimony
Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
July 21, 2009
Chairman Frank, Ranking Member Bachus, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress.
Economic and Financial Developments in the First Half of 2009
Aggressive policy actions taken around the world last fall may well have averted the collapse of the global financial system, an event that would have had extremely adverse and protracted consequences for the world economy. Even so, the financial shocks that hit the global economy in September and October were the worst since the 1930s, and they helped push the global economy into the deepest recession since World War II. The U.S. economy contracted sharply in the fourth quarter of last year and the first quarter of this year. More recently, the pace of decline appears to have slowed significantly, and final demand and production have shown tentative signs of stabilization. The labor market, however, has continued to weaken. Consumer price inflation, which fell to low levels late last year, remained subdued in the first six months of 2009.
[…]
via FRB: Testimony–Bernanke, Semiannual Monetary Policy Report to the Congress–July 21, 2009.
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Chair. Bernanke reports to Congress about the economy
C-SPAN
July 21, 2009
Fed. Reserve Chair Ben Bernanke delivered his semiannual Monetary Policy Report to the House Financial Services Cmte. During a q&a with cmte. members, he stated that the economy is exhibiting “tentative signs of stabilization,” while the Fed. Reserve’s monetary policy is “focused on fostering economic recovery.”
Federal Reserve Chairman Ben Bernanke delivers his annual Humphrey-Hawkins testimony about the economy to the House Financial Services Cmte. He is testifying on monetary policy, inflation/deflation, the deficit and future stimulus measures.
Washington, DC: 3 hr. 6 min.video: C-SPAN
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[Here’s a clip from the above hearing.]
Alan Grayson: Which Foreigners Got the Fed’s $500,000,000,000? Bernanke: I Don’t Know.
RepAlanGrayson
July 21, 2009
This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or ‘central liquidity swaps’ in Federal Reserve-ese’).
Which financial institutions received this money? Bernanke’s answer: I don’t know.
As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke’s answer: yes.
see
American Economy: The Eye of the Storm by Josh Sidman
Kucinich: Is the Fed Paying Banks NOT to Loan Money?
The Banks’ Massive Theft By Dennis Kucinich
Max Keiser: Paulson, Super Schnook and Crook
Max Keiser: Goldman Sachs should be taken up on financial terrorism charges!
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Mr. Bernanke promise to reduce the excess liquidity by “large-scale reverse repurchase agreements with financial market participants”. This is method to TEMPORARILY reduce liquidity by postponing the day of reckoning beyond the current Fed chairman tenure and introducing more instability into the system. It is exactly the same as consumer taking high interest credit card debt just to postpone bankruptcy The Fed is quickly becoming unaccountable and irresponsible – the combination which usually leads to disasters.
Bernacke is lying. Any courtroom lawyer could see that.