Courtesy of CNBC
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love the Rickster!
Our many posts on FAN and FRED here
Update 2: Rally fizzled but we stayed positive, DOW closes up 30+…
Update: TOTUS just made the announcement. Ben thanked his colleagues at the FED and thanked TOTUS for backing a STRONG and INDEPENDENT FED.
BWAAAAHAAAA!!!!! Another TOTUS promise broken, Larry Summers must be eating his liver..you KNOW the ONLY reason he wasn’t named Sec of Trez was because head of the FED was promised to him….
…As the nation’s top financial authority, Geithner will inherit oversight of the Bush administration’s $700 billion bailout for Wall Street and a U.S. economy struggling with recession.
He will be flanked by former Treasury chief Lawrence Summers, who will head Obama’s National Economic Council. Analysts say this appointment puts Summers in line to succeed Ben S. Bernanke as chairman of the U.S. Federal Reserve in 2010….
WSJ -Several options were on the table, including naming Mr. Obama’s top economic adviser, Lawrence Summers, as Fed chief. Mr. Summers, the gruff, brilliant economist, would likely have run up against resistance on Capitol Hill, too.
Privately, many economists including Fed officials worried that Mr. Summers’ sharp-tongued style could undermine the collegial halls of the Fed…
IMO TOTUS was informed that in light of the new deficit projections to be released tomorrow, the ONLY way China would feel comfortable continuing to purchase our ENDLESS debt issuance was under Bernanke going forward. Ben being seen as a non-political appointment, having gained his position under GWB, and having earned his chops these past 9 months…
And that is because Bernanke WILL IMO take the steps necessary to tighten when recovery is imminent, thus avoiding the HYPERinflationary Carteresque scenario…
Thanks China! Are you having fava beans and a nice Chianti with that liver Larry?
We should have a killer rally tomorrow! I may have to get out my DOW 10,000 hat if Gentle Ben will be in that chair for another term…it was the idea of Summers calling the shots at the Fed when we needed to tighten that really freaked me out….still a double dip IMO but one we can correct with Ben at the helm…
President Barack Obama will announce Tuesday that he is nominating Ben Bernanke for a second four-year term as chairman of the Federal Reserve, White House Chief of Staff Rahm Emanuel said.
Mr. Emanuel said Mr. Obama will make the announcement from Martha’s Vineyard Tuesday. He said the president credits Mr. Bernanke for “pulling the economy back from the brink of depression.”…
The amazing Snowball (TM) courtesy of BirdLoversOnly rescue organization
Update: Issa says Fed in cover up, Bernanke to testify under subpoena..Market Mover: FOMC Decision and Statement…
Update 3: CNBC has the Issa story up here
Update 2: Dow as up 50 and now up 7 since FED announcement. I think the market is also scared shxt of what will happen as Congress goes after the Fed…that Issa announcement was simultaneous with the FED decision…
Update: Fed stands pat, rate unchanged, will maintain low rates for extended period (love you long time), removed the line about DE-flation, good finally! but NO EXIT STRATEGY. Bond rates up a bit as prices down a bit. Nothing in the stmt backed off quantitative easing at all, they reaffirmed it. If you are looking at it as a foreign holder of our debt, I see nothing here to reassure you, which to me suggests higher rates a comin’ from Bond Vigilantes…
Right before the announcement Darryl Issa R-CA came on CNBC backing a statement his office released saying Ben Bernanke and the FED had concealed concerns about the Merill BofA deal from OTHER REGULATORS, and Ben is appearing under subpoena to answer questions.
Not a good thing for market stability and as a shareholder I am biased on this. But if it is what I think it is, i think Bernanke and Paulson kept Sheila Bair and the FDIC in the dark on the potential losses for BofA if Merrill deal went thru..
if it helps FDIC get some of the power Team TOTUS is trying to give to the Fed (which will then promptly be given to Larry Summers in Jan) then I am all for it. the FDIC is the only regulator on the ball and Sheila Bair was warning about subprime exposure of broad market losses way ahead of everyone else…
anyway that is a WOW announcement that was buried in the FED release..Towns is trying to stop investigation into Countrywide VIP loans for Dodd and Conrad, but Issa is pushing as he can….
Best Market Lesson I ever Learned: DONT FIGHT THE FED*
The Mortgage Bankers Association slashed their estimates yesterday, more on that later….for the next two days, we are also waiting for language after the Fed meeting wraps up to see the exit strategy….
This morning we get sales data:
The Treasury Department will auction $60 billion in two-year notes Tuesday. Ahead of the sale, Treasurys were falling, with the two-year note sliding 3/32 to yield 1.174%, and the 10-year note sliding 10/32 to yield 3.722%….
Yeah Oil over 72 people, feel the burn!!!
RIDICULOUS market sinking BS on the Hill, they are giving Ken Lewis the Inquisition
Just like Bush on waterboarding, they are looking back now and questioning the decisions made in crisis, when they did NOTHING to stop it at the time even though they KNEW…. Remember walkin hand in haaaand
These Congress Critters KNEW DAMN WELL Paulson was twisting arms and let it slide, now they want to make a spectacle and ‘remind; Americans the bad bad CEOs made this mess
I call Bullshit
This is opening a can of worms and lawsuits
We are BofA shareholders and we DO NOT WANT Congress’ ‘help’ deposing Mr Lewis
way to kill the conomic recovery jackaxxex….
tune to CNBC or CSPAN if you want to see it
This is to take down Bernanke, IMO the worst thing they could do as we try to climb out of the hole..
Political Grandstanding and a Kangaroo Court…
Okay Ben is under attack, and like it or not, with him the independence of the Federal Reserve. These emails were leaked to CNBC by Congressional Investigators.
Insight on the emails leading up to the Bank of America-Merrill deal, with CNBC’s Scott Cohn; Joe diGenova, diGenova & Toensing; and CNBC’s Rick Santelli, Charlie Gasparino & Larry Kudlow.
Team TOTUS would like nothing better than to get Larry Summers in there in 2010, and Congress is lending a helping hand, issuing subpoenas and scheduling hearings, taking testimony from Ken Lewis. AG Cuomo was all over this commensurate with his role as NY AG in training to be Governor…this is going nowhere good…
6/2/09 – CNBC’s Rick Santelli on monetizing debt in the United States.
Rickster is of course absolutely correct, as they say Old School, we need Palm Trees on the trading floor now, as we have gone South American with our purchase of our own debt….I cant find Pablo Cruise but here is Peter Allen/Hugh Jackman …
When the Fed buys debt I go to Rio…De Janeiro…..