Butt-cakey... let a CNBC nothing anchor make him look like a shool child on TV....How much is the recent dollar decline due to lack of confidence
yeah, a freshly appointed Fed Chairman, within 2 months of taking office has the audacity to hide the M3 statistics, make frequent off the cuff comments about ending the rate hikes, etc, etc. All of this after having a reputation as "Helicopter Ben", a big fan of "unconventional measures". So, yeah, I think it's a definite lack of confidence and it's going to take a bit of effort to restore that confidence (er, possibly alot more rate hikes).
what are you basing your opinion on...Bernanke being an idiot no one can blame him for the market move today...or ever.. how many times have we seen or received news and the market did the opposite or ignored it... one needs to remember ...most of us are very small in the scheme of things...this is the big boys game...and we are their targets...one winner...one loser.. today in my opinion was a great day for trading...good pullback with bulls trying to reclaim...as was previous the bears.. To many traders are just long a position.... shorting has its time and dollar benefits.. I look forward and hope wish everyday was like today..great volume...little slippage..and got most of my fills within seconds am guessing next week will be as it is options expiry.. what i find interesting is the fact cramer plugged ati in the mid 80's saying it was unstopable, it rallied to 88? area and two days later it pulls back 10dollars...volume more that doubled so I am guessing cramers followers were forced to cover or buy more... This guy is dangerous like Bernanke...but not an idiot... have a good week end w
Not linking hte market moves to him, but the market moves seem to reflect a lack of confidence and some doubt on his leadership given how easily he was made to look silly.... Poor me, I am misunderstood. We may pause but we may continue after that... drivel....
To some, bernanke is a genius....I guess it comes down to whether or not you made money....the market goes in your favor, he's a genius....the market moves against you....he's an idiot. I personally like the fact that those in the know....really don't know for once. Makes it easier for us little guys to make money.
Don't mince words coach, let it out. I think you're trying to be politically correct and not offend guys like this MSchey and Nassau. FWIW, you clowns who think that we are talking about an isolated daily event wrt Bernanke are far too short sighted. The Fed Chairman, at this stage of the game, not only needs a great deal of self confidence, but he has to instill confidence in the currency. That probably means he needs to be more like Volcker and less of an accomodating political hack. (i.e. he truly needs to act independently). I think the constant "jawboning" about the Fed almost being done raising rates combined with that nonsense that Maria Baritoromo broke is really bad news for a guy who just stepped into this position. The guy should never be that flippant with the press at this stage in the game, not that there is ever a time to make casual remarks such as that. So again, let's look at this above and beyond the short term, I think thats what the jist of this thread is about anyway.
After almost two decades, Greenspan's tenure as Fed Chairman was widely (if not universally) lauded as artful and competent. Yet, even the new (swearing-in date August 11, 1987; market top August 25) Greenspan suffered a financial crisis two months after his appointment. Bernanke may or may not be judged by historians to be competent. The least we can do is tolerate a financial crisis early in his tenure (swearing-in date February 6, 2006; market top ??). At an absolute minimum, he has already outperformed Greenspan in "number of days before first financial crisis" and "number of days before market peak".
Bernanke admits a 'lapse' Fed Chairman says he should not have made comments that riled markets to television reporter at White House dinner. By Chris Isidore, CNNMoney.com senior writer May 23, 2006: 12:49 PM EDT NEW YORK (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke admitted Tuesday to Congress that he made a mistake talking to a television reporter about market perception of his inflation-fighting credentials. Bernanke appeared before the Senate Banking Committee to talk about the relatively non-controversial topic of the need for financial literacy in the American public. Federal Reserve Chairman Ben Bernanke admitted Tuesday he made a mistake in comments he made to a television reporter. While most of the questions from senators focused on that topic, Sen. Jim Bunning, R-Ky., a critic of the chairman, questioned him about his comments to a television reporter at the White House Correspondents' Association dinner April 29. "I warned you to be careful about what you say because people would follow what you said very closely," Bunning said. Markets fell after Bernanke's comments were reported the following Monday. After Bunning asked him if he learned anything from the experience, Bernanke said: "That episode was a lapse of judgment on my part." And he said future communication with the markets will be through established channels and testimony. Bernanke last appeared before Congress April 27, and during his testimony he said that the Fed might pause at some point in its course of regular interest rate hikes in order to weigh the impact of past rate hikes on the economy. The comment was taken by investors to mean that the Fed might be close to the end of its policy of rate hikes, and stocks soared, hitting what was then a fresh six-year high. But on May 1, the Monday afternoon after the dinner, CNBC anchor Maria Bartiromo reported that she had asked him, "Mr. Bernanke, did the markets and the media get it right last week in terms of its reaction to your Congressional testimony?" And she reported that he responded "No. It's worrisome that people would look at me as dovish and not necessarily an aggressive inflation fighter." Her report sent both stocks and bonds sharply lower that day on concerns that the Fed would raise rates higher than market expectations. It also brought criticism of Bernanke from some Fed watchers. The Fed didn't comment on the report at that time. In response to Bunning asking him if he felt the Fed was responsible for the recent decline in U.S. stocks, Bernanke said there were a number of factors that could be weighing on markets, including perception of slower global economic growth and a higher risk of inflation. "I don't want to make a judgment about why stock market is doing what it's doing," he said. As to the future of interest rates, he repeated past statements that economic readings ahead of future meetings would determine whether there will be further rate hikes. "We indicated our thinking would be very data dependent. We'll be watching that data very carefully," he said.