punishment? I would set that as my background as an end of the day reward. I can just hear her saying in her segzy German accent..."good job tiger...now it's just you und me" *fap*
Bernanke Gets a Crash Course in Leadership After Dinner Remark May 2 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke is getting a crash course in what it means to be the head of the world's most powerful central bank. Financial markets were blindsided yesterday after CNBC anchor Maria Bartiromo reported that Bernanke told her investors were wrong in thinking he's done lifting interest rates. Stocks surrendered gains, bonds fell and the dollar jumped in response to the remarks, which Bartiromo said were part of a conversation at the White House Correspondents Association dinner in Washington on April 29. It isn't clear exactly what Bernanke said; a Fed spokeswoman declined any comment. What is clear, Fed watchers say, is that Bernanke underestimated the scrutiny that anything he says, even in a social situation, will receive now that he's chairman. ``The management of communication here and the way things were said has, I think, undermined a little bit of Fed credibility for now.'' said John Ryding, chief U.S. economist at Bear Stearns Cos. in New York. The confusion over the Fed's intentions comes at a delicate time for markets and the central bank. After 15 straight rate increases, investors are alert for any sign that the Fed is about to conclude its tightening campaign, the longest in more than a quarter of a century. ``We were swept off our feet'' by CNBC's report of Bernanke's comments, said Richard Franulovich, a currency strategist at Westpac Banking Corp. in New York. ``Bernanke is still easing his way into the role and learning what he can and can't say, and to whom. He won't be speaking off the cuff to media people again. He's probably learned a lesson.'' Decision Next Week Bernanke, who became Fed chairman in February, told the Congress's Joint Economic Committee on April 27 that the Fed may suspend the increases even if economic risks are tilted toward faster inflation. Policy makers meet to decide borrowing costs next week. The dollar strengthened to $1.2587 per euro yesterday, from $1.2634 on April 28, and closed higher against the yen after weakening for much of the day. Ten-year Treasury notes added to a slump that pushed them to a fourth straight monthly loss in April. ``I asked him whether the markets got it right after his congressional testimony and he said, flatly, no,'' Bartiromo said on CNBC. ``He said he and his Federal Open Market Committee members were basically trying to create some flexibility for the Federal Reserve, saying the Fed may pause but the data will really dictate whether more rate hikes will occur.'' The annual White House dinner is a black-tie affair dating back to 1920 that brings together politicians and officials with the reporters who cover them. President George W. Bush, Bernanke and Supreme Court justices Samuel A. Alito Jr. and Antonin Scalia were among guests this year. Delivery Mode The report was unusual because most remarks by Fed chairmen are broadcast live by several television networks, delivered in speeches or in testimony to lawmakers, said Neal Soss, chief economist at Credit Suisse Holdings in New York, who once worked as an aide to former Fed Chairman Paul Volcker. Such events are generally scheduled at least a week in advance, allowing investors to prepare for them. Bernanke isn't the first Fed chairman to learn the hard way that his words carry far greater import than before. Shortly after taking over the reins at the Fed in August 1987, Alan Greenspan appeared on ABC's ``This Week with David Brinkley'' program and suggested that inflation could become a problem if consumers and companies thought that it was inevitable. Bond yields rose and stocks fell in response, and Greenspan never gave another television interview on the economy. Fed policy makers meet May 10, and economists surveyed by Bloomberg News unanimously expect the Fed to raise its main rate a 16th time to 5 percent. `More Interesting' The central bank started its run of increases in June 2004, when the rate stood at 1 percent. Futures traders are assigning a 32 percent probability of an increase to 5.25 percent by July. There's a 68 percent chance the rate will rise to 5.25 percent before the end of August, based on the price of futures tied to the fed funds rate on the Chicago Board of Trade. ``Bernanke is finding himself, and he's quickly learning that the market is hanging on his every word,'' said David Mozina, a currency strategist in New York at Lehman Brothers Holdings Inc. ``He's made next week's Fed meeting much more interesting.'' To contact the reporter on this story: Rich Miller in Washington at rmiller28@bloomberg.net Last Updated: May 2, 2006 00:02 EDT
Bernanke Decides On a new Media Approach May 2 (Bleemberg) Federal Reserve Chairman Ben S. Bernanke has decided on a brand new approach to communicating with the markets. "Yeah , like I was chillin with me homies and i thought- what if I rather do like a MTV type thing with all these pain in the ass speeches I have to give, you know nAll, something with smoke and lights and twenty HOT grinding booties. It would be a lot more classy and I would enjoy it a lot more." He has turned to former White House Press Secretary Scott McClelland to make his dream come true. Mr McClelland said " We have great ideas. MTV is only one option but we really think that putting the news out on Mad Money with Mr Cramer would be more in tune with Bill's personality and thought process. I mean fk the way the markets have worked for the last 20 years we need some shakeup around here." When asked to comment on McClelland's ideas, all Bernanke had to say was " Shit n yeah n all" Bernenkke was arrested late Saturday night for smoking reefer at the White House Press Correspondent's Dinner.
Victor Niederhoffer... Took out a full page ad in the WSJ today... Denying any involvement in the Bartiromo affair. rm+