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Ben Bernanke
The new Fed nominee is Ben Bernanke, an excellent choice and a first-rate economist.
What must a good Fed chair do?
1. He should have a mastery of data and an understanding of the macroeconomy. He must not be a dogmatist. Bernanke gets an A or A+ here.
2. He should have the ability to lobby the President and Congress for support. It is not clear who is listening but Bernanke gets in relative terms at least a B+ here.
3. He should have the personality to hang tough. This requires the "test of time" but we have no reason to be pessimistic.
4. He should recognize that the Fed can only succeed if fiscal policy is responsible. Give him an A.
5. He should be credible abroad and on Wall Street. Bernanke is not fully senior in this regard, at least not within the policy community, but he could achieve this stature within a year's time. B.
6. He should have that Greenspan magic touch. Grade?????
Next I will post on Bernanke's contributions to economics. Comments are open...
Posted by Tyler Cowen on October 24, 2005 at 12:47 PM in Economics | Permalink
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Comments
Read James Grant's superb debunking of Easy Al in Forbes magazine.
The right guy for the Fed is the guy who's running for "Public Advocate"
of New York City. His platform calls for abolishing that office as well
as matching funds directed toward political parties.
Abolish the Fed now more than ever!
Posted by: Bill Stepp at Oct 24, 2005 6:29:11 PM
Hello bernanke February 20,2006
As long as you raise those short term measured interest rates to any level,all will be ok.
However,should you decide that the long term interest rates should increase to 8 or81/2%..
I will definitely have big trouble on my business agenda.As I have Made a numeber of Residential
Apartment Building purchase and all those long term Mortgages come for renewal starting in april 2006....I will be force to forclose on a number of building as the rental income from these tenants will not cover interest payment if the long term rates go up beyond 81/2%...
So ,Please Mr.Ben bernanke.Even if you decide to increase those long term rates,Please have pity on me and read this before you take any action..If I increase the tenants rent too much,they will vacate my premises and I will be force to declare bankruptcy.Worse then Vice president did
to a lawyer in texas....
Posted by: paula koppertone at Feb 20, 2006 1:14:37 PM
Good afternoon Mr.ben bernanke.Today is february 20,2006..I wish to congratulate you upon
moving into your position as the new feds chief..Wishing you lots of luck,and I certainly hope
you enjoyed every bit of your new position.Watchching you respond to all the questions
asked by the congress on the 14 and 15th of february,I noticed that you were a little nervous
especially when you responded to the many questions.The questions they asked,needed an individual
who is able to foretell the economy three month down the road.Unfortunately,you spoke the truth,
which you deserve your full credit..Although we are all sure that you will do your job to the best of your ability,I belief that as long as long term interest rates do no move up to the level
as seen before september 1999 eventually you will have a catastraphe worse then 9/11 as
the major population will not have a roof over their head..the cost of purchasing
a small apartment keeps rising even though it is not included in your inflation picture..
As for china revalueing their currency, I am deeply surprise at the U.s. Administration
for not imposing an export tax on their goods ,just as they have impose a tax on the lumber
from canada...What is good for canada is good for china...I ,personally feel as feds chief
that you should immediately agree with what I have written here and request the congress
to impose the export tax or import tax effective one week later after you have written
an honest u.s. citizens comments,to solve the trade imbalance vis avis u.s.vs china..
I am sure the webmaster of this site will forward this comment to you Mr.Ben bernanke
and to the congress...
Posted by: akalpulka stomica at Feb 20, 2006 2:46:10 PM
February 24,2006 Good morning Mr.Ben bernanke..Congratulations upon assuming your position as feds chief..I am a landlord and I speak as a commander in chief...I tell you the truth..As long as those interest rates,not the short term as were rising with your previous feds do not move higher,That means in plain english.The long term rates 10 and 30 years,take my word for the equivalent of a million dollar cash on the table,I will be able to renew all those long term
mortgages at very low rates this year and be able to purchase additional condominiums,at very cheap prices..I personally belief,that any rental unit is always needed by the public
and when it becomes a neccessity one can make a fat and baloon profit especially with those
low,very low,long term interest rates..So,No matter how high you go with those short term interest rates,I am not worried the least bit,but should your department start to talk about
and raise those long term interest rates,you willcause me big big big trouble....
I hope they will forward this email to you mr.Ben Bernanke.And take note what I have written even with mistakes which is the fault of this computer...Best rgards to you and your staff...
Posted by: jeffrey trendalda at Feb 24, 2006 11:04:20 AM
February 28,2006.Good afternoon Mr.Ben bernanke..Congratulations on assuming your position as the feds chief of the U.S.Bank..Wishing you lots of luck on your new position..I do understand that you will be increasing those short term interest rates another nodge or two,or perhaps three times..That is fine with me..As long as those long term interest rates
remain at the february 28,2006 level,all will be fine with me..My company,Mr.Ben bernanke,Purchases all condominiums which are up for resale and are cheap in price.I rent them out untill such times that the price moves up substatially.If you should decide to increase those long term rates (interest rates for long term mortgages)Please have pity on me..I belief the banke will be in big trouble for lending me those big bucks for the purchase My company made.So Mr.Ben bernanke,I strongly suggest,before you ever change your policy about the long term rates,please give all U.s. citizens 6 month noitice
atleast....I take it for cash from hereon as of february 28,2006,that you and your fellow emoployees will not increase those long term rates for the next five years.I thank you in advance,because I sincerely expect those prices for condominium
to increase 50 to 75% over next 5 years...At the year 2011,please read these comment once again and I bet you that these words you will find that they are absolutely the truth....Again thanks MR.Ben bernanke..
Posted by: katherine volvoster at Feb 28, 2006 12:49:34 PM
February 28,2006.Good afternoon Mr.Ben bernanke..Congratulations on assuming your position as the feds chief of the U.S.Bank..Wishing you lots of luck on your new position..I do understand that you will be increasing those short term interest rates another nodge or two,or perhaps three times..That is fine with me..As long as those long term interest rates
remain at the february 28,2006 level,all will be fine with me..My company,Mr.Ben bernanke,Purchases all condominiums which are up for resale and are cheap in price.I rent them out untill such times that the price moves up substatially.If you should decide to increase those long term rates (interest rates for long term mortgages)Please have pity on me..I belief the banke will be in big trouble for lending me those big bucks for the purchase My company made.So Mr.Ben bernanke,I strongly suggest,before you ever change your policy about the long term rates,please give all U.s. citizens 6 month noitice
atleast....I take it for cash from hereon as of february 28,2006,that you and your fellow emoployees will not increase those long term rates for the next five years.I thank you in advance,because I sincerely expect those prices for condominium
to increase 50 to 75% over next 5 years...At the year 2011,please read these comment once again and I bet you that these words you will find that they are absolutely the truth....Again thanks MR.Ben bernanke..
Posted by: katherine volvoster at Feb 28, 2006 12:52:33 PM
hi katherine volvoster March 6,2006
I read your comments regarding Mr.Ben bernanke..I totally agree with you regarding the interest rates situation...True the short term rates might go up another quarter of one percent or so.
But I agree with you 100% that Mr.Ben Bernanke and his office will not allow the long term rates to go ubeyond the level of December 31,2005..Further,as long as these long term rates are at these levels for the next five years or so,every landlord who has equity in his aopartment buildings will be able to purchase all those inexpensive condominiums which are reasonbly
prices and apply those very cheap long term mortgages rates to them..These landlords such as my self have absolutly nothing to loose..On the contrary,,Only to gain..We don't have the problem of hiring builders to construct on available lands...By the time Mr.Ben Bernanke and his feds office finds out what is taking place it will be much too late to act...
Posted by: john robert hooster at Mar 6, 2006 12:56:17 PM
Good afternoon Mr.John Robert Hooster..
I read your comments ragarding the long term interest rates.
You are absolutely 100% correct about your remarks about Mr.Ben bernanke and the interest rates..
Not only will Mr.Ben bernanke stop increasing those long term interest rates after March 28,2006,
But I garantee you that when you will read your very own comments plus these comments one year henceforth,on March 6,2007 and the following year,You will see the long term rates at the same level they are today MArch 6,2006 Monday at 200p.m.Just do me one favor and read these comments over and over and take these comments as cash...In Plain English,The 10 and 30 Year long term rates will not be above today level for the next 5 years...If you forward this message to
mr.Ben bernanke and his feds office,they will be 100% sure puzzled of what actually to do
as some one is making a prediction what Mr.Ben bernanke is going to do..And He and his office refuse to be bossed around with any u.s. citizens...
Posted by: frederick nunziata at Mar 6, 2006 2:02:34 PM
Hi March 6,2006 2;26pm
To Ms.Katherine Volvoster..
I read your comments above and I agree with you 100%.
MR.Ben Bernanke remarks regarding short term interest rates and long term interest rates are forgone conclusions.Yes He might increased them a little bit more,but take my word as cash on the table...Long term rates at december 31,2005 level will remain at this level for the next 5 years...Read these comments over and over and I bet you 100% that I am correct and anything
Mr.Ben Bernanke and his feds office will say is a conundrum.....In the year 2008,I bet you
that when you read these remarks what has been written here,you will see that "francis kooledge "is coreect and that Mr.Ben Bernanke is a complete failure...I wish Mr.Ben Bernanke
lots of luck at his new employment and I bet you he is the conundrum,Mr.alan greenspan was
speaking about...
Posted by: francis kooledge at Mar 6, 2006 2:34:30 PM
Good afternoon March 6,2006 2;40pm..
I must agree that Mr.Ben Bernanke is an excellent choice to replace Mr.Alan greenspan..
But although I am not an economist nor do I work in the feds office,The longer he neglect to do anything regarding the long term interest rates,the more my companies chairman will continue to purchase all those very cheap condominium at very very low morgaes rates...
Personally I ,it does not bother me,But I truly beluief the longer he and the feds office neglect to anything regarding those long term rates,the more the long term affect it will be on the housing market....
I really feel sorry for those who have to purchase property at these high prices,when and if those
long term rates go up after the year 2011 you will automatically purchase any condos for half the price...
Posted by: francis kooledge at Mar 6, 2006 2:43:45 PM
March 16,2006
Good afternoon MR.Ben bernanke..
I am in the midst of renewing all my old mortgages on apartment buildings I own through out new York ciity...
I would appreciate if you can lower those long term Mortgages rates a little bit lower then they are right now..
You see,instead of renewing them for ten years like the old mortgages I renew them at thirty years and I save a bundle of money.This money saved I am able to hunt,not like dick cheney another indibvidual but hunt for new cheap condominium
up for sale.And I can pay them off with the difference between my old martgages rates and the longer new rates which are considerable lower..So when you do set you rates every thirty or forty day,do me one favor,just keep in mind what I have written here...
I do belief you are the best individual for this job as I belief tqwo hundred percent sure you will leave those long term interest rates where they are or lower them enough so I can become even richer....
Bravo Mr.Ben bernanke....Dated snd signed MArch !6,2006 In New york city....Mr.John Andrew Winston
Posted by: john andrew winston at Mar 16, 2006 2:06:57 PM
bernanke is an idiot as was greenspan,,,two anal retentive fools that have majorly got it wrong everytime,,,,,inflation fags i call them
Posted by: bill at Jun 6, 2006 11:04:33 AM
STOP BEN BERNANKE!
http://ben-bernanke.blogspot.com/
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Posted by: Lani at Jun 13, 2006 8:34:59 AM
Bernanke is a complete idiot, his forebodings on inflation will cause the accelerated crash in world markets (the 25% one-day fall in world markets is about to occur!!!) and plunge the world into the biggest recession seen since the 1930s. He has no economic credentials whatsoever, installed into his position by that moronic Bush. Sell, sell, sell while you can cut your losses!!!!
Posted by: MWJ at Jun 14, 2006 12:34:17 AM
remain at the february 28,2006 level,all will be fine with me..My company,Mr.Ben bernanke,Purchases all condominiums which are up for resale and are cheap in price.I rent them out untill such times that the price moves up substatially.If you should decide to increase those long term rates (interest rates for long term mortgages)Please have pity on me..I belief the banke will be in big trouble for lending me those big bucks for the purchase My company made.So Mr.Ben bernanke,I strongly suggest,before you ever change your policy about the long term rates,please give all U.s. citizens 6 month noitice
atleast....I take it for cash from hereon as of february 28,2006,that you and your fellow emoployees will not increase those long term rates for the next five years.I thank you in advance,because I sincerely expect those prices for condominium
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