If only we’d had more power, we could have kept the financial crisis from getting so bad.
That has been the position of Ben Bernanke, the Federal Reserve chairman, and other regulators. It explains why Mr. Bernanke and the Obama administration are pushing Congress to give the Fed more authority over financial firms.
So let’s consider what an empowered Fed might have done during the housing bubble, based on the words of the people who were running it.
In 2004, Alan Greenspan, then the chairman, said the rise in home values was “not enough in our judgment to raise major concerns.” In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was “a pretty unlikely possibility.” As late as May 2007, he said that Fed officials “do not expect significant spillovers from the subprime market to the rest of the economy.”
The fact that Mr. Bernanke and other regulators still have not explained why they failed to recognize the last bubble is the weakest link in the Fed’s push for more power. It raises the question: Why should Congress, or anyone else, have faith that future Fed officials will recognize the next bubble? …
When Mr. Bernanke is challenged about the Fed’s performance, he often points out that recognizing a bubble is hard. “It is extraordinarily difficult,” he said during his Senate confirmation hearing last month, “to know in real time if an asset price is appropriate or not.”
Most of the time, that’s true. Do you know if stocks will keep going up? Is gold now in the midst of a bubble? What will happen to […]
CHARTWELL Enterprises used astrology to help predict stock market trends and profile investors, the Geelong Advertiser has learned.
The mystical learnings were explained as part of a system used for more than 20 years to global market trends, investors said.
The latest revelations follow a similar discovery on Tuesday that Graeme Hoy paid spiritual business planner Suzanne Goodchild an estimated $200,000 a year to help run the business.
Ms Goodchild confirmed she worked for Mr Hoy but refused to comment any further.
Open folders with investor details, seen by the Geelong Advertiser after staff rushed from the building following their sacking, showed a detailed analysis of star signs and what motivated an investor, from wealth creation to family and health.
“We were told it was part of the Gann investing system,” said one […]
Remember that Pluto rules over breakdown and destruction, followed by transformation. The elevation of Ceres to planet status has coincided with the eruption into mass consciousness of an acceptance (finally!!) of the need to protect the planet’s resources. Capricorn is concerned with matters of business, factories, governments, anywhere things are made and commerce is conducted. The emergence of China as a world power, without the democracy that helps to put safeguards in place, is likely to be the focal point of the Pluto in Capricorn period. Already we are seeing the emergence of a to protest the devastation of the environment there that is likely to come to a head with the upcoming square of Uranus in Aries to Pluto in Capricorn.
Pluto is just finishing a square to the Midheaven in the (Sibley) chart of the United States, signifying a death and transformation in the position of the United States relative to the rest of the world. In addition, Mars in the US progressed chart recently turned retrograde and there is more of a sense of looking back and repairing past errors than moving forward into new frontiers.
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