Do you know about - Bernanke goes to College, while Corzine may finally be headed to Jail (Jim Rogers)
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Bernanke goes to College, while Corzine may finally be headed to Jail (Jim Rogers) Tube. Duration : 28.00 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Federal Reserve Interest Rates . Follow us @ twitter.com twitter.com Welcome to Capital Account. It's been a busy week in the spotlight for the Federal Reserve Chairman. Today, Bernanke spoke at the opening of a Fed conference in Washington with other central bankers, rounding out a week where he gave two lectures in his college class, the first ever taught by a sitting Fed chairman...live streamed for everyone to see. Now, you could call it a class or you could call it indoctrination, an attempt to rewrite history, or a PR offensive in the face of Fed criticism. Bernanke claimed, among other things, that the Federal Reserve's low interest rate policy was not primarily responsible for causing the housing bubble. This is false on its face, because the housing bubble was not just a bubble in house prices; it was first and foremost a bubble in mortgage refinancing and thus credit. That's why this was called a "credit crisis." You cannot have a credit bubble without rates that were too low. One of the points that Bernanke makes is that other countries with higher rates of interest also saw housing bubbles, and that therefore, you cannot blame the bubble in the US on the Fed's interest rate policy. What Berannke fails to acknowledge is that a rate that was appropriate in Dusseldorf, Germany may not have been appropriate for a borrower in Madrid, Spain, Indeed, one of the problems with the euro area is that capital from Germany was being exported to the periphery as a result of a uniform interest rate that was ...
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