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Title: Federal Reserve Chairman Ben Bernanke Holds First Fed Press Conference in History
Source: ABC
URL Source: http://abcnews.go.com/Politics/fede ... s-conference/story?id=13462904
Published: Apr 27, 2011
Post Date: 2011-04-27 09:48:12 by Murron
Keywords: None
Views: 14079
Comments: 22

Federal Reserve Chairman Ben Bernanke Holds First Fed Press Conference in History

At 2:15 p.m. ET, Ben Bernanke, chairman of the Federal Reserve, will make waves in the world of economists and Wall Streeters. For the first time in the 98-year history of the nation's central bank, the chairman will talk to the press after an interest rate decision, fulfilling a promise he made at his first confirmation hearing back in 2005.

At the time he said, "Under Chairman Greenspan, monetary policy has become increasingly transparent to the public and the financial markets, a trend that I strongly support."

Most Fed watchers don't expect Bernanke to make any surprising observations about the economy. The Fed almost certainly won't ratchet up interest rates or change the course of the widely-known QE2 program to boost economic recovery. Instead, Bernanke will likely take the podium to reinforce the post-meeting statement issued earlier in the afternoon and underline the observations the Federal Reserve's staff economists make in their updated forecast issued as a part of the release.

But the importance of the moment shouldn't be dismissed.

This event marks a new chapter in the history of U.S. central banking. The new transparency will allow the Federal Reserve to make its case for monetary policy directly to the public. Twenty-first century-style economic Glasnost.

The press conference, "whose ostensible purpose is to add more transparency regarding Fed policy, is really designed to help repair its image with the general public, a process that began when Bernanke first appeared on '60 Minutes,'" writes Bernie Baumohl, chief economist at The Economic Outlook Group. "The press conference serves multiple purposes. It helps explain the Fed's role in the economy, improves public trust in the central bank, and can be used discreetly as a platform to place more pressure on Congress to reduce the swelling budget deficits."

Chairman Bernanke isn't the first central banker to take the message to the press. His colleagues at the European Central Bank and Bank of England have been doing this for years. He's likely taken some pointers about handling the press from Jean-Claude Trichet and Mervyn King, his European counterparts. It's been reported that he's even done a few practice runs with Fed staffers to prep for the big day.

At a moment when the Federal government's deficits and debt limits are becoming the central issue of the nation's political dialog, Bernanke's press conference debut will give the Fed a more consistent voice and platform in the public sphere.

The lack of transparency during the financial crisis led to criticisms of the Federal Reserve's role in the economy, with members of the conservative Tea Party movement calling for a dissolution of the Fed or a Congressionally-mandated opening up of the once-secretive central bank. Taking the podium might blunt some of the critics, assuming the public both hears and understands what Bernanke says.

No matter what the questions or answers, tomorrow marks a big day in the history of the Fed. Two decades ago, the Federal Reserve kept its interest rate decisions out of the public eye, not even issuing a press release when the Fed Funds rate target changed. Glasnost, indeed. (1 image)

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Begin Trace Mode for Comment # 16.

#1. To: Murron (#0)

Ah, something important to consider today.

Badeye  posted on  2011-04-27   9:51:59 ET  Reply   Untrace   Trace   Private Reply  

#2. To: Badeye (#1)

Yes, and please give me a short, in english, run down on what this means please, I never was good at deciphering wall street lingo. &;-)

Murron  posted on  2011-04-27   9:54:56 ET  Reply   Untrace   Trace   Private Reply  

#3. To: Murron (#2)

After its over.

Badeye  posted on  2011-04-27   9:55:46 ET  Reply   Untrace   Trace   Private Reply  

#4. To: Badeye (#3)

Of course, thanks!

Murron  posted on  2011-04-27   9:56:17 ET  Reply   Untrace   Trace   Private Reply  

#5. To: Murron (#4)

I want to hear his answer to the quesiton 'Why are you against a full and complete public audit of the Federal Reserve?'

Badeye  posted on  2011-04-27   10:31:05 ET  Reply   Untrace   Trace   Private Reply  

#7. To: Badeye (#5)

I want to hear his answer to the quesiton 'Why are you against a full and complete public audit of the Federal Reserve?'

It's a privately owned corp which supplys products to the US. Technically it's none of our business, like all those other private corps.

Rek  posted on  2011-04-27   10:40:46 ET  Reply   Untrace   Trace   Private Reply  

#9. To: Rek (#7)

Technically it's none of our business,

Officially, you are a complete idiot. As of this post.

Badeye  posted on  2011-04-27   11:10:17 ET  Reply   Untrace   Trace   Private Reply  

#10. To: Badeye (#9) (Edited)

Officially, you are a complete idiot. As of this post.

If you demand audits of one private, you have to demand audits of all. There's no telling what sneaky stuff they're up to.

Rek  posted on  2011-04-27   11:12:07 ET  Reply   Untrace   Trace   Private Reply  

#11. To: Rek (#10)

The federal Reserve is unconstitutional.

Constitution requires gold and silver coined money.

A K A Stone  posted on  2011-04-27   11:13:46 ET  Reply   Untrace   Trace   Private Reply  

#13. To: A K A Stone (#11)

The federal Reserve is unconstitutional.

The US contracting with private and public corps is unconstitutional? Where does it say that?

Rek  posted on  2011-04-27   11:17:59 ET  Reply   Untrace   Trace   Private Reply  

#16. To: Rek (#13)

Section 8 - Powers of Congress

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

A K A Stone  posted on  2011-04-27   11:25:26 ET  Reply   Untrace   Trace   Private Reply  

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