Bernanke in the Hot Seat

Just in case you missed it, a reminder that Bernanke is going to be on the Hill today defending himself and the Fed in the case of BofA’s (BAC) purchase of Merrill.

It might be interesting; at least it will be a preview of the battle that might shape up over his reappointment as Fed Chairman.

For whatever reason, the Republicans seem to be setting this one up as something they use to pound the administration. I don’t think it’s much of a strategy or at least one that’s going to garner many votes but then again, I’m not a politician.

If you want to study up, Clusterstock has the emails that evidently constitute the smoking gun. I breezed through them and didn’t see anything that shocking and Joe Wiesenthal is of the same opinion.

That doesn’t mean they couldn’t spring a surprise today.

Comments

[David Ristau:]

The thing that I do not understand is how this is bullish? We have America's major bank and the Fed in a huge financial scandal in a recession and people are buying stocks...what? This is the exact opposite of a good sign, this is a sign that people are doing shady things to make the cut.

Oh my...I don't understand investors sometimes.

I understand there are other bullish indicators, but the GDP can only take you so far. The technicals are not there and neither are the fundamentals.

This market is going to drop a lot before the day is done.

David Ristau

President, The Oxen Group
theoxengroup.com

Jun 25 12:48 PM

[JPPennypacker:]

Watched Mr. Bernanke's Congressional testimony. Perhaps Mr. Bernanke and Mr. Lewis both have difficulty remembering details when in front of congress.

Here is a clip of today's testimony.
www.youtube.com/watch?...

Jun 26 01:10 AM

[Did U Think...:]

Bernanke is the head of a criminal organization known as the federal reserve. It amazes me how few Americans are on to this scam since it is so obvious. They control the money supply with no oversight, no audits, no nothing. Gawd what a patsy the average American is.

I suspect that this will change once the easy credit based living evaporates in the US. If Ron Paul is successful in auditing the fed I think the light will finally come on for America just how corrupt our government and the associated military industrial complex has become.

Jun 26 10:22 PM

[JOSEPH FOSTER:]

YES I AGREE WITH YOUR COMMENTS, AS TO THE MILITARY INDUSTRIAL COMPLEX IT DOES NOT WANT TO ACCEPT THAT THE COLD WAR IS OVER, THE FEW THAT ARE GETTING RICH DOES NOT WANT IT TO END, IN TIME THEY WILL INFLUNCE
OUR INEPT BUNCH IN WASHINGTON TO START ANOTHER WHICH WILL MAKE THE TOTAL TO THREE WARS GOING.

Jun 27 05:44 AM