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Adrienne Gonzalez
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Adrienne has recently relocated to the Capital Wasteland (or the Washington, DC metro as it is known elsewhere) as she wanted a front seat to watch Rome burn.
My blog:
Jr Deputy Accountant
  • Irony: Ben Bernanke Lost 29% of Assets in Stock Market Crash of '08 0 comments
    Jul 28, 2009 8:33 PM
    Oh this is just too hilarious.

    In case you missed Bernanke's first go around on the economic pain train, let us take a look at his personal experience with the housing bubble his predecessor was so nice to inflate for him, shall we?

    Bloomberg:

    Bernanke lives in Washington's Capitol Hill area in a four- bedroom, 2,600-square-foot house he bought new in May 2004 for $839,000. Almost four years later, it may not be worth any more, according to real estate records and local agents.

    Bernanke's timing wasn't the best -- values in the area peaked a year later -- and he is hardly alone among Americans living in an investment that's turned cold. His situation shows that the slump that began with distress in the subprime market is now engulfing wealthier neighborhoods, including some in the nation's capital.

    "Even though he's the Fed chairman, he's going to get hit -- but I think lot of people will in Washington,'' said William Wheaton, an economist at the Massachusetts Institute of Technology. The value of Bernanke's home "probably went up to $1.1 million and it's probably back down to $840,000,'' because prices in Washington just a couple years ago "got out of control,'' Wheaton said.

    And now Bernanke's at it again, this time frittering away his textbook royalties in mutual funds. WTF, Zimbabwe Ben?! Don't you know when to pull out?? If there is one man in a position to know which direction the market will turn, it is this guy and you are telling me he's down 29% on the year? Oh we are truly screwed, people.

    Bloomberg:

    Federal Reserve Chairman Ben S. Bernanke lost money in the stock market last year as his holdings in annuities and other assets tumbled by as much as 29 percent, according to his annual financial disclosure forms.

    The filings, released by the Fed today, show Bernanke and his family owned $852,000 to $1.9 million in financial assets in 2008, down from $1.2 million to $2.5 million in 2007. The forms, published by the Office of Government Ethics, require officials to report only a range in the value of holdings.

    read the rest at Jr Deputy Accountant
    Themes: ben bernanke
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