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Dick Bove: Market Wants Bernanke Easy Monetary Policy

Dick Bove, financial strategist at Rochdale Securities, candidly tells why Wall Street wants Bernanke renominated in a 6:08 min interview on CNBC today

"I think we all agree that the market is driven by money, right.  In other words, if money supply increases, the money gets into the market and stock prices go up.  Last week what we saw was a shot at both of the areas where money creation occurs in the United States....Mr. Bernanke represents an easy monetary policy.  And therefore the fear was that if we get rid of Mr. Bernanke, we go to a tighter monetary policy, so we restrict the growth of money."

According to Bove:

"If you're not going to increase the money supply, and if you're going to cripple the two sectors which would provide you with money, you will cripple the market."...

"They are good businesses because they're driven by the increase in money supply.  And money supply is always going to grow faster than the growth of the economy.  So those companies which are capturing the growth in money supply are the ones that you want to invest in."