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Hilsenrath: White House Preparing Bernanke's Replacement
It's been a long time since Hilsenrath actually reported news instead of serve as a leak dissemination service for the New York Fed. Today was one of those time with news from the WSJ that the Obama administration, and specifically Jack Lew, has begun assembling a short list of candidates for the Federal Reserve chairmanship, in the expectation that Ben Bernanke won't seek reappointment when his second term ends in January. According to Hilsenrath, since the decision on whether the Chairsatan stays or goes is all his, Bernanke may decide to stay for a few more years of QEasing, however he won't: "many of Mr. Bernanke's friends and associates believe he wants to step down when his term expires, after nearly eight years overseeing the central bank's response to the most serious economic downturn since the Great Depression."
Obama administration officials have spoken to the Senate about putting forward a nominee so that legislative staff can begin the vetting process and prepare for confirmation hearings, according to a senior Senate aide. "They've indicated that they are working to get us a nominee in time for us to do our due diligence," the Senate aide said.
People familiar with the process wouldn't divulge any names on the short list, but said there was no front-runner. The White House is still in an early stage of the process and might not announce its selection until the early fall, they said.
White House spokeswoman Amy Brundage said in a statement Thursday, "We decline to comment on speculation on any personnel matters until the president has made his decisions and is ready to announce them. The president believes that Chairman Bernanke is a vital and excellent partner in promoting our economic recovery, and he continues to serve admirably and with distinction during this important time for our country."
The president, while praising Mr. Bernanke in a television interview earlier this month with Charlie Rose, said Mr. Bernanke has "already stayed a lot longer than he wanted or he was supposed to." The two met at the White House in February and Mr. Bernanke said in March they had spoken "a bit" about his future. He declined at a press conference last week to say any more about his future.
Sen. Bob Corker (R., Tenn.), a member of the Senate Banking, Housing and Urban Affairs Committee, which will hold confirmation hearings on any nominee for Fed chairman, said in an interview: "I would be very surprised if he stayed, and I do not believe that he will."
Who are Bernanke's replacements according to Hilsenleak? No new names here: Yellen and Larry "Mr Burns" Summers as frontrunners, and then warming the bench are Blinder, Ferguson, Romer, Geithner, and Kohn now that Fischer is going back to the BOI.
Janet Yellen, the Fed's vice chairwoman, is widely seen in financial markets as the leading contender for the job. Ms. Yellen is a Democrat who served as the chairwoman of the Council of Economic Advisers under President Bill Clinton in the 1990s, and has held a variety of posts at the Fed, including governor, San Francisco Fed president, and Mr. Bernanke's second-in-command since October 2010.
Ms. Yellen has been an outspoken advocate of the Fed's easy-money policies. Her involvement in formulating those complicated policies could give her an advantage in the eyes of the White House, since she would have insight into how they work and the challenges of changing them. But she also has drawbacks that could work against her—including a lack of market experience at a time when markets are on edge, in addition to having little exposure to top White House officials.
Lawrence Summers, the former head of Mr. Obama's National Economic Council, could be another top contender. Mr. Summers, who served as Treasury Secretary under Mr. Clinton, is close to many of Mr. Obama's top economic advisers and is widely viewed in the administration as a top economist. But he faces obstacles, too, including questions about how well he would fit into the Fed's collegial and consensus-oriented culture: Mr. Summers has a reputation as a blunt-spoken and sometimes tempestuous leader.
Mr. Obama has a deep bench of other respected economists among Democrats to choose from, including two former Fed vice chairmen, Princeton University professor Alan Blinder and Roger Ferguson, who advised Mr. Obama's first campaign for president in 2008, and Christina Romer, the former head of Mr. Obama's Council of Economic Advisers. Timothy Geithner, Mr. Obama's former Treasury Secretary, is sometimes mentioned in markets as a potential successor to Mr. Bernanke, though Mr. Geithner has said he doesn't want the job.
Former central bankers, including Donald Kohn and Stanley Fischer, are sometimes mentioned by outside observers as potential candidates. And it is possible a surprise candidate could emerge.
History doesn't provide great insight into how soon Mr. Obama will act. Past nominations have been made anywhere between June and October. He announced Mr. Bernanke in August 2009. Mr. Bernanke was originally nominated to run the Fed by President George W. Bush in October of 2005. Mr. Bernanke's predecessors—Alan Greenspan and Paul Volcker—were nominated in June and July, respectively, to their first terms.
How will the market deal with the volatility and insecurity associated with the great rotation of the world's most powerful person? It's unclear, but it is certain that it will be spun as bullish to quite bullish by Comcast's financial comedy and home advertising station.
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Wildcard, bitchez!
what a charade.
let's play "pick a joo"
Right. the real decision comes from London City, the den of pure evil. Obozo and those goons got no say whatsover. get real.
Maybe a middle eastern guy who unveils (pun) a new Shariah banking system? Our President's name is Barack Hussein Obama and we are still alive. Why not make a muslim banker the head banker of the world? Couldn't be worse.
I wonder who "Lew" is considering...
~~~
Thinking... THINKING... THINKING!!!...
Give us the DUDLEY!!!!
Benron is gonna get Hoovered!
GIDEON GONO FTW!
https://www.youtube.com/watch?v=UG9I752Mmdk
it will be jim grant, of course
yawn
what a boring choice
Krugman 100%
They'll go down to Shalom Depot and grab the first guy with an orange bib they can find
Gideon is too uncommited to the kind of serious printing we need to see to get us out of this debt trap/economic clusterfuck.
I think that it is none other than Larry Fucking Summers who should Captain this good ship... the USS Federal Reserve Inc. ... on it's last leg to it's watery grave.
Smartest guy in the room that nobody can stand/understand bar none.
If Janet Yellen came out tomorrow and said she had black and/or native American ancestors, she'd be a lock.
(Oh, boy, NOW I said it. Bad me. Bad BAD me for thinking that! I'm going to wash my brain out with soap for that one.)
LOL
Worked for Lizze Warren, no?
Yeah, but Paulson has a big bazooka.
Fat Larry is probably out of contention, as is Timmmay!!!!!, actually.
They're now both plump VIP pets of the Plutocracy ("they make great pets" h/t Jane's Addiction), and have earned their keep (for now) as carriers of many brown bags for The Purple-Red Rothschild Gang - Larry by fukkin' sittin' on his fat ass and running interference with any and every proposal that even had the potential to be considered, let alone implemented, and rain on Wall Street's plans (no matter how effifacious it would have been for Main Street), and Timmmay!!! because he gave such great bankter head (the upper echelon of The Money Masters have unclean BDSM fantasies involving elves, too).
As to Yellen:
Aside from that little (or ginormous, to be far more accurate) LIE that she would have knowledge of how to "change," let alone reverse, QEinfinity, which is nothing less than laughable, she fits all the "correct" criteria (woman, monetary policy & I-have-an-idea-let's--print-and-throw-bulk-volume-fiat-at-the-wall-and-every-problem slut/whore, dogmatic & incapable of flexible or creative thinking, posh & coasty, Druish Princess - don't think it's an anti-Druish comment of some type, it's actually from Spaceballs, damnit, and I have Druish friends and/or may even be a little Druish myself), for a nomination by an anti-meritocracy establishment, and I believe the theme song from The Jeffersons says (or sings) it best:
Pets - Porno For Pyros
Just giving credit where it's due. Great song.
Ich danke schön
Whoever heard "Mazeltov" at their graduation from Princeton, Yale or Harvard
I KNOW I KNOW!
Is it something that starts with a J????? with a name that starts with a J??????
Let's replace Ben with a potted plant that will sit there and do nothing.
OMFG what an improvement that would be.
Sorry Brother, you've been confused by the propaganda and bullshit flowing from the "three little letter" operations! If you think religion has a fucking thing to do with the bullshit we have been thru in this Country over the last 35+ years, I'm jealous of your bliss!!
One word explains it all.........RESOURCES! Period, end of story, everything else, including this bullshit "war on terror" non sense, gay rights bullshit, abortion bullshit, all of it, is JUST THEATRE, manufactured to get you all puffed up about one aspect of it or another, meanwhile the invasions, wars, corporate takeover of the Country and the Planet, and the shredding of our Constitution, ensues!!
Every fucking thing that is happening, has happened, and will happen in the future on a global level, is about RESOURCES, not a fucking thing else!!!
Yes, but it matters which currency the resources are traded in and ultimately which religious grouping benefits the most in a world that is threatened at gunpoint to accept the paper or else.
no way. shariah is pro gold. obama will not, cannot go for that.
If lord blankfiend grows a beard...he can resemble the bernank....
CNBC should be renamed Criminal News and Bullshit Channel because of the guestlist they brought on today.
Lord Blankfiend, Hanky Paulson, Larry Fuckin Fink.....all fuckin criminals
Maria, I'm coming on the show today. Go to the cleaners and pick up my blue, checkered, Camp David-esque, button-down shirt.
And don't wear panties.
-Hank
Oh Jesus H Fucking Christ.
That's disgusting.
Butaraoma's snortch.
Fuck me.
You oughta be sent to the penalty box for an hour.
"She said that 'any love is good lovin', so i took what i could get" H/T BTO
I just threw up in my mouth, worse than the death smell.
Bye Uncle Ben! I wish I could say that with your departure, would come a new era of sound money, free market capitalism and small government! But I'm sure your replacement will be an eager beaver to please their masters at whatever "firm" they came from! MOAR QE, More Debt will follow!
this asshole got lucky....he could leave gracefully after he used us as guinea pigs for his experiment for the past five fuckin years...he knows he is losing control of everything and things will soon be blowing up in his face soon...and the fucker got to exit before the real shit hits the fan. I wished someone would run him over one day because thats what he truly deserves. Not going back to Princeton to teach more theoretical shit that means jack shit.
look at what happened to AAPL shares when Jobs left....this will happen to the stock market too when the Bernank leaves....he was the only one who knew what he was doing even though its been all wrong...
Maybe they'll let him share a cubicle with Krugman at Princeton or wherever the hall it is....
In our worst nightmare, he'll be in the bunk between us at Camp Fema.
Ben knows what's coming.
He just wants a head start.
Markets hate uncertainty.. markets need to be absolutely certain they will be propped up forever... http://tinyurl.com/mem7o7x
The Hilsenrath Ramp up to the next FED puppet.
Yep, need to have someone that can keep goosing the markets. It's for the people, you know.
Now we know why this J-BAG aint going to J-HOLE this summer. let's hope J-BITCH (J-YELLEN) aint the one going in his place.
As if the short list of Christina Roemer and Tim Geithner are any better. Talk about some "short bus" candidates. Geez....
I think Rachel Jeantel is available.
LOL. Yeah, that is how it works. A skinny black guy from Chicago picks the head of the bankster cartel.
Ok.
+1. Hilsenrath still spewing FED doctrine to placate the masses. The FED is the source of all evil today. END THE FED.
meet the new boss, same as the old boss
Fingers crossed for the Krugtard. He could stroke his pussy(cat) in front of congress like some kind of Bond villain. Plus he's got the beard.
Uh, Dr. Evil, a million dollars isn't exactly a lot of money anymore.
Its 100% kosher
Bernanke: "Get me the hell out of here before I have to make any hard decisions."
Bernanke: "Get me the hell out of here before I have to face the consequences of my decisions."
FIFY.
Just nominate a computer called FedBot-5000 and be done with it. We all know this is where we're headed.
QBAMCO's script still on track
How about Beyonce and Jay Z as a Fed ChairPERSON combo?
After all, Obama spends more time with them than anyone else.
Is it Corzine?
Jamie? Blythe?
Hey baby you're alright! You must have been something before electricity....
I smell varmint poontang
http://www.youtube.com/watch?v=O7YGQjMKNQE
GOOD FUCKING RIDDANCE!!! But the new shithead won't be much of a difference!
The chairsatan and his policies have been a complete failure with respect to his two mandates of prices and employment. Doubling of the stock market does not count as sucess. Fuck him and everyone that looks like him. Fuck the horse that he rode into town with and for good measure fuck Obozo and his horses too.
Regardless of who the mouth piece is, they will print all the way. After that little experiment in june, all of them got scared including the hawks. No head of FED will attemp anything within a few months. Nice 3 white soldiers on the daily. BTFD. and if no dip, just buy.
Hewlett Packard seems to be the right guy for the job.
A child could run the Fed. You just hit Ctrl and P all day...
Hilsenrath needs to reacquaint himself with pleasuring the female anatomy, since he's been "buffing helmets" for so long.
bearded helmets
Time to change the bird cage liner...
Edward Snowden is looking for a job.
Hey Barry, how about Snowden to run the Fed?
Not gonna happen, he'd rat out all their secrets, and the fed has more secrets than the NSA.
"her involvement in formulating those complicated policies"
Complicated? Printing money is complicated?
Your left pinky finger could always jam in between the control- and the shift- key. It's perilous.
I think they should choose someone safe, someone that could never destroy us -- Mr. Stay-Puff
http://www.youtube.com/watch?v=d-sALU_hveA
Obama does not make decisions, he just does what he is told.
One thing is sure: he/she is going to be a jew.
Let's not pull a Paula Deen here folks.
All I know is that the POTUS will choose an idiot.
LOL, you serious?
two mistakes
1) POTUS doesn't chose
2) it will be a jewish idiot
One mistake ..... it's choose not chose
But yes, you are right, we all know it's Jaime Dimon who chooses.
Yes. They already have Yom Kippur marked off as a Vacation day.
probably they gonna pull the triger just befor Ben step down. like they did when Bush left the building. in september merkel is re-elected so october will be perfect
Hopefully that cunt won't be reelected...
But I agree, they'll probably pull the trigger before Ben leaves... then claim that the new FED head will SAVE US ALL...
Be very careful if you see Bernanke reading a book to kindergarten children.
Igor, fetch another one from tank!
My guess the Rothschild's will not choose an Ashkenazi Jew this time? Why????? :-O
They don't break with tradition UNLESS the next Fed chief is the last one.
You can be 100% assured that the day the Fed is headed by a non-jew, is the day that the elite has abandoned the Dollar. If the next Fed chief is a non-jew, it is purely to deflect responsibility and liability from the jewish elite who has run this ship in the ground.
My money is on Printbot 9000.
Rule number 1 at Clown U. Leave em laughing and wanting more! Just like Seinfeld, he wants to go out on top but his final show will be a disaster.
I have a feeling no one will be calling bernanke the "maestro".
I wonder which non-extradition country he has shipped his gold bullion to in preparation for retirement?
Any Goldman Squid alumni in that list?
How fucking hard can it be to hit control-p and lie your ass off to the sheep? Any turd can do that.... Oh wait maybe that piece of shit is staying.
If it's Yellen, they're a sellin ?
An even bigger money printer.
What's Ron Paul's chances?
About the same as George Zimmerman's chances of becoming the head of NAACP.
What a load of bull... The FED is private.
Quick, a primary dealership, a pardon, and Abracadabra; Corzine for FED CHAIR!!!!! PULLLLEEEEEZE...
I only trade the Vix.....lol.
Larry Summers...hmmm...time to watch Inside Job documentary again, or listen to the quant that didsome his work at DE Shaw with futures.
"I want red and blue stripes on the chart"...
http://ducknetweb.blogspot.com/2013/04/modeling-for-inequality-with.html
Three words: Larry Fucking Kudlow
"White House Preparing Bernanke's Replacement"
There's an app for that!
Who wants to be the captain of the Titanic right before it sinks? lol thats the worst job in the world.
Fuckit, if no one wants it, ill take it ;p
If hired:
First order of business.
1) Issue Debt Free currency
2) Mortgage Relief and Restructuring Program (Principal Reduction and Rate to Zero)
3) Student Debt Relief and Restructuring Program
4) Direct Factory Loan Program, Start a Factory Get a Zero % Interest Rate Loan to be spent domestically only.
5) New Model, Currency is created Debt Free for Governments, Banks MUST borrow the money they are lending from the Central Bank instead of fractionalizing their own reserves... reserve limit set to 95% (5% buffer) Temporary Lending Quotas in place till 2018.
6)New Milenium Digital Currency Program, New Currency System All digital FRN'S in bank accounts will have a digital marker (each digital dollar will be given a random serial code to allow tracing of money laundering operations), any duplicate dollars or dollars with missing stamps will be automatically deleted from the system, even the cents, the FRN becomes a crypto currency.
7)Get out of Debt Now Program, if you can't find a lender willing to help you refiniance to a lower rate, bring your loan documents to the Fed directly and we will set your rate to 1.5% and reduce your loan by 50%, a program to run from 2014~2016 as a temporary emergency stimulus directly to consumers.
8)Inflation Prevention Program, Fuel and Food prices are now part of the CPI calculations again, 2% interest rate loans available to companies planning on building domestic power plants and Organic Farms, Revenue Generated from the loan program will be used to pay the payroll taxes of the employees employed by these borrowers.
Thats how you think out of the box.
No more
"print and give it to the rich and hope they fucking spend it here so the economy doesn't collapse"
Trickle Down Stopped working when the bankers invented a "safety net" to catch all the trickling dollars.
Why not just crank rates to 12%, flush the system and in two years start fresh
I nominate Paul Krugman, Nobel laureate (sort of), econ professor, and all-around douchebag.
Imagine the FOMC minutes and Fed press conferences filled with delusional baby-sitter coop parables.
If we're gonna go full retard ... why the fuck not do it big?
Editorial clean-up on aisle 3. In what must be a typo, Hilsenrath failed to included "in" to this sentence, "he wants to step down when his term expires, after nearly eight years overseeing the central bank's response to the most serious economic downturn since the Great Depression." He surely meant to say, "he wants to step down when his term expires, after nearly eight years overseeing the central bank's response INTO the most serious economic downturn since the Great Depression." There. Fixed. No thanks necessary.
Who cares. Anyone could do Ben's job you just press the Print key in the morning and then spend the rest of the day making up economic data as you see fit. The only hard part is when speaking you have to make up intelligent sounding but meaningless words that serve to confuse everyone while making yourself look intelligent.
LOL, big surprise -- the list consists of just a bunch of Obama administration lackeys. So much for the "independence of the Fed" that Bernanke always said was so important when confronted with the possibility of getting audited.
I wonder if Ron Paul would volunteer to take the job?
Eric Holder. The dude's made of teflon and would make a perfect 'destroyer of worlds'.
It's a slam-dunk IMO.
CHRISTOPHER WALKEN.