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Exxon Mobil Corporation Message Board

  • hansesteelyard hansesteelyard Feb 27, 2013 8:52 AM Flag

    The Arrogance of a Fed Chairman


    "I guess, in a few years as you alluded to when interest rates rise to basically have to print money to sell securities at losses" - Senator Corker

    "none of the things you've said is accurate." - Bernanke

    "Oh yes they are." - Senator Corker

    Bernanke obviously does not know how bond values vary with interest rates. He has turned the Federal Reserve into the biggest hedge fund in history and does not even understand the risk of the securities he buys. He should be fired.

    Perhaps Bernanke expects the US Congress to borrow money to make up the losses. That is the much more likely solution as any announcement that the US Treasury was going to print money to bail out the Federal Reserve would be equivalent to defaulting on the US national debt and collapse the US bond market... US credit would be destroyed, and probably for all time.

    This topic is deleted.
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