Wednesday, June 8, 2011

Just How Many Speeches Did Ben Bernanke Give Yesterday?

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Federal Reserve Chairman Ben Bernanke gave a speech yesterday (Tuesday, June 7) to the International Monetary Conference in Atlanta, GA. Only one speech. Yet looking around the Toobz at the various headlines at news sites on this speech, it must have been an all things to all people speech as I've found at least four different perspectives presented, some of them directly contradictory.

The most prevalent theme appears to be The Benbernank as cheerleader (links embedded in titles):

McClatchy: Jobs report aside, Bernanke sees rosier second half of 2011

LA Times: Bernanke predicts stronger recovery in second half of year

AP via MSNBC: Bernanke sees stronger growth later in the year
Then there are the deficit hawk headline writers:
AP via USA Today: Bernanke: We 'urgently' need to fix the debt problem (with the same AP article as MSNBC)

NY Times: Fed Wants Priority Put On Deficit
The almost cheerleader:
Washington Post: Bernanke: Economy can withstand recent setbacks
And finally, the seemingly contradictory:
Reuters: Bernanke glum on growth but gives no stimulus hints

Bloomberg: Bernanke Says Accommodative Policy Needed for ‘Uneven’ Economic Recovery
So taken all together, it seems that things are bad but getting better except where they aren't; everything is going to be just fine; we need a stimulus except where we don't; and except for that pesky jobs thing, it's all good.

Meanwhile, in today's 'water is wet' articles, Jamie Dimon whines to the Benbernank about the new banking rules:
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon asked Federal Reserve Chairman Ben S. Bernanke whether regulators have gone too far by reining in the U.S. banking system and are slowing economic growth.

Dimon asked whether the central banker has measured the cumulative effects of new capital requirements, mortgage standards and other rules imposed on the system in the wake of the U.S. financial crisis. Dimon, 55, spoke yesterday in a question-and-answer session after Bernanke addressed a conference of bankers in Atlanta.

Dimon asked Bernanke if he “has a fear like I do” that overzealous regulation “will be the reason it took so long that our banks, our credit, our businesses and most importantly job creation to start going again. Is this holding us back at this point?”
Nice concern troll act there Mr Dimon.

And because I can:

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