If the Fed’s decision to allow a Chinese bank to buy a U.S. bank has you worried about a communist takeover of our entire banking system — stop worrying.
China isn’t about to “play a meaningful role in the U.S. any time soon,” according to a Forbes report.
Five Reasons China’s Banks Are Not Taking Over The U.S. Banking System
Forn those who prefer a paranoid view, here’s Michael Savage on the Fed’s decision.
Federal Reserve Chairman Ben Bernanke today called on Congress and the President to take the lead in boosting the economy.
The chairman’s much anticipated message to Washington was clear: set aside short-term political interests and do something helpful for a change.
In a fit of optimisim, investors responded favorably. The Dow, Nasdaq and S&P 500 were all up in afternoon trading.
The $4 trillion question is whether the pols will take Ben’s message to heart. Given the current tone of the presidential primary campaign, that seems unlikely. I hope I’m wrong and the pols can agree on a plan to light a fire under the economy.
Photo: Federal Reserve chairman Paul Bernanke, right, and Jean-Claude Trichet, of France, president of the European Central Bank, take a morning stroll on the veranda of the Jackson Lake Lodge, before the morning session of the Economic Policy Symposium at Jackson Hole in Moran, Wyo., Friday, Aug. 26, 2011. (AP Photo/Reed Saxon)
Market watchers have been speculating all week about what Federal Reserve Chairman Ben
Bernanke will say Friday when he talks about what’s needed to spur the economy.
Is QE3 in the works? How will the market react? Will whatever he says help the economy?
Here’s a sampling of what some pundits and experts expect.
Bloomberg: Bernanke May Forgo Easing as Data Point Higher
Forbes: Bernanke’s Jackson Hole Hamlet Moment: To QE Or Not To QE?
BusinessWeek: Bernanke Signaling No QE Backed by Data From Prices to Freight
CNBC: Bernanke Speech to Set Market Course Friday and Beyond
The Economic Times: US crisis: Ben Bernanke’s Jackson Hole speech could rattle the markets
Photo: Associated Press files
Attendance at today’s Knoxville Economics Forum event — a speech by Atlanta Federal Reserve President Dennis Lockhart — was smaller than the Forum’s first event last fall, but this time the group scored a national business audience.
Reporters from Bloomberg, Dow Jones and other national outlets filed reports on Lockhart’s speech at Club Le Conte.
The national exposure is a coup for the Forum and should help the group schedule other prominent speakers. Members of Tennessee’s congressional delegation and Federal Reserve Chairman Ben Bernanke are among those on the Forum’s wish list.
Lockhart, by the way, presented a relatively optimistic take on the economy, although he described the recovery as fragile.
As expected, the Federal Reserve decided to keep short-term interest rates at a record low on Wednesday, citing concern about how Europe’s debt crisis could affect the U.S. economy.
Eventually, the Fed will start pushing rates higher. The question is when.
Read the Fed’s full press release here.
Here’s a sampling of news coverage.
MarketWatch: European debt crisis negatively impacting outlook
New York Times: Fed Holds Rates Steady, Citing Overseas Threats
RTT News: Fed Reiterates Rates Will Stay Low For “Extended Period
Reuters: Fed softens economy view as it renews low-rate vow